Action Takers - What Are You Up To?

[jokerGN]

For Sept:
-Finish working with programmer on software (Waiting for beta version)
-Sign lease on office space(Made the leap and signed a lease in Downtown Manhattan)
-Meet with lawyers finish up all contracts(Drafts are completed, waiting on final copies)
-Order all supplies and equipment for Oct. launch date (Computers already installed)
-Start employee hiring process (Hired Manager, started interviewing employees today)


Oct:

-Hire atleast 5 employees
-Have Website up and running
-Beta Version of software in use
-Setup Contracts for affiliate programs

Michael M.

 

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[AroundTheWorld]

Lets here what everyone is up to in October!

 

[tchandy]

It's been a busy year for me but unfortunately not in the real estate or stock market though those areas are doing ok for me. So my time on the fast lane to millions has limited me to weekly checks and very little if any contributions to this great site. This year I took command of a company in the Army, that I established practically from scratch. I stood up the company laying the foundation for training of 70 Soldiers, purchasing millions of dollars of equipment, establishing an administrative foundation to keep the company working day in and day out, trained the Soldiers to prepare for deployment, sent over 40 Soldiers to over 15 schools throughout the US and a foreign country to continue their professional devlopment, established a charity 5 K run that raised over $2000, all this while ensuring that Soldiers and their family are taken care of. Additonally, I took on two roles on two different websites providing good to know information for other personnel in my field and was recently selected as a commander for the month of July. I also had the opportunity to work with Soldiers who for unknown reasons do the wrong thing and have apply disciplinary action for their misdeeds. On a positive note, I have kept in the highest percentage of Soldiers in my organization as compared to other units that are similar to mine. Could be my attitude to treat everyone the way they should be treated and to treat them as they should be. Very shortly I will take my company overseas to continue the ongoing fight and help restore some type of democracy in the foreign country. Lastly all of my details will be included in a book that I base off of my journal on this daily adventure in which I get more work down in the first few hours of the day than when some people are still asleep. My intent is to have it published in about two years when my time in this job ends. Retirement is still a few years away but all of the insights I learn only prepare me for my other adventure on the fastlane.

 

[Bilgefisher]

Some us military folks around here can fully appreciate the level of work required to start a unit from scratch. Stay safe over there.

 

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[^eagle^]

Finally getting the tweaks out of my EA so that it truly runs on auto pilot without long periods of missed opportunities with draw down. considering adding more money to the account.

Asked if a mate of mine would partner up on joint venture with e book. His expertise is where I lack. He should be getting back to me by end of week.

Installed ethernet cables and extra phone lines in computer room for when multiple streams of income start flowing. Got quite a nice office going.

Bought inside wire maintenance from electric company and having them come to house next week to fix electrical problems.

enjoying my last day of vacation before its back to the JOB.

 

[kimberland]

I'm back on a contract gig,
installing a financial reporting package at a security company.
Learning about security (i.e. security guards, monitoring, etc)
which will help with future novels
(so many great story ideas).

I'm organizing a big holiday book promotion on one of my blogs.
The Writers Vineyard
Over a dozen NYT Bestsellers are participating
(plus mid list and of course the small press folks).
I found out that they are a LOT easier to deal with
than the less known authors
so if you organize something similar in the future,
go for the top people in your field.

As for stock investing,
I'm seeing value and buying (Cdn stocks mostly).
I think it will go down further
but I'm never good at timing the bottom.
I'm slowlane so I don't mind waiting 5 years.

I plan to get ahead on the blogging.
I'm testing out a couple of ideas.
I'll share the results once I have them.

 

[kimberland]

OCTOBER GOALS:

• Revise self storage book... (have you heard this before?)
• Get content on travel blog

My personal travel blog
Daily Photos & Frugal Travel Tips
may be fugly
but man, I enjoy posting on it.
It is a great way to keep track of vacations.

What I wished I'd done differently?
Started sooner, of course.
A better domain name is an obvious
(I simply used one I had)
but I'd also organize into cities rather than countries.
Folks search on cities, not countries.

Are you owning a demographic, ATW?

 

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[AroundTheWorld]

but man, I enjoy posting on it.
It is a great way to keep track of vacations.


Are you owning a demographic, ATW?

Man, if only I had more time in the day!!!

This travel blog is for people visiting Montana / Yellowstone Park / Yellowstone Country...
Doing it to help promote our fine little inn.

Having said that, I wish that I did a better job at posting about our travels. I do it some on our homestead website... just like you... I sort of just post it where ever I happen to have a domain! LOL.

One of these days.....

 

[Bilgefisher]

While September felt wasted, October is kicking off with a bang.

My steps towards self storage will take a giant leap forward this month. One of those opportunities of a lifetime just landed in my lap.

We will be purchasing rental properties with +20% equity(current values), tenants with one year lease and property management in place.

My Buyers agent got me in touch with a wholesaler who picks up the properties for .30-.40 cents on the dollar, fixes them up, sets up a tenant and sells to investors. They do volume, selling to investors at wholesale prices.

We have a lender in place and will be picking the properties up for 0 down subject to approval.

We plan on picking up two properties this month. If all works out correctly we will try and get 5-8 within 1 years time. We sell a least one property after a year to build cash reserves and tap into the equity to begin our self storage venture. This is very exciting. I go to look at 3 potential properties tonight.

 

[AroundTheWorld]

Nice Work! I look forward to an update!

 

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[TC2]

OK. November is here. I will start first.

October Goals:

1. Finish web site front-end programming.
2. Register new S-Corp and get EIN
3. Apply new bank account and paypal account
4. Create NDA (non-disclosure agreement)

Hopefully to take a week off for vacation, which I promised my wife before starting this new adventure.

Well. Shame on me. None of the above goals is reached. The only thing I will achieve is to take a week off cruising to Mexico with wife in the coming week, which I promised.

I have spent a lot of time meeting local people in different events in Oct. That changed the way I was thinking about my plan while working alone. I guess it's a better achievement than achive the above goals without knowing what I have missed or done wrong.

So here are my goals for November.

1. Put up the web site even it's not completly finished.
2. Create a landing page for people to pre-register and optimize for search engine.
3. Find a good newsletter and autoresponder services.
4. Find a good writer who is willing to use my business as case study in exchange for free copy-writting.
5. Register new S-Corp and get EIN
6. Apply new bank account and paypal account
7. Create NDA (non-disclosure agreement)

I have few questions and hope to hear your answers. Thanks!

1. Can I actually register a company that will start in the future date? For example, January 1st, 2009?
2. Any good newsletter service to recommend? AWEBER?
3. Anyone interested in offering me fee copy-writting service for case study?
​

Thank you all very much! Especially to MJ for putting up this great forum!

 

[randallg99]

1. Can I actually register a company that will start in the future date? For example, January 1st, 2009?

you'll have to file a tax return for the year you start the entity whether its active or not.

 

[SteveO]

you'll have to file a tax return for the year you start the entity whether its active or not.

Are you certain this is true?

 

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[MJ DeMarco]

OK. November is here. I will start first.



Well. Shame on me. None of the above goals is reached. The only thing I will achieve is to take a week off cruising to Mexico with wife in the coming week, which I promised.

I have spent a lot of time meeting local people in different events in Oct. That changed the way I was thinking about my plan while working alone. I guess it's a better achievement than achive the above goals without knowing what I have missed or done wrong.

So here are my goals for November.

1. Put up the web site even it's not completly finished.
2. Create a landing page for people to pre-register and optimize for search engine.
3. Find a good newsletter and autoresponder services.
4. Find a good writer who is willing to use my business as case study in exchange for free copy-writting.
5. Register new S-Corp and get EIN
6. Apply new bank account and paypal account
7. Create NDA (non-disclosure agreement)

I have few questions and hope to hear your answers. Thanks!

1. Can I actually register a company that will start in the future date? For example, January 1st, 2009?
2. Any good newsletter service to recommend? AWEBER?
3. Anyone interested in offering me fee copy-writting service for case study?
​

Thank you all very much! Especially to MJ for putting up this great forum!

I'm not a lawyer blah blah, but I think you can create the entity for start at a certain date ... might be dependent on the state ... but here in AZ, I think you can put on the form the date.

 

[randallg99]

Are you certain this is true?

I opened an LLC a few years back and did not use it yet the CPA filed a return and issued k1's.

 

[Russ H]

There's a difference between not using an entity and establishing a start date.

Lots of attys just use today's date when they register or start an entity-- this is a MISTAKE if you are doing it in advance. A small change in the paperwork at the beginning can save you a year's worth of acctg fees.

All the entities we've formed, the attys have asked us when the start date is.

If you have ANY activity in it prior to that date, then that's when it starts.

Otherwise, if you established Jan 1 (or April 1, etc) as a start date, that's when your acctg starts-- as well as other things.

If you have specific fiscal years different from Jan-Dec (options for some entities), then you can also make this date the start date.

Disclaimer: Check w/your tax and law professionals before proceeding. Laws differ from state to state, and also change over time.

-Russ H.

 

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[hatterasguy]

Action has slowed with the markets crash. Waiting for the used house to sell so I can start the new one and move that capital onto the next deal. With the collapse of the markets and upcoming holiday season very few people seem to be interested in purchasing homes. Very few properties have went under contract in the last month, in my area. Showings are down for everyone. Its just slow, as much as I try to stay positive, at this period in time there is no good news. What I used to consider good news 6 months ago, ie an abundence of good deals isn't really material anymore. Only so much capital to chase them, and its hard to get rid of them. Finding them and buying them in this market is cake, its getting rid of them and making a profit thats going to be hard. I don't have the capital that the big boys do, I can't afford to sit on a ton of them and still buy.

After a brisk summer and early fall with lots of buying and selling, the old guard that I know are retaining healthy chunks of cash, and hunkering down for a long slow period. IE taking off for there vaction homes and saying see you in April/May/when they can sell houses again.

They are smart, if I wasn't in school and had the cash I would go on sabatical for 6 months. Maybe crew on a boat somewhere in the world. Or join one of those programs where you sail around the world in 12 months.

I think 2009 is going to be a record slow year as far as building goes in this area. I'd still like to do 3 or 4, really the only thing limiting me now is the market. I really wish my grandfather was still with us. Having gone through the depression, and built houses in bad period of the 70's, he could have provided very helpfull insight.

 

[AroundTheWorld]

OCTOBER GOALS:

• Revise self storage book... (have you heard this before?) work in progress..... wow, does it take a long time!
• Get content on travel blog No. Pushed to Nov.
• Start construction on next phase of one of the self storage properties Check
• Get truck rental going in the self storage business check
• Begin expansion of mobile home park Check
• Revise self storage site 1/2 done
  
  [*]Convert phpbb to vbulletin check
  [*]Custom skin for vbulletin
  [*]Design home page
  [*]Get landing page done
  [*]Move blog​
• :banana::banana: Move into new house!!!! :banana::banana: Check.... mostly. Still have boxes here and there and everywhere.
• Make Halloween costumes. The kids want to be: a cat, a mouse, and a piece of cheese. Check

November:

Organize
Write
Knit

 

[Runum]

Cool pic Sonya. Love the costumes.

 

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[TaxGuy]

I'm not a lawyer blah blah, but I think you can create the entity for start at a certain date ... might be dependent on the state ... but here in AZ, I think you can put on the form the date.

I'll ask my dad, what state are you in terrence?

and on that note, one of my plans is trying to help my dad go from a high-volume/workload income tax preparing CPA to a business operator with CPA/EA's working for him in the Phoenix area. First step is reading and trying to apply the "new rich" principles from 4Hr Workweek as well as pushing these forums and 4HWW to BOTH of my parents. My mom has a diet plan she wants to market(she lost 60lbs on it) as well as a health-food cookie recipe, something we'd have to do along the lines of the "creatine king" in 4HWW, where we find a company to mass produce the recipe and get an exclusive retailer, but first things first, defining a market outside of the positive response they have gotten from all her friends :yourock:

as for my own business ideas- keep coming up with business ideas along the lines of online service company(subscription or ad-based revenue generating), a dropshipping company or a new product to market, one of which is a convenience item for iPhone users that is in the drawing board phase.

Goals for the month-

-Finish reading 4 Hour Work Week(on page 173 now), take notes on Awaken the Giant Within audio(already listened to it twice), check out and start reading "Zero to a Million" and "The Top 10 Differences Between Millionaires and the Middle Class"

-Write down atleast 1 idea a week for either an online service biz, drop-shipping site or small product and discuss at weekly luncheon w/ in-laws.

-Research manufacturers/provisional patent process

-Help get my parents/fiance into the fastlane mindset and find a business idea we can ALL work on.

-Recruit more Chicago fastlaner group members and setup atleast one meeting by the end of the month.

-Research VA's and see what tasks either at work or for biz ideas can be outsourced.

 

[kimberland]

Between books so I organized a holiday book lovefest
here
The Writers Vineyard
Going well so far.
Gaining links in and subscribers.
(This is a group blog but I own the domain)

Have to figure out some activity
to roll that traffic into January.

My net worth got hammered
but the dividends are still being paid.
I've been picking up stocks here and there.

Figured out the plot for the next novel
(to be written summer 2009).
Worked on a holiday short
(to be in for editing, end of December).

Working on a contract gig.
Wondered why I hadn't done a systems implementation in a while.
Started the contract
and quickly remembered.
LOL

 

[CVentures1B12]

Things finished up in the nick of time for October goals!
-Business plan completed
-1 Property put under contract
-Partner found for Commercial RE Investment firm ("money man")
-Lawyer found
-Broker(s) found
-Lender found

Now...on to November goals...
-Make firm "official"
-Get 2 other properties under contract (other property, after analysis, turned out to be pretty poopy)
-Close on 2-3 properties before end of year
-Find Bookkeeper/Accountant/Tax person
-Find GC
-Find Title company

I am, most likely, missing a few things...but this is all that I can think of off of the top of my head right now. Activity breeds activity!!

All my best,
Josh

 

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[TC2]

I'll ask my dad, what state are you in terrence?

I am in Arizona.

I think MJ is correct. Arizona state doesn't care when your company is starting. However, IRS requires you to set the starting date for tax purpose, when I apply for EIN (Tax ID). If you report a future day, it means you won't be able to report any income and expenses for the current fiscal year. I will also check with accounting expert to confirm this.

Regarding to the 4HWW books. I have learned few lessons from the book.

1. Own the comapny, but not operating the company. Let someone do the work for you. So you can have time to do something else.
2. Information, Information, Information. One of my companies is running e-comerce online stores. I use both dropshipping suppliers and holding certain items myself. It's really painful when your supplier hung up on you. It's also costy if you hold your inventory for so long.

One of my new directions is all about eat healty and be happy. We are working on building a community for people who wants to live in the healthy life with health diet.

If you are on the same track as I am, please feel free to PM me.

Thanks!

 

[Extra]

Hey guys long time no see, I hope everyone is doing well.
Here is my update:

>Working on talks with the Student Recycling Program with starting up a non-profit recycling business to try to recycle red cups at my university.

>Finished our patent search with my technology company, it is marketable and patentable!! Now I only need to come up with $2,000.00 for a draftsman and legal fees + the USPTO filing fee.

>Need to finish up business plan for patent idea and incorporate.

>Need to finalize website and create commercial's to market to the bigger companies.

>Figured out next patent thought, and i am in the process of figuring out how it works to make it a patentable idea, then repeat process above!

Hopefully everything goes according to plan and I can start investing in more businesses and real estate!
Serial entrepreneurship is a gift and a curse, but I love it.



​

 

[AroundTheWorld]

How did the first week in December pass us by?

Okay people - - - what will you get done this month?
How did you do last month?

November:

Organize check
Write check
Knit check

December:

a new site up
another new site up
motel site revamped
loan refi done (??)

 

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[kimberland]

I LOVE this thread!
LOVE it.
Such a great reminder
to get my a$$ in gear.

I had my first EVER booksigning this past weekend.
I didn't sell many books
(typical of all but big name author signings)
and I think my time is better applied elsewhere
but I signed!
Yes!
Gotta do the whole author experience
so I can say I have.

Did some stock buying in November.
Yeah, too early but
I never get the timing quite right.

For December,
it looks like I'll be contract free
until after the CES in January.
Fine with me.
My publisher is wanting edits asap
and I also have to get my novella submission ready.
It got rejected due to pacing issues.
Re-reading it,
I completely agree.
It jumps around too much.

With the next book launch in February,
I'm getting all my advertising ready
and my guest blog posts done in advance
(I'm doing a blog tour in February).

And as it is snowing heavy outside right now,
I'm so happy I don't have to go outside.

 

[AroundTheWorld]

I LOVE this thread!
LOVE it.
Such a great reminder
to get my a$$ in gear.

Kimber, from the looks of things, your a$$ is always in gear.

And as it is snowing heavy outside right now,
I'm so happy I don't have to go outside.

Aw, I might have to come visit you.
We haven't had snow yet.
Not even once.
For a state that expects to see snow in any month of the year, this is very strange indeed.
I miss it.

 

[AroundTheWorld]

about 10 days left in the month...

Anyone else want to hold your feet to the fire?

State a goal here
Get it done by 12/31/08
Come back here in January.
Let us know how it went for you
And... What is next!!

 

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[hatterasguy]

I should update my first deal thread. Old house is sold and closing on the 31st, we are also closing on the lot in my "deal felll in my lap" thread on that day. I'm working on getting the new house that we will start building very soon under contract. I just meet with the people today and I feel it went well. If I can get that under contract and get it underway than I will start to look for another deal. I'd like to do another double closing with the new one, IE sell the house and pick up another lot.

As long as I can still sell stuff I plan on keeping the ball rolling, if the economy doesn't go to much further down hill it should be possible. The silver linning is that after this it will be a breeze, any economy but this one will be easy and profitable.

Between that and working with my uncle in his business its been a super busy month. 40 hour+ work weeks with a full schedual of classes!

 

[kimberland]

about 10 days left in the month...

Anyone else want to hold your feet to the fire?

State a goal here
Get it done by 12/31/08
Come back here in January.
Let us know how it went for you
And... What is next!!

Exactly what I need.
I've been dragging my feet
on writing my holiday short
(a mere 10,000 words).

The goal is to get the first draft done by the 31st
yet NOT work on it during Christmas vacation
(I go visit my Mom over Christmas).
That leaves me 3 days for 10,000 words.
Should be doable
if I apply myself.

Got the novella resubmitted.
The only thing that could scuttle it
is another round of the February release edits.
Oh, or a contract gig
(there is one in negotiations).