After a natural disaster, business owners should prioritize revenue-generating properties first, as they provide the cash flow necessary to pay essential expenses like mortgage, insurance, taxes, and utilities; properties that are not generating income cannot sustain themselves and should be addressed secondarily.
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Deep Dive
A Day Of Post-Storm Business OperationsAdded:
All right, what's up? So, I wanted to talk with you guys >> I wanted to talk to you, too. Let me tell you first.
>> All right, go for it. This is actually a really good opportunity for you. Yeah.
Cuz you're making so much [ __ ] money now.
I think it's time for your family to take this place back.
All right. I'm down for that. We'll work out some kind of payment plan.
>> Payment plan? You got money, you got everything now.
>> We had money until two hurricanes came.
Mortgage the boats.
>> Yeah, right. I feel like you guys have been super helpful and supportive in helping us open back up. You, not so much. It's the first time I've seen you.
Who do you think's in the back? Who do you think is always somebody in the background? I definitely wanted to thank you guys for all the support and the help and it was cool. I mean, going to Home Depot and using your credit card to buy stuff was great.
I was like, "Why you got to [laughter] tell them about that? All right, don't tell them about all that stuff right now." We'll deal with all that later.
Most of your tenants are open. It's crazy. Yeah, but there's no customer. We need customer. We definitely need more.
We're back open, we're running trips, we got some people, so I think slowly we'll build momentum, especially >> people out here. Tell everybody John's PASS IS [ __ ] OPEN.
>> WE'RE OPEN.
>> Come to John's Pass and go fishing, baby. Why? Cuz if you're too busy to go fishing, you're just too damn busy. Hey, when you get off the boat, go upstairs, get some ice cream, do some shopping, walk the boardwalk.
>> John's Pass is open for business, so get over here now.
Hi. Here is he, Tom. Somebody wake him up, please. What are we doing here? Time to time, I have to come to the lawyer's office. Why? Because that's where everything happens. All the documents, all the transactions, all the lawsuits.
And I've been dealing with the same lawyer for over 20 years.
>> [laughter] >> There you go.
Sign up.
Right now, all I'm doing is renewing a line of credit. So, if I need money, I can borrow Lawyers create paper works, so lawyers can charge money. Everybody has to live.
I mean, I understand the basics, but most of the other stuff, 90% of this stuff, nobody understands except the lawyer.
There you go.
All right. Now we're at the Quality Inn on the Beach hotel. This hotel here is 100% up and running, baby. But this one, this used to be a hotel room. Looks worse than a jail cell. What a [ __ ] mess. Speaking of I thought they said having a rich father was going to be nice and easy. It was.
Until Hurricane came and took it all away.
I'm physically tired. I don't mind being mentally tired, but mental and physical?
Think I need a vacation. Is your house done?
Come on, boy. There you go. All right, very good. So we're getting this room dry. When's it going to be dry? 100% moisture. In concrete?
>> In concrete. Now, come here.
13%. This is normal. That's why I need that to dry out. Not with paint that is not breathable on it. You can't There's no machine that can [ __ ] heat this [ __ ] up quicker than a [ __ ] hair dryer.
I just did that whole piece by myself.
>> keep it up. Keep it up. Get a little bit more scraping on it and we're done. Look where everybody else is in the process, and look where your property is at.
>> is gone. All of our furniture is gone.
Everything They're still throwing furniture away. They're still >> From where? All their [ __ ] parkings on the ground floor. Our pool is blue.
Our patio is clean.
>> And all your rooms on the second floor are being rented. I got all brand new ACs in the hotel already. This hotel's only got 15 rooms that are down. This hotel is generating revenue right now.
The other hotel we left is generating no revenue. So in my eyes, that hotel is priority. Okay? That's my priority cuz no revenue's coming in. I can't pay the mortgage, I can't pay the insurance, I can't pay the cable, the taxes, I can't pay anything cuz I got no revenue.
So that's my priority. What's your priority? That's what I've been trying to figure out my whole life.
After last month, I don't care what you say.
Vincent put it to work. Okay, I'll tell you. I've waited 30 years for that for somebody to say that.
I've waited for 30 years for him to have somebody to say that. I'm ready to go back out to Williston and Madison. That fool is out today.
Man, Williston and Madison are done. All your siding, all your fencing. I seen the bills. I seen the bills. It's done.
Woo! I seen the bills.
>> were the bills altogether? Round it off.
>> 20 grand. How much was insurance? I think it was 70 per building and we only spent 20 grand in total fixing everything. There you go.
I'm going to become self-insured.
All right, so basically yes, all we're going to do is just rip out all the dead [ __ ] everywhere, right?
>> Every one of these plants is like 30 bucks. Look how many of there is.
There's hundreds of them. It's going to be a hundred grand probably easily just in plants. Do you have one to ten million dollars in real estate investments and want to scale up to 30 to 50? We need to sit down, analyze your property, and come up with a personalized plan to take you to the next level. Make a call, set up a meeting, go to benmallo.com, and let's put you on the road to success.
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