BLEEDING A PROJECT
In real estate, bleeding a project refers to overstating expenses and fees in new construction or neglecting to pay normal operating expenses in an existing structure in order to extract the highest possible profit.
In new construction, bleeding a project involves diverting a larger than normal amount of the project costs to the developer’s profit. For example, Bugsy’s girl, Virginia, was bleeding the Flamingo project while putting millions aside in a Swiss bank account.
In existing structures, bleeding a project involves managing the property so as to obtain the highest possible current income from it, to the extent that many normal operating expenses are foregone. This usually results in rapid deterioration and loss of property value. For instance, Maurice owns an apartment building. Instead of keeping it up, he bleeds the project by pocketing the money that would normally be used to pay for maintenance, etc.
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