Never a Borrower, Nor a Lender Be (Whatever!)

Hello, Everyone. I apologize for the long absence. I wish I could blame a prolonged vacation on a tropical isle, or major world city, as the reason for not having written. It wasn't. And, while I could blame Hurricane Wilma and the time-consuming effort required to finish my new website and my new winter line, it would only be a half truth. Certainly, the hurricane was part of the reason (I was without power for a week and without internet for a week and a half) for my absence, and the new website and shirts designs did take up a lot of my time, but after my internet service was restored, I could have squeezed in a post or two. I just didn't do it. To be honest, I didn't have the drive to write. Simply, I was lacking in desire. If you'll remember, the outlook was bleak for Springheel Jack. I was running out of cash, and I didn't know how I was going to pay my mortgage. In addition to this, there wasn't much new to report. Despite working very hard, I was making very little "VP", or visual progress, and I couldn't find a lot to talk about. Oh, what a difference a few weeks makes!

I will keep this post short, in an attempt to ease back into the swing of things. I have a lot to fill you in on, but I will do over the next couple of days. Let's start by talking about the biggest development - finding the cash to keep Springheel Jack alive!

The details are pretty simple, really. After talking to several lenders, both banks and mortgage companies, and being turned down by them because of my lack of continuous employment, I was finally able to refinance my condo with the help of my friend, Nikki, who originates home loans for "high risk" individuals, such as myself. She had the brilliant idea of using my other business, Rose-Belgrau Real Estate (RBRE), which has been operating for 3 years, as a means of showing that I have been continously "self-employed" for at least two years. What makes this idea brilliant is that fact that RBRE is really just a means for my partners and I to protect ourselves from liability while investing in real estate. The company has never shown a profit, and has in fact been a great way to lower my reported income and my taxes. But, apparently, this doesn't matter. What's important to the lenders is that I can show that I have been "self-employed" for 3 years (despite never having paid myself one cent out of the "business".)

With Nikki's help, I was able to get all the money I need and then some. I should have more than enough to pay myself a salary and grow the business in the near-term. I will put the rest in some liquid investments, in case I should need it in the future.

One major problem solved, and the world is looking good! Thanks, Nikki!

More tomorrow. I promise!