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Good synergy or lack of focus?

Discussion in 'General Entrepreneur Discussion' started by Sid23, Sep 18, 2007.

  1. Sid23
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    Sid23 Bronze Contributor

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    I'd like to follow up on Steve's thread "One Trick Pony" by asking a question of my own. I've spent a lot of time developing my plan (thanks Russ) and I'm about 90% of the way there with it.

    My plan essentially consists of staying at my development firm with a goal of being a partner in 5 years, or at that time leveraging my knowledge and contacts into a partnership elsewhere. In addition, I'm going to put a group together to buy apartment buildings, with the goal of owning 100 units in 5 years. (I will reduce the group size as we move from building to building if possible, hopefully being the sole owner of the 100 units).

    So I'll be 34 years old, a partner in a small development firm and I'll own 100 units of apartments.

    :icon_super:

    After lots of research, I think that this is a good plan and working on development of apartments and condos and buying apartments use many of the same skills, knowledge, contacts, etc. But I'm also very aware that in today's marketplace a person must develop an expertise. I think my expertise will be apartments, and I'll know how to develop or acquire them.

    Am I on the right path with this or am I not really developing an expertise? Am I not being focused enough? I'd love to hear some of your thoughts on this.

    :thankyousign::thankyousign::thankyousign:
     
  2. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Some of the skills that are required for each path will cross. The advantage that you have from the beginning is that you are learning on the job. Most people do not have that advantage.

    This does not seem divergent or spread out.

    I wonder if you have made a comparison on the two directions to see which one has the most potential.
     
  3. Sid23
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    Sid23 Bronze Contributor

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    Steve,

    Thanks for the thoughts. I have tried to evaluate which option will be more profitable, but to be honest, it's hard for me to tell. In addition, I am not sure if I will enjoy the process of buying apartment buildings. That is why I want to have my hands in both acquisitions and developments because I feel that in the next couple of years after spending some time doing both I will have a better idea of which one I prefer.

    I am leaving the door wide open. If I spend a year buying an apartment building and love it, I am not opposed to dropping the development part of my plan at all. And vice versa.

    In 5 years, I want to be running my own deals, whether in development or acquisitions or both. And I think only time and experience will tell me which one I really want to continue with.

    Does that sound logical? (That wasn't meant to be rhetorical). :smx6:
     
  4. Sid23
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    Sid23 Bronze Contributor

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    So I thought a lot more about this last night (which unfortunately led to only 2 hours of sleep)...

    I guess here is where my issue lies. How do I know exactly how I want my life to be in the future? Do I want to have the life of Steve O and his acquisitions (who enjoys his free time and golfs, runs, etc) or my boss and his development (who owns our firm and probably works about 40 hours a week). I'm not sure what I would enjoy more. I'm worried I may be bored only working occassionally, but also fearful of being tied to projects that require all my time.

    In addition, I live in the SF Bay, but all of my family lives in the Midwest (in Minneapolis). I feel at home in the Bay Area and love it here, but miss my family (and my fiancee's) terribly. We think about them everyday and both struggle with the dilemma of in 3-5 years when we start having kids, where to live. I think this plays into the decision of where to focus my time as well. I think I could possibly stay in the Bay, but if I had SteveO's lifestyle, travel home frequently. If I stayed in development, I wouldn't have the opportunity to travel for long periods of time as much.

    So many thoughts running through my head. How do you guys deal with issues like these?
     
  5. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    Just because you have financial freedom and the ability to spend your time running and playing golf does not mean you have to! You said you may bet bored only working occassionally. Well.... then.... work. You have the FREEDOM OF CHOICE.

    I guess the question is this... what WOULD you do with your time if MONEY WAS NOT A FACTOR?

    work? development? charitable work? raise kids?

    Obtain financial freedom and you have the time freedom to do what ever your heart tells you is right for you.... I guess - at the heart of it is this... what is Your Purpose? Then.. how do you obtain Financial Freedom so that you have the Time Freedom to pursue your Purpose?
     
  6. Sid23
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    Sid23 Bronze Contributor

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    I guess in my mind it comes down to this...Because development (especially in my area) has such a high barrier to entry, I'm afraid that if I leave the group I'm with right now, I will be leaving my best chance to work as a developer in my area (in the small firm type of environment I like). I work for extremely successful, really great guys and I have the opportunity to be a partner in the next 5 years. There are not many 34 year old partners in development firms out here.

    I guess I'm worried if I left this group I may never be able to find as good of a situation again. I know that it probably doesn't sound rational, but that's the way it seems to me right now...

    EDIT: ATW, I think you are exactly right. I need to figure that out. I've worked fulltime since I was 18 and I guess it is hard for me to imagine not having to work. I know I would travel, have fun,etc but eventually would need to be productive again. THANK YOU FOR YOUR THOUGHTS AND ADVICE AND THANKS TO EVERYONE WHO READS AND REPLIES TO MY QUESTIONS. I KNOW I SEEM SCATTERED, BUT ALL THE ADVICE FROM THIS FORUM HAS ENABLED ME TO GET PRETTY CLOSE TO COMPLETING MY PLAN.
     
    Last edited: Sep 19, 2007
  7. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    go read the thread from Russ about creating your plan. Spend time doing the first section. It will take time but will help you understand who you really are.

    Or, answer ATW's question, what would you do with your life if money was not an issue.

    Both will lead you to the same point. Who are you, really?
    What do you want from life?

    I think you admire people that do different things so you have trouble identifying yourself with any of them. That's why is so important to find what is it that you want from life.

    I think somebody already asked you this, and you probably answer it.... If you stay doing what you are doing, where will you be in 5 years? 10? 20?
    You still clinch to the promise of being made partner. Do you have a contract agreement that says that? I've seen it before... promises to employees to keep them with the company, but they never deliver as it is tough to let 'their' equity go and give it to you 'for free'.
     
    Last edited: Sep 19, 2007
  8. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Nobody has said to leave your job. You are in a great situation for your future now!!! Stay with it and learn.:banana:
     
  9. kimberland
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    kimberland Bronze Contributor

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    I see this question all the time.
    It gets asked and then
    is used as an excuse not to do anything
    until that part of the puzzle is figured out.

    Short answer... you don't know
    and you will never know.
    Experience and life changes people.
    You can't make the decision for future you
    because you don't even know future you.
    No one does.

    I make my plans based on what I want at the moment.
     
  10. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Good thread.

    Can I give a thread rep points? ;)

    Sean-

    1. Don't leave your job. Work long and prosper (but do try to get a reality check on whether the partner thing is real).

    2. As others have pointed out, once you get to the point where your money works for you, and you don't have to work, you can CHOOSE: To work, to not work, to spend time in the Midwest (or Fiji, or Paris, or . . .).

    3. And as Kimber so wisely points out ( :thankyousign: Kimber ): You can change your mind. Often. Try out new things.

    ALL of this is possible if you stick with a PLAN and get financially free.

    Have you really identified a lot of your CORE characteristics? Once you're at that point, setting goals and developing your PLAN gets a lot easier.

    Remember: PLANS change constantly, in lots of *tiny* ways as we grow and learn. Having a flexible PLAN that can change with you is part of the process. :)

    -Russ H.
     
  11. Sid23
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    Sid23 Bronze Contributor

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    So much amazing advice...Don't even know where to start with the thanks!

    More work to do...thanks again.
     
  12. LightHouse
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    LightHouse Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    This looks like a receipe for disaster to me. Only becasue the way it may turn out is this team helps you get started and thenyou just cut them out when you get the money. It sounds prime from greed over family friends. If those people are willing to take a risk with you and invest in buildings i would plan on just cutting them out so you can own all the units as soon as possible.

    Just a thought that came to mind as i was reading, please dont take it out of context or as an personal attack.
     
  13. Sid23
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    Sid23 Bronze Contributor

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    No offense taken at all. I didn't mean "cut them out" in a way that meant I was leaving them in the dust. I have a couple of people who want to work with me, and although it might be a little overly ambitious, the goal was for the 3 of us to all own 100 units in 5 years. I am a BIG believer in keeping your team, partners, investors, etc as happy as possible. I tend to look out for others before myself and I am probably not "greedy" enough...haha.
     
  14. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    The idea here could be that EACH partner is able to take equity and roll it into more buildings and EACH partner could end up with this many units in 5 years.

    As long as each person is up front in communication about goals and intentions and each partner is willing to help and cheer on the other, then I see no problem here.

    It is not a matter of "cutting" people out... the assumption is that this is a launching point for EACH partner and each one will go on to greatness!!
     
  15. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    Sean S... you and I must have been typing the same thing at the same time! lol
     
  16. LightHouse
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    LightHouse Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Oh i don't doubt his intentions are well meaned, I just simply stated that was a thought i had rolling over the sentences. Just simply making a point in a discussion, by no means belittling or making assumtions about any members intentions.
     
  17. Sid23
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    Sid23 Bronze Contributor

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    ATW, that is pretty funny! :hurray:
     
  18. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    The idea in reducing the investors is to buy and sell. Each time the investment group will break off to invest into other apartments or investments. As the other investors gain experience and knowledge, they will likely be interested in doing it on their own or with a smaller group. If you go into the investment with 50K and come out with 150K, the group size will naturally reduce.
     
  19. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Hey, that sounds like a great idea!!! :icon_super::icon_super: :D
     
  20. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    let's not all talk at once. :smash:
     
  21. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    lol. I love that little guy.

    I think he is my new favorite.

    :smash::smash::smash::smash:
    :smash::smash::smash::smash:
    :smash::smash::smash::smash:
    :smash::smash::smash::smash:
     

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