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- Aug 2, 2013
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I was thinking the other day about businesses my friends owned, and which commandments they were reaching in CENTS, and then relating it to my own situation.
Thought it would be interesting to see what other people do on the forum and what commandments their job/business respects. It was a great exercise to go through both my job and business to see where I stand.
Here's mine:
Realtor (my J.O.B) - 1/5
Control - No. Even though I have quite a bit of say at my brokerage it could still change the structure/payscale.
Entry - Definitely no. It's quite easy to get licensed and there are over 1000 Realtors in my area.
Need - This is really the only commandment it obeys. People will always be buying and selling homes.
Time - No... though I do have an assistant, I still need to be the one who's negotiating and there for my clients to view homes/write offers etc.
Scale - No. Magnitude, possibly in the case of selling million dollar homes but that market is tough to get a foothold on and there's a lot of competition going for it.
RE Investor (Owning Cashflowing Rental properties) - 4/5
Control - Yes. I can decide on rents, structure deals how I want, and buy and sell freely.
Entry - Yes! To be successful in this industry there is a lot to know and consistently study, plus the ability to finance properties limits the amount of competition.
Need - Yes. 30% of the residents in my city rent and the vacancy rate is less than 1%. I could buy in another city as well that has a higher demand for rentals if this market had a higher vacancy rate.
Time - Yes. I have a property manager that can handle anything and basically my phone doesn't have to ring.
Scale - Yes/no. This is the most difficult commandment to respect... Currently I own a list of residential homes--buying commercial (apartment buildings) would satisfy the scale which is what I'm gearing towards next, but at this point it's a no.
Thought it would be interesting to see what other people do on the forum and what commandments their job/business respects. It was a great exercise to go through both my job and business to see where I stand.
Here's mine:
Realtor (my J.O.B) - 1/5
Control - No. Even though I have quite a bit of say at my brokerage it could still change the structure/payscale.
Entry - Definitely no. It's quite easy to get licensed and there are over 1000 Realtors in my area.
Need - This is really the only commandment it obeys. People will always be buying and selling homes.
Time - No... though I do have an assistant, I still need to be the one who's negotiating and there for my clients to view homes/write offers etc.
Scale - No. Magnitude, possibly in the case of selling million dollar homes but that market is tough to get a foothold on and there's a lot of competition going for it.
RE Investor (Owning Cashflowing Rental properties) - 4/5
Control - Yes. I can decide on rents, structure deals how I want, and buy and sell freely.
Entry - Yes! To be successful in this industry there is a lot to know and consistently study, plus the ability to finance properties limits the amount of competition.
Need - Yes. 30% of the residents in my city rent and the vacancy rate is less than 1%. I could buy in another city as well that has a higher demand for rentals if this market had a higher vacancy rate.
Time - Yes. I have a property manager that can handle anything and basically my phone doesn't have to ring.
Scale - Yes/no. This is the most difficult commandment to respect... Currently I own a list of residential homes--buying commercial (apartment buildings) would satisfy the scale which is what I'm gearing towards next, but at this point it's a no.
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