I think I will write a few stories about some of my experiences and some of them are not so pleasant but I have learned a great deal from those trials. This one is based on happenings from about 2000 to today.
Today I got the opportunity to drive to Mangum, Oklahoma to bid at a Sheriff sale on a house I sold to a person who refuses to make payments. It is absolutely amazing how someone can live in a house they do not make payments on for almost two years and then think they are not getting treated fairly or to even think they are doing the right thing. This story gets even worse. First off I should explain if it is not clear. I owned the house and financed it for the person as they could not get a loan. I thought I was being helpful to him and getting a house I did not want sold.
Somewhere around 8 to 10 years ago I started helping a friend expand his development and construction business. Then about 6 years ago it was discovered that the books (finances) that had been shared with the owners were not correct and in fact were extremely off. Somehow the banks he was working with found out that he was kitting which has nothing to do with kites. This was not a Ben Franklin kite although when it was all said and done I felt like I had been hit by lightening, get it? Anyway it turned out the FBI and the banks pressed charges and he got to spend some time (6 months) in jail. They suggested he had committed a crime which for about $1,300,000. Because I was the guarantor on those accounts, I got to cover the missing money. Now he only got 6 months in prison because I paid it down to somewhere around $700,000. I guess I am making it sound like I was a great guy. The truth is I did not want to pay it down but thought I was obligated to do so. In fact when the FBI contacted me I expressed I did not think he was doing anything like stealing but had miss-managing the business. As time went on I learned a whole lot more. He did cover up the losses and in fact represented just before being caught that we had made around 60 or 80 thousand dollars in profit for the year. As Goober used to say, "Surprise Surprise Surprise". Now I wish it ended there but when I finally got the computers and did some research it appeared there was over $6 million missing. Praise God that was not true. However there were about 50 houses either built or under construction and about $55,000 a month in losses or payments I had to cover plus about another $600,000 in accounts payable I had to deal with. I was shaking in my boots and stressed out.
Now I have to tell you I am absolutely amazed at God. In fact I sit here and laugh because I know he is not taking me home soon. The reason I know is because he keeps trying to teach me.
I have not lost my good credit and never filed bankruptcy but I do understand why folks have to sometimes. I have obviously sold off most of the assets and gotten the negative cash flows down to where I can cover them but it has been extremely painful. I figure in about another year (yes over 7 years) I will finally get rid of all the assets and will complete this nightmare with a loss of around $3,500,000 including interest but not including lost opportunity costs or the pain my family and I have suffered. Please don't feel sorry for us because now I have a great set of stories to tell and I paid for them so I want to tell them, one at a time.
Back to that house. In three more weeks I will finally recover my house and any mess he leaves or damage done. That house was a great lesson. Did I mention that I have four in Greer County alone. Oh ya, there are more that I still own located all over the state of Oklahoma. Well that was true, but now I am down to about four counties.
So what do you learn when you are raised in the Osage? (I had to modify my question a little)
Today I got the opportunity to drive to Mangum, Oklahoma to bid at a Sheriff sale on a house I sold to a person who refuses to make payments. It is absolutely amazing how someone can live in a house they do not make payments on for almost two years and then think they are not getting treated fairly or to even think they are doing the right thing. This story gets even worse. First off I should explain if it is not clear. I owned the house and financed it for the person as they could not get a loan. I thought I was being helpful to him and getting a house I did not want sold.
Somewhere around 8 to 10 years ago I started helping a friend expand his development and construction business. Then about 6 years ago it was discovered that the books (finances) that had been shared with the owners were not correct and in fact were extremely off. Somehow the banks he was working with found out that he was kitting which has nothing to do with kites. This was not a Ben Franklin kite although when it was all said and done I felt like I had been hit by lightening, get it? Anyway it turned out the FBI and the banks pressed charges and he got to spend some time (6 months) in jail. They suggested he had committed a crime which for about $1,300,000. Because I was the guarantor on those accounts, I got to cover the missing money. Now he only got 6 months in prison because I paid it down to somewhere around $700,000. I guess I am making it sound like I was a great guy. The truth is I did not want to pay it down but thought I was obligated to do so. In fact when the FBI contacted me I expressed I did not think he was doing anything like stealing but had miss-managing the business. As time went on I learned a whole lot more. He did cover up the losses and in fact represented just before being caught that we had made around 60 or 80 thousand dollars in profit for the year. As Goober used to say, "Surprise Surprise Surprise". Now I wish it ended there but when I finally got the computers and did some research it appeared there was over $6 million missing. Praise God that was not true. However there were about 50 houses either built or under construction and about $55,000 a month in losses or payments I had to cover plus about another $600,000 in accounts payable I had to deal with. I was shaking in my boots and stressed out.
Now I have to tell you I am absolutely amazed at God. In fact I sit here and laugh because I know he is not taking me home soon. The reason I know is because he keeps trying to teach me.
I have not lost my good credit and never filed bankruptcy but I do understand why folks have to sometimes. I have obviously sold off most of the assets and gotten the negative cash flows down to where I can cover them but it has been extremely painful. I figure in about another year (yes over 7 years) I will finally get rid of all the assets and will complete this nightmare with a loss of around $3,500,000 including interest but not including lost opportunity costs or the pain my family and I have suffered. Please don't feel sorry for us because now I have a great set of stories to tell and I paid for them so I want to tell them, one at a time.
Back to that house. In three more weeks I will finally recover my house and any mess he leaves or damage done. That house was a great lesson. Did I mention that I have four in Greer County alone. Oh ya, there are more that I still own located all over the state of Oklahoma. Well that was true, but now I am down to about four counties.
So what do you learn when you are raised in the Osage? (I had to modify my question a little)
- you cannot help someone who will not do the right thing
- I wrote that about the guy who bought the house but it seems appropriate for much more than just him.
- Another way of saying it is, "only you can give away your integrity"
- by giving someone help they do not deserve or work for you are actually hurting them
- kinda like not punishing a child for bad behavior
- you might relate this to-too many government programs or tax breaks
- Delight in God's lessons and don't be bitter, it only hurts you
- You have never lost when you are knocked down as long as you get up one more time
- I love these new beginnings.
Thanks for your time,
gary@thepioneerman.com
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