Originally Posted by MrMaxwell

1. The bar didn't make rent in the first place. In spite of the vision you had and what you were able to turn it into. The club didn't cash flow in the first place. Of course, you're thinking, well I don't have to make rent to myself, right? WRONG. You were paying whatever you could rent it for by not receiving it. See.

2. The contractor got his hand in two of your pies in one oven. This means it would have been fine to have him work on two projects at two sites. It's NOT okay to let the same guy have two simultaneous projects at one site. PERIOD. You let him complete step 1- however many you have. Or you hire two. And if you hire two they better be COMPLETELY ISOLATED and even then it can be trouble.

I am not clear on how the financing went and my eyes are too tired to read in detail.. but you had alot of this on plastic? No. Next time use the plastic for 20% of whatever you were going to put on it in order to get hard money. If you're not dreaming, LTV was right... hard money and 80% less plastic used. PLASTIC CONTRACTS ARE UNINTELLIGIBLE AND THEY ARE ALLOWED TO CHANGE THE BOGUS CONTRACT AT ANY TIME AND THEY DO SO WITHOUT GIVING NOTICE. PLASTIC YOU HANDLE WITH CARE AND USE SPARINGLY.