Bckstory
I recently made the decision to not pursuit two invention ideas that, in my opinion, definitely served unmet needs. After doing a TAM for both products, which I learned about from this forum, I decided that the market potential wasn't fastlane enough and worth the risk that you take on starting a product based business
While I've been dreaming of becoming that fastlane entrepreneur, I've also been putting food on the table as a realtor for 8 years. My wife and I currently own 7 rental units across 3 properties, which we've acquired over the last 7 years using the BRRR method.
The Problem
BRRR was great when I was younger, and my time wasn’t worth as much, but now I have less time due to family commitments. Additionally, stepping away from my income as a realtor comes at a higher premium now that I've built up a reliable client base.
Where I'm At
It's been two years since our last acquisition, and I’m at a bit of a crossroad. We've accumulated some money, about $100k, and I want to put it to work...
1. Another Rental Property: Likely something more turn-key, but with a lower ROI. Low risk. My wife likes this play. She's not a fastlane type of girl.
2. A Larger Multi-Family Project via Joint Venture: This would be a more substantial undertaking with potentially higher returns. Higher risk too.
3. Expanding into the Mentor/Influencer Space: I’ve always had ambitions of creating a brand for myself and entering the social media/YouTube space. This would involve selling coaching, training, mentorship, and other complementary services. Examples of successful individuals in this space include Alex Hermozi, Graham Stephan, and Grant Cardone.
From what I understand, profit margins on courses and coaching can be upwards of 80%.
If I pursue this path, the investment would involve doing it right: hiring a videographer to follow me around all year, a social media manager, etc., to accelerate the vision.
The Hesitation
I have two hesitations with the third option...
Firstly, having 7 rental units isn’t exactly a fastlane empire that would attract a lot of attention. However, I believe the brand would grow as I continue to expand and show people how I achieve my goals.
Second, I passed on two product ideas based on the research I did for those specific markets. If I wake up tomorrow with a new idea that meets all the fastlane commandments, and have all my money tied up in real estate, then I may not be able to get my money out to finance the venture.
What I'm here for
I'm not expecting anyone of you to tell me what to do, but what I am hoping for is suggestions on where to go from here.
Perhaps there's a more fastlane proven path that I haven't considered?
Maybe some of you have been in this spot before?
I recently made the decision to not pursuit two invention ideas that, in my opinion, definitely served unmet needs. After doing a TAM for both products, which I learned about from this forum, I decided that the market potential wasn't fastlane enough and worth the risk that you take on starting a product based business
While I've been dreaming of becoming that fastlane entrepreneur, I've also been putting food on the table as a realtor for 8 years. My wife and I currently own 7 rental units across 3 properties, which we've acquired over the last 7 years using the BRRR method.
The Problem
BRRR was great when I was younger, and my time wasn’t worth as much, but now I have less time due to family commitments. Additionally, stepping away from my income as a realtor comes at a higher premium now that I've built up a reliable client base.
Where I'm At
It's been two years since our last acquisition, and I’m at a bit of a crossroad. We've accumulated some money, about $100k, and I want to put it to work...
1. Another Rental Property: Likely something more turn-key, but with a lower ROI. Low risk. My wife likes this play. She's not a fastlane type of girl.
2. A Larger Multi-Family Project via Joint Venture: This would be a more substantial undertaking with potentially higher returns. Higher risk too.
3. Expanding into the Mentor/Influencer Space: I’ve always had ambitions of creating a brand for myself and entering the social media/YouTube space. This would involve selling coaching, training, mentorship, and other complementary services. Examples of successful individuals in this space include Alex Hermozi, Graham Stephan, and Grant Cardone.
From what I understand, profit margins on courses and coaching can be upwards of 80%.
If I pursue this path, the investment would involve doing it right: hiring a videographer to follow me around all year, a social media manager, etc., to accelerate the vision.
The Hesitation
I have two hesitations with the third option...
Firstly, having 7 rental units isn’t exactly a fastlane empire that would attract a lot of attention. However, I believe the brand would grow as I continue to expand and show people how I achieve my goals.
Second, I passed on two product ideas based on the research I did for those specific markets. If I wake up tomorrow with a new idea that meets all the fastlane commandments, and have all my money tied up in real estate, then I may not be able to get my money out to finance the venture.
What I'm here for
I'm not expecting anyone of you to tell me what to do, but what I am hoping for is suggestions on where to go from here.
Perhaps there's a more fastlane proven path that I haven't considered?
Maybe some of you have been in this spot before?
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