Golden Nuggets- Tips, processes, & How To's

[Traction]

I would get 10 people to pitch in money, at a high rate of return, Go to all my affiliates, have them make me pages that convert well. rip them for me.

Can you suggest a good place to start with this for a complete novice?

 

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[Mike Kavanagh]

@Tom, I'm told bigger pockets forum is a great resource. They have a couple great videos to get yourself started too.

Also there are a couple threads on the forum of people who've done really well in real estate.

 

[T14]

@Tom- Mike is right. Check out biggerpockets. It's 100% focused on RE/REI. Use the search tool and start reading!

@ Zen, Thanks for the response. I'm new to the forum so forgive me if you've already posted about how you've done this before. I recall a post where you explained how you dealt with bulk REOs, if i remember correctly, and were buying/selling 250 houses a month or so. I don't doubt your knowledge and experience, I'm just interested in learning from it

You said "then I would be on more or less equal footing as him in about 1.5 yrs. and have a couple million in real estate. and enough cash flow to not work a job (janitor job would have only lasted 3 months)"

If i'm reading this correctly, you'll be taking the cash you make from flips and buying rentals with it? That's how you get enough CF to ditch the night job? We averaged a 15% net profit on our flips. Average ARV is $225K. I anticipate slightly lower margins for my first few flips on my own, but how does one finance multis/commercial investments without 2 years of verifiable income? I take it that a lot of that "few million in RE" would be in the form of debt?

I'm trying to expand my belief of what's possible Thanks

 

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[LeungJan]

Zen, for the management links you posted - where would be a good place to start? (it goes 20 pages back)

Thanks

 

[oddball]

WHAT TO DO IF YOU HAD TO START OVER

Someone emailed me recently and asked this question.

I slapped this out as a reply but thought it would make a good post, on starting over
Z




knowing what I know now.

I would do 1 of 2 things.

if real estate, I would get a night job, as a janitor, to pay my own food etc.

Then I would hustle during the day for a big real estate guy, for FREE. for about 2-3 months. then I would go to him and say, Have I proved enough value that I can be included in your next couple of deals as a partner or small owner?
I would spend the next year working my a$$ off for him, and get in on 6-10 deals, with an nice little cash flow, and now have all his contacts. I would then launch my own deals, using his money sources, and donate back to him a 10-15% per deal equity piece for the next 2 deals.

then I would be on more or less equal footing as him in about 1.5 yrs. and have a couple million in real estate. and enough cash flow to not work a job (janitor job would have only lasted 3 months)

Then, I would grow a real estate empire to about 20-50M over the next 5 yrs. as a general partner/manager. I should be up to just under 1M a year in income then. and then I would hire great real estate guys to run the firm. and 1 guy to go to wall st, and raise 100M in lines of credit and equity share. build to 200M in just under 10 yrs. and either retire on the income or turn it into a reit or sell it off.


Z

I know we have talked a bit and I definitely plan to take a trip out to meet up but I just got to Austin to look at some apartments and take care of some other stuff, opportunities everywhere here. With a little bit of guidance and a lot of hustle, hopefully I can accomplish this.

 

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[amp0193]

How To Find People Talking About Your Niche

Cool a$$ tip I just learned for finding people ACTIVELY talking about your niche/product/whatev:

1.) Google a word or subject. Like “wantrepreneurâ€.
2.) Under “More†in Google search bar, select “Discussionsâ€.
3.) Under “search tools†select “past 24 hoursâ€.

BAM. List of everyone talking about wantrepreneurs in last 24 hours.

You can chime into these discussions, see what they’re saying, use their language for your marketing, get ideas. Whatever.

Source: http://www.nevblog.com/cool-a$$-trick-to-find-people-talking-about-your-niche

And sales are going to increase starting... now.

 

[oddball]

uh, thats like asking me what girls you should date....


Depends?

maybe the start would be good for you
Z

I'm not asking the ABC of what to do, but it's nice to have veterans to get advice from here and there.

 

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[T14]

the commercial game is entirely different than the RE game.


also, don't use your own money, that was indicated in the post as well. or you can go listen to my INSIDERS call on how to raise money...

Zen, thanks again for sharing your knowledge with all of us. I appreciate the hell out of it.

How do I get access to this particular INSIDERS call?

 

[Connor]

Zen's rep level from this thread alone should go from "light speed" to "Ludicrous speed." Awesome stuff for people at any level.

 

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[rogen]

been a serial entrepreneur since 1991 (when I was 21)
Bought over 250 apartments in 2.5 yrs starting with no money

but..but.. how? how can you buy something with no money?

 

[rogen]

cash is the lowest common denominator. if you only rely on cash to get things done, your just not creative enough

Z

Ok, so its all about pitching, but how person like me could start generating income from nothingness? Do I have to pitch rich investors for my ideas? Nobody from America or other country woudnt want to work with me (language barrier, my English is not that good to make a deals) and in Poland people are VERY selfish, If I talked to some rich CEO/Angel Investor he would ask "What's in it for me? Do you have any education? What is your background? Do you have something to offer, so I can see it already right now, or its just your idea?" etc.

And I basically have nothing, I dropped out of school (only High School finished), I have some pennies for domain name, nobody would even listen to me/take me seriously.

zen*******, could you point me to some helpfull articles/names of authors who know more about pitching, or starting from 0 ?

Thank you

 

[shedim]

learn to answer this one question, and your are on your way to becoming great at pitching.

its what every ceo, customer, angel investor, boss, girlfriend./boyfriend, ever asks. its the fundamental question in EVERY persons mind.

learn solve that question for them. and your already rich.


Z

Absolutely. The most fascinating part is the fact that the fastlane-fundamentals can be applied to so many situations in life, not just those related to economics or business.

zen*******, I'm quite interested in your background prior to becoming an entrepreneur. Did you study anything related to economics? How did you acquire all the necessary skills and knowledge needed for entrepreneurship? Books, courses, did you have a mentor?

I'm currently in the process of learning as much as possible and quite frankly...I kinda feel a little bit overwhelmed because even though my educational background is pretty decent, there are just so many things I don't know and so many skills I still need to acquire...and so little time...
This is why I'm interested in how successful people were like before they became successful. Hope you people get what I mean. I can answer the "What's in it for me?" question easily. The "what comes next"-part is what's usually giving me a headache ;-)

Sorry if my questions were too private or inappropriate. No offense intended, I'm just genuinely curious.

 

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[Bosstradamus]

awesome info!

 

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[tincho1492]

Amazing! Yesterday I was thinking of creating one in my city. I'm downloading the video now.

Do you create specific rules to keep everyone accountable and maintain the quality of the group?

Thanks for sharing!

 

[tincho1492]

Yeah. Thank you Andrew.

 

[GravyBoat]

if you would like more of this, I have more videos I can post later.

Would definitely like to see more of this.

Gravy

 

[Chazmania]

Hope that helped illuminate how to buy 300 houses a week

Uh....holy crap. I'm currently looking for rental property #5 and until I read this I was actually excited about it too. You are the f'n man!

 

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[Bosstradamus]

Anyone who is looking to build a business with licensing products, or bringing new products to market...

Here is a source for ENDLESS amazing products...

Your local industrial design college.

They have so many fantastic ideas, that were projects....that the student/designers never really thought of making into a business - of selling.

Go in, review their old projects, talk to the lecturers...dig in some....offer the school a good % for the IP. And start working.

I'm focused on another project right now, and I have a couple of my own things I want to do after that [i.e., i haven't done this yet] ....but, having worked for a bit with a lecturer at the local design school in my city...I'm sure this is viable.

who would be the person or department to talk to to review old projects?

 

[Arnold321]

The Test...
2011-05-19_2157 - xendolphin's library

Best "test" I've seen so far

 

[Arnold321]

For 1 account its $5+ $2 + $4+ $5 =$16
10 accounts = $160
20 accounts = $320
Setup up accounts,
Install credit card
Install phone number
Pick a niche to advertise in, or if you have a product, use that.
Setup 1 adword campaign, download it, copy it, and upload to other accounts
Setup excel sheet with all info centralized
since you now have 20 accounts and 2K of nearly free google ad spend. Start spending
Goal: to get as close to break even as possible on the money. I.e. spend a dollar make a dollar. You now have 2k to go and try something else.
If you can make it profitable, like a 2-1 ratio, spend 2K make 4K.
Should be able to be done in about 2 days setup time, and run for a month. Or a week.
Even if you are close to “break even” you have made a profit.
Since you have spent about $320 to get 2K you would have to spend 1 dollar and make only .16 cents! To just break even.

I'm wondering would it work with CPA? Or am i missing the point

 

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[Arnold321]

Arnold321 said: ↑
I'm wondering would it work with CPA? Or am i missing the point
missed the point.

So can anyone explain how then? Because from my point of view, you get 2k of advertise. You must have a product or a service with a website to advertise it. You spend 2k on advertising. You get the traffic from google, the revenue you are getting is from people stepping in to your website and buying the product or service. Other option is to get affiliate banners. Then you get the revenue from the companys you advertise on your site, and since the traffic is big you get quite a good profit i guess.

 

[Stephanos83]

I think you gave him good advice Zen. He needs to hold himself accountable before he can expect any kind of assistance from anyone else.

 

[adamcjohnson]

Such a great thread.

 

[Jak]

Just another Nugget

So here is another question I get.
How do i know if the product will be successful.

While it was talked about in the 4 hr workweek, some people needed to see it in action.

This is an actual test we ran on a product Idea a friend of mine had. While I said, it may not be worth it, she vehemently disagreed, so I showed her how to run this test, and we did it pretty quick

in the end she saved months of work, for a product that would not have made her enough money.

she ended up focusing on something that would and that's why you test. To kill bad ideas fast.
so you can really work on ones that are truly great.

The Test...
2011-05-19_2157 - xendolphin's library

This right here - Brilliant. Haven't finished the thread yet, but just had to make a note. Makes me excited for what's to come

 

[Foogaler]

Excellent thread. Thank you for sharing your knowledge.

 

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[HarryR]

9. Publisher model ( mine)
a. Create a single deep funnel
i. Over achiever method
b. Create additional funnel in similar but different space with different expert.
c. Create additional products to cross sell between funnels
d. Seek out and find top experts in their field, as it relates to you.
e. Pros- multiple deep funnels can provide deep profits
f. Cons-must be able to handle manage larger organization, must be able to provide clear goals and directions to group. Must know how to best integrate various funnels

I had a question about step D. Would you do this after you have a profitable funnel to make it better, or upfront and build your funnel around someone?

 

[Dicky Dee]

my mentee mentor relationships are a process,
takes time. and I test the shit outta them. they dont always understand the tests. but they are crucial.

just asking, and saying, ill work harder than anyone.... nope.

Z

Since no one has asked in this thread, what exactly are you looking for in a mentee? That way I don't need to pm you with paragraphs of emo shit and I can decide for myself if I were up to par with your specifications.

 

[Dicky Dee]

Here's a nice thread on what he's not looking for:

https://www.thefastlaneforum.com/community/threads/how-to-piss-off-a-mentor-pro-version.42445/

Geesuz what a leach, thats the reason many successful people dont give out tips let alone full on golden nuggets like this forum thread does.

 

[vinisterz]

ok, Another quick process.

Got Dropbox?

Got 10 Gigs on dropbox Free?

Dont have that many friends who signed up for you yet?

here is a quick process someone shared with me after we discussed it. Since I already had drobox maxed, I haven't used it but he did and went from 2Gigs of free space to 4.5 in less than an hr after posting this, I thought I would share it.

I posted the whole "mini process" here on my google docs where I keep these things.

https://docs.google.com/document/d/1q7rNWqA7iQ5FS2mzCgHxdtJzAJAXQfnkKl1s_ves5iM/edit

you can go there and read the process.
basically he went and posted on odesk this process, and got to his full10Gig in less than a day.

it was cool enough to watch, that I wanted to share.

Z

I did exactly this today to test the process and got up to 3.5gb of dropbox storage today

 

[vinisterz]

@vinisterz

You may want to re-edit / remove that image you attached. I can still see the email address you tried to blank out when I click on that image.

oops! edited now