The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Focus and accountability

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
Here is an updated version of my goals and deadlines. Any input is always appreciated.

My goals in the immediate future:
1. To own commercial real estate with 5+ units that have a great cashflow.
2. To grow my business, Quality Time Cabins.
3. To analyze larger and larger deals to where I am comfortable and confident in my analysis.

My deadlines:
1. To quit my job by 7/31/08.
2. To have a minimum of $1,000/month passive income by 7/31/08.
3. To analyzing a minimum of 1 deal a week, and to be able to figure out if it works, doesn't work and why, and if it doesn't work, how to make it work.
4. To get my books in order for QTC and to get all financials in order by October 5th.

What are you guys focused on as far as goals and deadlines?
 

Don't like ads? Remove them while supporting the forum. Subscribe.

andviv

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jul 27, 2007
5,419
2,190
625
Washington DC
are those 5+ units also cabins part of your business, or they are 5 apartments (typical definition, rented month-by-month or yearly leased)?
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
The 5+ cabins would be part of my business. I think it would be best if I grow what I already have and then jump to monthly rental apartments. My line of thinking is that if I can combine my love of cabins, the profitability of vacation rentals and the benefits of commercial real estate then I have a good thing. What are your thoughts?
 

andviv

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jul 27, 2007
5,419
2,190
625
Washington DC
I think that you have an extra goal, as goals 1 and 2 are the same. I think you may prefer to combine them into one (for example: To grow my business, adding at least 5 more units, with at least $200/mo positive cash flow each)
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
I suppose you are right. (As usual:smxB:)
 

randallg99

Bronze Contributor
Aug 9, 2007
1,390
179
92
NJ
The 5+ cabins would be part of my business. I think it would be best if I grow what I already have and then jump to monthly rental apartments. My line of thinking is that if I can combine my love of cabins, the profitability of vacation rentals and the benefits of commercial real estate then I have a good thing. What are your thoughts?
Figure out the maximum financial potential you can gain from this move. Nothing more, nothing less.

Do not get attached to the cabins to grow the business unless it translates into your bottom line.
 

nomadjanet

Contributor
Aug 28, 2007
310
54
26
TX
Yves, do any of the cabin rentals where you are use those prefab portable cabins? I am seeing more of them here than I used to & I was wondering if that would be a feasible way for you to increase your business. Perhaps you could add some of these to property you already own?

My goals for next 2 weeks:
  • Complete our personal income tax prep for the accountant since we finally finished the L.P. income tax.
  • Do preliminary look at the 8 properties the realtor sent me as possible for the new deal.
  • Start research about zoning on the above listed properties.
  • finish the book I am reading on the RV park set up & design
  • Complete cabana to move personal stuff from main house into cabana.
  • Start to adapt main house into rental facility, make needed changes for this purpose.
[FONT=&quot]. [/FONT][FONT=&quot]My deadlines:
1. To have main house ready for rental by end of November
2. To have property picked out & financing arranged for new deal by [/FONT][FONT=&quot]Jan 1 2008[/FONT][FONT=&quot]
3. To have my LP books outsourced by [/FONT][FONT=&quot]December 20 2007[/FONT][FONT=&quot] for closing[/FONT]
 

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,292
381
58
Napa Valley, CA
yves-

Hang in there.

As we work on the next sections of PLAN, more things will start to fall into place.

Sorry it's been taking me so long to update the thread-- it's been a busy week catching up on all the things I couldn't do after surgery.

*********

OK, time for a non-car analogy:

:)

Every time I see your posts, it's like you're filing flight plans.

The problem is:
- you don't have an airplane,
- you haven't sold any tickets,
- you don't know how much it costs to fly, and . . .
- you're not a pilot, or an airplane mechanic.

You just know where you want to take off from, and where you want to land.

That's not enough to run an airline.

It's all you need to know to be a passenger, but not a pilot-- or the owner of an airline.

We need to determine your vehicle (the airplane), how much it costs to fly it, how much you need to sell tickets for to stay in business, and . . .

you need to figure out what it's going to take to get your pilot's and mechanic's license-- or--- if you need to hire these people to work for you, while you mind the business.

Hope that wacky analogy makes sense. :)

Again, as we work through the PLAN process, things will start to come together.

-Russ H.
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
Every time I see your posts, it's like you're filing flight plans.

The problem is:
- you don't have an airplane,
- you haven't sold any tickets,
- you don't know how much it costs to fly, and . . .
- you're not a pilot, or an airplane mechanic.

You just know where you want to take off from, and where you want to land.

That's not enough to run an airline.
-Russ H.
Russ-
I am totally open to any and all feedback, however keep in mind that I do own a small company that operates cabins, I am successful with it, I do know how to assess the value of any potential cabins and how to best utilize them. The lack of focus before was from: 1. doubting if I could move forward with a larger deal or if I should stay small, 2. if I should go based on the seller's numbers or on my projections or somewhere in between. 3.if I should develop a business outside of the cabins.

I have not been adding lots of detail to my goals as I want to keep the way flexible- I am more focused on the outcome. All I know for sure is that I want to do multi-family cabins or cabin clusters.

I am interested in growing the cabin company if deals come along that are worth growing into. I hadn't come across anything that was really workable and that was why I was interested in looking outside of my business for potential opportunity. There are vacant or SFR cabins that are always for sale, but now I am really liking the idea of multifamily cabins.

NomadJanet-
Yes- I love those mini cabins. I have been looking into those as well. I have found out a couple of things about them: 1. I would need land that is zoned commercial to place them. 2. They would need to be over 600 sq.ft. to be considered site built- which is awesome as they are not site built and cheaper than anything else out there! There is a huge upside to them and I've been loosely talking with a distributer about placing them. ...They would do REALLY well out here.

Thanks for all the input. I appreciated everyones time.
 

nomadjanet

Contributor
Aug 28, 2007
310
54
26
TX
Russ-

Yes- I love those mini cabins. I have been looking into those as well. I have found out a couple of things about them: 1. I would need land that is zoned commercial to place them. 2. They would need to be over 600 sq.ft. to be considered site built- which is awesome as they are not site built and cheaper than anything else out there! There is a huge upside to them and I've been loosely talking with a distributer about placing them. ...They would do REALLY well out here.

Thanks for all the input. I appreciated everyones time.
Its funny how different areas have diff rules. Where we are if the cabin is not considered site built they are more flexible with the number per acreage and other rules about utilities. Of course you must have property that is zoned for commercial or multifamily or outside zoneing area but it is still easier to go portable than site built. I am thinking that a cluster of these would be a really great way to use a small parcle of land. You would gain the multi unit advantages of having your management expenses all in one place. We have a local builder here that builds one that is not log cabin style but finished out with hardee and painted like costal houses.
Janet
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
You can get them here where the are just as you described, pre-fab modular units(most of these cabins are under 450 sq.ft.). ...I found out that if they are over 600 square feet that appraisers look at them as site built!!! Holy crap- so this means that one could find land, place so many 600 sq.ft. pre-fab cabins on there, (at around $50k per unit) sell them as site built for $80k and pocket the difference. Beautiful. Another benefit to these is that one could add as they grow and let the units CF other units. I love this concept, however I feel the need to spend my money on something that is immediately income generating.

...I am having a hard time shifting out of thinking that I can't afford it. I think about land cost, site prep, cost of mods and I think this is a great idea but I would have to secure investors, and have reserves to float the development costs. My plan is to develop more income by multi-family commercial cabins and then start exploring more creative, possibly cash intensive deals. ...This line of thinking may be slowlane, but I'm trying to stretch my horizons!

...On a side note, I have found that if I stretch my horizons to the point where I am uncomfortable and want to roll my eyes and think "yeah right", then I know I've stretched myself far enough for that day and I shelf the idea and come back to it a couple of days later. It is amazing how much more receptive my brain is to coming up with solutions after some time passes. ....And how my thinking tends to shift to, "how can I?"
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,292
381
58
Napa Valley, CA
My goals in the immediate future:
1. To own commercial real estate with 5+ units that have a great cashflow.
So you mean 5+ units of vacation cabins? My mistake.

For some reason, I read your first goal as a mulit-family apt or such. I must be mixing this up with someone else--I had thought at one time you were looking at apts.

Russ-
I am totally open to any and all feedback, however keep in mind that I do own a small company that operates cabins, I am successful with it, I do know how to assess the value of any potential cabins and how to best utilize them.
Again, for some weird reason I was thinking you only owned one or two rental cabins, and had not even been doing it for an entire year (I had April in my head for some reason?), not that you had a successful company that runs several, and have been doing it long enough to know up and down cycles.

I also didn't realize that you had experience evaluating potential new properties-- this is by far the most difficult aspect of investing. Missing an important element like a shifting foundation, or dry rot under the structural members, or problematic electrical wiring can cost so much to repair that it can completely wipe out any potential profits for years.

Again, I truly apologize. I'm very sorry-- my comments were based on some real misunderstandings of your level of experience, and what you are planning.

Again, my bad.

How many cabins does your company currently own, and run? Does it manage cabins for others, or just ones you own?

And I appreciate that you are focusing on cabins. Again, my bad for thinking you were talking about multi-family apts. For some reason that's where my mind went when I read your post.

My strong comments were in a large part based on the work we're doing on the PLAN thread-- where you start with values, look at activities and actions, then look at expenses/lifestyle, and *then* you look at what you want to do when you retire.

After all this is in place, then and only then do you set goals. If you do the process backwards (i.e., set goals before you do the other work), you can wind up getting to a place that is not in synch with your soul-- or, even worse-- setting pointless monetary retirement goals based on lack of information.

If you've already done this work, again, I apologize. Since we hadn't gotten to some of these elements in the PLAN thread, I had assumed (incorrectly) that you had not finished these parts yet before setting goals.

Again, my humble apologies. I'm sorry I came down so hard on you. I was afraid you were just running with little bits and pieces, and that you hadn't accomplished the rest of the essential work before goal setting.

I just wanted you to be on the right track. :)

-Russ H.
 

EasyMoney_in_NC

Contributor
Sep 9, 2007
399
31
31
Wilmington NC
My .002 cents?

And I say this with all due respect Yves, but you still seem very ........unfocused. You are in a business that you apparently know (cabin rental?). Yet you're trying to branch out in ways that you aren't familiar (other sources of commercial, trying to analyze "deals"). You're also allowing yourself to talk yourself into not being able to "afford" to grow the business. Why can't you afford it, the banks in your area have plenty of money I'm sure :) The question you'd need to ask is can you make the numbers work in buying, building or developing your own investments with THEIR money. If there is a spread from 50k -80k between cost and appraised value, why not try and build at 50K and refi at 80k? I understand these are generic numbers, but the idea of getting by the first to start more, nets 16K on refi that would get you started on the next .....and so forth.

Don't let your eyes get bigger than your head. From one that tends to be conservative, let me suggest that you not worry about how BIG you are. Stick with what you know, get to whatever point you feel is comfortable and sustainable and stick with what you know. There are so many, MANY facets of even staying with what you know, why muddy the waters? Oh and contrary to what others would tell you (on these type of boards), don't get so hung up on these "plans". Anything you do is better than not doing anything so you're obviously moving in the right direction. Plans never quite work out the way you plan them, and if you get to hung up on "planning" it or sticking to it, you may find yourself not being able to see the forest through the trees. Move forward, build yourself and your portfolio at the right pace (whatever that is for you) and only get hung up on the details that makes you a better..........(cabin owner, or whatever)

.002 cents spent :D
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
The commercial "deals" I have been looking at lately have been clusters of cabins (5 or more). Which pertains to what I currently do. After working on the plan post, and reading an article on a guy who is involved in a million different projects, I realized that I want to be involved in a million different projects too- however, I can only do this successfully if I focus on one at a time. So for now I am focusing on growing my cabin business.

I had been looking at residential multi-family and commercial/industrial buildings, I am no longer doing that as I have realized that I need to focus on getting the cabins to a point where I can quit my day job- then, and only then will I hop over to a different facet of real estate. ...Probably apartments.

I have never been good at following a plan. How I have been successful in other areas of my life was to become totally absorbed by the desired outcome, and just focus on the end result. The plan that Russ has developed, I am willing to try- I am always open to new ideas. Planning is not something that comes naturally to me, so Russ, it's not like a just disregarded everything on your plan post. It has been helpful. ...I suppose lately I feel like I can't win! I post something about moving forward, and I'm accused of lacking focus- even when I say that I am just exploring avenues. I write about goals, and then I am criticized about not knowing what I really want. When I try to find out what I want by exploring new avenues I get flack for not having goals! ...And then all the criticism makes me wonder how other people make decisions. ...Generally I throw myself it everything and then see what sticks. If nothing sticks, I throw myself into something else. Obviously others are doing this differently.
 

JScott

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
Speedway Pass
Aug 24, 2007
4,203
8,120
1,961
The commercial "deals" I have been looking at lately have been clusters of cabins (5 or more). Which pertains to what I currently do. After working on the plan post, and reading an article on a guy who is involved in a million different projects, I realized that I want to be involved in a million different projects too- however, I can only do this successfully if I focus on one at a time. So for now I am focusing on growing my cabin business.

I had been looking at residential multi-family and commercial/industrial buildings, I am no longer doing that as I have realized that I need to focus on getting the cabins to a point where I can quit my day job- then, and only then will I hop over to a different facet of real estate. ...Probably apartments.

I have never been good at following a plan. How I have been successful in other areas of my life was to become totally absorbed by the desired outcome, and just focus on the end result. The plan that Russ has developed, I am willing to try- I am always open to new ideas. Planning is not something that comes naturally to me, so Russ, it's not like a just disregarded everything on your plan post. It has been helpful. ...I suppose lately I feel like I can't win! I post something about moving forward, and I'm accused of lacking focus- even when I say that I am just exploring avenues. I write about goals, and then I am criticized about not knowing what I really want. When I try to find out what I want by exploring new avenues I get flack for not having goals! ...And then all the criticism makes me wonder how other people make decisions. ...Generally I throw myself it everything and then see what sticks. If nothing sticks, I throw myself into something else. Obviously others are doing this differently.
Hi Yveskleinsky,

I don't think anyone here is trying to criticize you or make you feel bad for your appoach. In fact, I'm guessing a lot of people view your journey the way I do -- as inspiring! You obviously have a lot of passion and drive, and are being tremendouly proactive with your journey to financial independence, and that I admire.

I think the reason you get the feedback you do is that there are some people who jump from one thing to the next only because they are scared to stick with the same thing for a long time, for fear of failing at it (if you quit early, you can't really fail, can you?).

I'm not saying this is what you're doing, but from the perspective of people on this forum who don't know you, they are just making sure that's not the case. There are a lot of people who are terrified to fail, and to avoid failure, they are also willing avoid success.

We just want to make sure you're not one of those people. And if you are, that's okay (I used to be!), but we want to help you get past that fear. And the best way to get past the fear of failure is follow-through -- learning that failing really isn't that big of a deal, that it's really just a bump in the road, not the end of the road.

I liken it to when I used to study martial arts -- I never really made serious progress until the first time I got punched really hard in the face. For my whole life, I was terried to get hit, and subconciuosly thought that getting hit meant that I "was out of the fight." Once I actually got hit though, I were stunned a little bit, but then realized that getting hit was just a temporary setback, and I could recover from it and move on to continue fighting. My fear kept me from making progress, and until I actually realized my fear it owned me. Once I realized it, I owned it.

Again, I'm not sure if any of these things apply to you or not. If not, nobody means any offense whatsoever! But, if so, we want to help.


Jason
 

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,292
381
58
Napa Valley, CA
yveskleinsky-

I have no concerns about you fearing failure.

I do have concerns about you wasting time and energy, where focus could be your best buddy (teamed up with the level of passion and drive you have, you would be formidable).

So from my POV, my comments are oriented in getting you to focus. I'm not afraid of you hopping from one thing to another b/c you're afraid-- I just think it's b/c you haven't developed focus.

Drive without focus is fun. Are you into baseball? Think of a person hitting the ball far into the outfield. And then they start to run - - - to third base. Then second.

They get tagged out, but the really funny thing is, they never were really on base, since they were running in the wrong direction.

That guy (running the wrong way) was me. Literally. I did it when I was a kid at a softball game. Cried so much that the other team let me have a home run the next time I hit the ball (it was a church retreat). No joke (OK, now it's funny-- but this really happened).

I could recount hundreds of stories from my life that are all about focus-- or the lack thereof. I know the problem you have-- I am the living embodiment of that problem.

That's where my concern lies.

And that's what we're going to be working on as part of the PLAN thread.

As mentioned earlier, this past week I had to accomplish the work of 2 weeks (and I'm still catching up), since my surgery 2.5 weeks ago grounded me for longer than planned.

-Russ H.
 

nomadjanet

Contributor
Aug 28, 2007
310
54
26
TX
You can get them here where the are just as you described, pre-fab modular units(most of these cabins are under 450 sq.ft.). ...I found out that if they are over 600 square feet that appraisers look at them as site built!!! Holy crap- so this means that one could find land, place so many 600 sq.ft. pre-fab cabins on there, (at around $50k per unit) sell them as site built for $80k and pocket the difference. Beautiful. Another benefit to these is that one could add as they grow and let the units CF other units. I love this concept, however I feel the need to spend my money on something that is immediately income generating.

...I am having a hard time shifting out of thinking that I can't afford it. I think about land cost, site prep, cost of mods and I think this is a great idea but I would have to secure investors, and have reserves to float the development costs. My plan is to develop more income by multi-family commercial cabins and then start exploring more creative, possibly cash intensive deals. ...This line of thinking may be slowlane, but I'm trying to stretch my horizons!

...On a side note, I have found that if I stretch my horizons to the point where I am uncomfortable and want to roll my eyes and think "yeah right", then I know I've stretched myself far enough for that day and I shelf the idea and come back to it a couple of days later. It is amazing how much more receptive my brain is to coming up with solutions after some time passes. ....And how my thinking tends to shift to, "how can I?"
Are you selling or renting your cabins? I thought you were renting them. What I was trying to say is that if you have a cluster of cabins that has a little extra room perhaps you could set up one or two more on the existing land and have more units to rent without buying more land. If you already own the land and it is already zoned for commercial or multi family the development cost & process should be more manageable.
As far as the idea of development from raw land up it can be very complicated or it can be pretty simple. I don't know anything about the area you are in or the rules of your area so I won't venture a guess. You might want to start checking with the zoning commission or building department or whoever is in charge of that type of thing. It's good to give yourself time to digest an idea and go forward.
One of the issues I have with newer bigger projects is that I am part of a couple and my DH does not always see deals through the same eyes I do. So, we sometimes compromise and the deal is not done to either of our ideals or we walk away from deals that we should be doing. Everyone has these issues to deal with one way or another.
It is good to educate yourself on all kinds of deals even those that you may not be able to do right now, at some time in the future that opportunity may arise and you will have some advanced knowledge. As long as you are still able to put enough energy into the core value deals that are part of your current plan. BTW I have always wanted to do the cabin thing but have mostly done land development & SFH & am just now looking at cabins & RV campgrounds. I have a hard time looking at the existing campgrounds, even thought they are probably what I should do for cash flow, I am attracted to the idea of doing the development from scratch (because I want it to be developed a certain way). This may result in more ROI in the long term but less cash flow in the short term so I have to step back & catch myself and ask is long term ROI important enough to risk this amount? There's usually a trade off or comfort level you can't go beyond and you have to find it for yourself.
Janet
 

EasyMoney_in_NC

Contributor
Sep 9, 2007
399
31
31
Wilmington NC
Yves,
I too am not good at plans. I have had times, like yours, when I look at this and that and back to this , and .....well maybe I'll try this just once. And you know what, I end up realizing its just a brain fart and I come back to the fact that I know how to do the one thing that I do really well, really well. Markets seem to move a lot quicker these days then they ever have before. The time it takes to really learn to do something completely different, could take away from paying attention to what it is I know best. Is that limiting me? maybe who knows. But where I am (without a real plan) is where I am comfortable and I can continue to do it, or not, its my choice. At 3 times your monthly cash flow, plenty of built up cash reserves and a wife's second income, I have the ability now to assess other avenues. My original point to you was......get to this type of place on what you know best, by that time, you'll be (hopefully) advanced enough to decided what will work for you in general and what won't.
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
NomadJanet-

We rent cabins, but have been toying around with the idea of adding mini cabins to the mix. The mini-cabins under 600 sq.ft. are great and I think would be real cash cows. Why do I think this? Well, I have found that (at least in my area) people want a rental under $100/night, a place that takes pets and a place where they could have a group rent nearby cabins. Also, when you are renting to smaller groups utility costs are a lot less, cleaning is less, and less people can stay there so wear and tear is usually minimal. I like everything about the mini-cabins. The small ones (from what I have researched here) can go on land zoned for an RV park, as they are considered RV type dwellings. They would be a natural extension of an existing RV park and you could seperate it into different areas- one for tent camping, RVs and another for mini-cabins. This would be the easiest way to go...and would give you CF off the RVs and tents which you could use to expand the mini-cabin part of it.

If the cabins are over 600 sq.ft. then they can go on regular commercial land- and like I said before they are considered site built, so you make instant money with them! You could either rent them or sell them and manage them. They would also appreciate like a standard SFR which is awesome.

Keep us posted on what you do and the detail of the trasaction, (if you don't mind) this is all very fascinating for me. ...Especially since you have a land development background- I can't wait to see how you run with this!
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
Yves,
I too am not good at plans. I have had times, like yours, when I look at this and that and back to this , and .....well maybe I'll try this just once.My original point to you was......get to this type of place on what you know best, by that time, you'll be (hopefully) advanced enough to decided what will work for you in general and what won't.
I have bounced around a lot in my life- in every area. I had GREAT amounts of anxiety once I graduated from college and still had no direction as far as career path. I debated about going for my Masters- and then realized that more formal education wasn't the answer. I knew from teaching that I didn't want to work in the system, that I wanted to create my own. It took me about 7 different jobs - only to come full circle back to renting short term rentals and property mgmt...which is where I was when I was 20! lol. How did I not see that I was good at this and could make a great living at this- and enjoy it, from early on? So crazy! ...I actually really like working with the general public; I do great in hospitality as I am a people-pleaser at heart, (there are pros and cons to this!) and feel strongly that customers come first and profit comes second. I will grow this area and once it is strong I will explore other ventures as when it comes to business in real estate I have the energy (and maybe attention span) of a 6 year-old!
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
yveskleinsky-

I do have concerns about you wasting time and energy, where focus could be your best buddy (teamed up with the level of passion and drive you have, you would be formidable).
I just think it's b/c you haven't developed focus.
-Russ H.
Russ-

I think your assessment of me is accurate, and I really appreciate you thinking that I would be formidable if I could combine my passion and drive with focus. ...You saying that really means a lot to me. On a side note, I want to develop focus- I think I just go about it differently than most. I am open to completing the plan post that we have all been working on and am excited about what comes next. ...Hope you recover from your surgery and get to full strength soon.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

EasyMoney_in_NC

Contributor
Sep 9, 2007
399
31
31
Wilmington NC
I have bounced around a lot in my life- in every area. I had GREAT amounts of anxiety once I graduated from college and still had no direction as far as career path. I debated about going for my Masters- and then realized that more formal education wasn't the answer. I knew from teaching that I didn't want to work in the system, that I wanted to create my own. It took me about 7 different jobs - only to come full circle back to renting short term rentals and property mgmt...which is where I was when I was 20! lol. How did I not see that I was good at this and could make a great living at this- and enjoy it, from early on? So crazy! ...I actually really like working with the general public; I do great in hospitality as I am a people-pleaser at heart, (there are pros and cons to this!) and feel strongly that customers come first and profit comes second. I will grow this area and once it is strong I will explore other ventures as when it comes to business in real estate I have the energy (and maybe attention span) of a 6 year-old!
Sounds to me like someone became unfocused somewhere just after the age of 20 :) got hung up in what others told her was the way to be or the right things to be doing. Maybe didn't see the forest through the trees. Your inner conflict is that you think the grass is greener on the "other" side, when you know and have apparently known since 20 years old, what it is you do best, and probably what you should be doing now.......don't fight it, run with it.....in a decided (focused for lack of a better term) manner. Do what you know, stick with numbers that you're comfortable with and build while keeping your eyes open to changes around you. Thats what I did and its nice to be able to sleep at night. I know my market, the system (and how to manipulate it) and have made a nice living and retirement portfolio doing it just like that. I don't have a tolerance for high risk and big numbers. There's a saying "eat an elephant one bite at a time". I'm still at the main course, the dessert is still aways to come.....I'll just keep munching until I'm full.......and wait for dessert. :)
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
lol. Yup- everything you said is true. I only finished college because it just wasn't an option (for my family) for me to quit. My senior year I was running a successful bar and restaurant (with a partner) and was dragging a$$ during my classes during the day.

...I bought my first home at 20 and was technically out of the rat race immediately, as my passive income from the rental, (I rented out 3 of the rooms to make payments and give me cash) exceeded my expenses. I loved the property mgmt part and was really good at it. About 2 years into owning my rental/primary, I had the idea of buying another- but no banks would lend to me, as I was making less that $5/hr! ...Which was stupid as I had over $60k in equity. I asked every bank in town and they all said no, so I gave up on that idea. ...Knowing what I know now, I would have formed a small property mgmt business, gave myself business cards and then marketed my idea via business plan to an out-of-state or internet lender. Instead I put my equity into a restaurant/bar. ...and learned a lot of lessons the hard way. ...and wouldn't trade that experience for anything. :)

So, now I'm back to property mgmt- this time with vacation rentals. I will complete the exercises from Russ' post and we'll see what happens!...I guess if I complete Russ' posts, we'll know what happens (and not just see- isn't that the point?:smxB:)
 

EasyMoney_in_NC

Contributor
Sep 9, 2007
399
31
31
Wilmington NC
Yves, we must be related :D Had to give you points just on cool factor alone!

My wife (girlfriend at the time) bought our first house, I was 22-3 maybe. We rented out rooms as well and paid for toys (Wellcraft boat in the yard, sport bike in the garage). During the 3rd year we bought the second house, rented the first. 2 years later got married, kicked out the room renters, and built the 3rd house......that started everything!

hey just an fyi, our area has just caught on to the "vacation" rental thing, and now if you rent weekly (don't recall all of the guidelines) for a certain amount of time or more, you get taxed as a "hotel" and are required to cover room taxes etc......
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
We pass the hotel/motel tax (out here it's called Gross Receipts) onto the vacationers- so it doesn't affect us at all. ...We also pass along cleaning fee. :) Sounds like we do have a lot in common. Hopefully we'll get to meet at the get together!
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
This post is in response to Russ' post on how I am (or am not) qualified and capable as an investor.

Russ, I want you to know that the sarcasm wasn't lost on me. Honestly, I had to chill out for a couple of days before I reponded, as I had a lot of thinking to do. The night that you posted your response I didn't sleep at all. ...Then I was pissed because I couldn't sleep because I was so pissed. Then I was thinking about why I was so upset...I mean, what do I care that a total stranger is in my face? I came to the conclusion that I cared because I don't view you as a total stranger, I view you as a mentor. ...and everything you said was true. My ego just couldn't digest it. (The reason that I am posting this in the open and not as a personal PM to Russ is as a lesson to those starting out to not let ego get in the way of success- or honest advice.) Russ, your post led to the best night's sleep I ever lost. I gained a lot of insight and I thank you for that. I do take what you and several others have to say to heart, and I am always open to what you guys have to say- even if my ego isn't. ...Frankly, the only other person I can have a bottom line, no bullshit conversation with is my best friend. I love the fact that we can call each other on stuff and then go have a beer.
...I appreciate your honesty and I appreciate you caring enough to be honest. Thank you.
 

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,292
381
58
Napa Valley, CA
Wow. At the risk of hurting your feelings, I wasn't trying to be sarcastic.

As I get older, my memory isn't what it used to be. As little as 10 years ago, I could hear a phone number once, and recall it months later. I could recall phone numbers all the way back to elementary school (no joke!). 313-824-3185 (my home phone as an 8 year old, 39 years ago-- see, some of that stuff is still in there).

But in the last few years, I can't remember a conversation I had 30 minutes ago. I used to be able to recount-- verbatim-- any conversations I'd had, throughout the day. Kinda like a photographic memory, but for things I heard, not saw.

That's no longer the case. I can literally hear something and 5 minutes later not recall it.

So I spend part of each and every day apologizing to people for recalling or remembering things incorrectly. This was very, very hard for me to do initially, because who I am-- my personality-- is partly based on the things I can recall. In fact, a *large* part of my interactions w/friends and business associates was/is based on recall of memories or things we've done together in the past.

I suppose everyone relates to each other on this level, to some degree. But to go from excellent recall, to forgetting (or just not remembering) lots has been really hard for me.

My apology was sincere. I went back and looked at the beginning of your thread, and lo and behold, you specifically said cabins. I had read this only a day earlier, and had forgotten it when I wrote my response.

So at that point I wrote you an apology, outlining lots of the things I was carrying around in my head about you-- your interest in multis, the fact that you had started renting cabins in April (not sure where I got that, but there you go), and that I had only thought you had one or two cabins.

I really wasn't trying to be sarcastic-- I didn't go back and look any of this up (would have taken forever)-- I simply assumed I'd remembered it incorrectly, based on your follow up post.

It's not just you. In the $3K to $1M thread, I mis-remembered the location of a post that china (a newer member) did and asked me to delete. She kinda gave me a real hard time about it, so I haven't as yet apologized. I will. I just was really hurt by her reply. But hey, I'm the one that screwed up! :smx4:

So I really wasn't trying to bust your chops. I just felt badly that my recollections were wrong, that's all.

Sorry to cause you missed sleep. That's terrible. I do want to see you succeed. And I'm not kidding about focus-- being able to laser focus (in part, thanks to my best buddy/wife), has made an enormous difference in my life.

I think it will do the same for you. :)

-Russ H.

PS And if this rather revealing post hasn't told you as much, I will always be straight/honest with you. :)
 
OP
OP
yveskleinsky

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
496
192
42
lol. Russ- you recounted everything correctly! I do only own 2 cabins (and manage 1 for someone else; we did just start in April and I do need help when it comes to analyzing properties. ...that's why I read it as sarcastic. Even if that wasn't your intention, the fact that I read it that way really helped me to put my ego in check and chill out. I do appreciate honesty, and like I said before- that was the best night's sleep I ever lost. :)
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.


New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Sponsored Offers

Lex DeVille's - Advanced Freelance Udemy Courses!
-- HALLOWEEN SPECIAL STARTS TODAY! Get any of my courses at Udemy's current best price through Friday! Use code: HALLOWEEN Use any of the links...
Top Bottom