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GOLD! One Trick Pony

Discussion in 'Progress/Execution Threads' started by SteveO, Sep 6, 2007.

  1. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Sometimes I wonder if people are looking too many directions to try and figure out a path to take. Not that it isn't important to evaluate the options but, at some point the direction needs to narrow down.

    It did not take long for me to get into the fastlane once I had decided to invest in apartments. I focused all my effort and research on defining how I could maximize my returns and continued to refine this process as I went along.

    Where I ran into difficulties was when I thought the grass might be greener and went in different directions. The problem was not that there was no money in the other options, it was just a distraction that took me away from my original plan.

    I tried my hand at development a few years ago. Property was purchased across the street from a site where a new hospital was going to be developed. It was zoned for medical office (and general as well). I teamed up with a CCIM from the area and we worked with a builder on the project. We thought we could finish the buildings in 4 months and lease them up. It took 1.5 years with delays from the city all along the way. I had to carry the loan during the entire process.

    Money was still made on this deal but the amount of time and other resources that went into this were a major distraction for me.

    I also thought that rehabbing apartments might be a good thing to try. There were some rundown units in Palm Springs, CA. that were in the foreclosure process. They had many violations on them that were in need of correction. Again, money was made but the amount of time that was absorbed by this was unreal. I could not afford to pay contractor prices so my partners and I did most of the work. Pouring concrete diveways in 105 degrees was not fun either. :smxD:

    If I had stayed on this path, I would have had to drop down to a slower lane. :fastlane:

    Fortunately, these just solidified the fact that my original plan was working. When I went back to refining the original plan, the speed picked back up. :driving:

    My point is that finding a workable plan to move ahead at a fast rate of speed is important. Development and Rehab are both very lucrative. I am not suggesting that there is less money in doing either one of those. The problem was with the distractions and chasing something without a fully understood plan of attack. Had I initially targeted development, the effort that I had put into it would have been different and the amount of time and path forward would have been very different.

    Make your plans to move forward based on a carefully thought out plan that will take you where you want to go. If it isn't working... adjust... If it works... refine and move forward.
     
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  2. kurtyordy
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    kurtyordy Bronze Contributor

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    awesome post. not sure if it is worth anything with my lowly rep, but rep+++
     
  3. FT1
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    FT1 New Contributor

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    Great post, Steve. :eusa_clap:

    Rep added ++
     
  4. M-M
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    M-M New Contributor

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    That's true. I've got my mind on several things right now, but I need to narrow it down soon before I lose control over everything. Focus has always been a big problem for me.
     
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  5. tbsells
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    tbsells Contributor

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    A great post! I could use so many examples from my own life. This should be a sticky!:hl:
     
  6. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    Awesome point Steve O...

    I'd like to add ... that when you are deciding what path will work for you, pay attention to a few things...

    • What seems like the most common sense solution?
    • What fits in with your passion/values?
    • Where does it fit in on your risk tolerence level?

    The answer here will be different for everyone, and there is no wrong answer (unless you are ignoring your instincts here...)

    I was speaking with a land developer recently. That is definately his one pony. He feels that self-storage is risky.... and that land development is not. I, on the other hand am very comfortable with self-storage development (my pony) but feel that land development is risky. That tells me that we have each chosen the correct pony.

    However, I would also submit.... for some people, it could be... one pony at a time!

    If you ride a pony as far as you had hoped - or find you have outgrown the pony... it could be time to find a different pony!!... As long as you have the self discipline to not jump too soon!
     
  7. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    SteveO, awesome post. Sorry, I can't give you rep++ as I already gave you positive Rep for another awesome post.

    On topic, YES. This is one of the biggest problems I've seen.
    These days there are just TOO MANY ways to make money. Problem is, in order to make money you need to be good at it, and you only can get good at it by becoming an expert i.e. by doing it constantly and improving/correcting each time. If people want to get rich quick and start trying everything possible then they will never get good at it.

    I started with small business ideas, then moved into researching the stock market, then moved into SFHs but at the time was focusing on my professional career and on buying land. I had to make a choice, and after thinking throughly decided on just one area, which is what I am focusing with all the time I have available. I have to get everything else out of my mind in order to concentrate in what I want to do. One thing at the time.

    Again, great post. This topic -Focus, or the lack of, and the myth about Diversification, are my most common topics of conversation with people that ask me how to start. When I tell people what I am doing and they notice that I am putting all my eggs in just one basket and decide to focus on making sure my basket is performing, most look at me like I am completely nuts (I probably am, but that is another topic). They believe in having many baskets to avoid losing money. Problem is, they only have a couple of eggs that want to distribute among 5 or 6 baskets. That is just not my style anymore.

    When reading the success stories posted here you will notice most of them made it by focusing in just one thing. Once they made it then they diversify as now they do have enough eggs to spread.
     
    Last edited: Nov 11, 2007
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  8. emorgan
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    emorgan Contributor

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    Amazing timing on this post Steve O- how funny. This has been my experience- not sticking with what I know and love, but instead trying to do what others have had success with. Now, at thirty, I'm hoping to learn this and refocus on my original goals and finally get where I want to be!
     
  9. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    No problem andviv... I'm here for the beer, of which you have already bought! :cheers:
     
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  10. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    there is not such a thing as too much beer!!! I'm buying the next round.
     
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  11. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I have always liked Paul Simon. His lyrics usually hit home with me. Here are the words to this song:

    Of course the following portion is the key:

    He makes me think about
    All of these extra moves I make
    And all of this herky-jerky motion
    And the bag of tricks it takes
    To get me through my working day
    :smilielol:
     
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  12. emorgan
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    emorgan Contributor

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    So, Steve O is saying I should turn tricks with pride...:3some:
     
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  13. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    :rolleyes:

    Nice to have you back, Erin!

    We missed you.:party:

    -Russ H.
     
  14. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    SteveO-

    I love Paul Simon's lyrics, too.

    My personal fave (from his "Hearts & Bones" album):

    Makes me think everytime I listen to it . . . :cool:

    -Russ H.

    http://play.rhapsody.com/paulsimon/heartsandbones/thinktoomucha
     
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  15. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    If you can figure out how to make it into a fastlane biz.... :smxB:
     
  16. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    How to discuss this point???? Hmmm...

    So much risk can be averted by simply doing your homework. I have had people tell me that investing in real estate is so risky. Yet they don't even understand the situation and I am not going to waste my time explaining it at that point.

    Buying a car is risky if you haven't researched it.

    Perhaps some people need to explore how to minimize risk to make it fit into the risk tolerance level.
     
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  17. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    SteveO-

    Great idea for a new thread-- How to minimize Risk.

    Posters could share how from their own fields of expertise.

    Whatdya think?

    -Russ H.
     
  18. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    SteveO:

    You are so right! Master one thing before you take off in another direction. I've got successful clients who have more than one venture, but they didn't start off that way. They focussed one one thing in the beginning.

    Even within my own business (which you would think would be just one thing), I have to be careful to not get enamored of new ideas all the time. The issue is not lack of opportunity....the issue is choking on opportunity.

    I'll add in one more thing as well - I think too many people get confused with the process of creating net worth and creating cash flow. Often in the beginning you need active income - money you're working for either as an employee or self-employed (fix and flip falls into this category as well). Plus, you need to grow net worth. THEN concentrate on passive income. I'm not saying you can't do everything at once - but it works so much better if you focus on one goal at a time.

    Passive income almost always comes from an investment of either time or money. If you're investing time, you're not really passive...and hence, it's active. If you're investing money, you need to have money to do that.

    So - my husband's and my plan has always been to keep an eye first on building net worth and then watching how good the net worth is invested to give income.

    AND be careful to only invest in what we know - that one trick pony.

    Great post.
     
  19. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    We certainly agree Dianne. Passive income is much easier once the net worth is there.
     
  20. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    That is a great idea. :banana:
     
  21. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Great post Steve, it took me 1 week to get to this thread and read it but it is so true. Speed++
     
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  22. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    What are your thoughts on if the path you are taking, even though it is good money, is not necessarily "fastlane." The path I'm taking it may take several years to become a millionaire, yet I'm essentially guaranteed to become a millionaire in several years. However, if I altered my path a bit to try some other things out the potential is definitely higher, but there's obviously a learning curve. If I learned quick I could see making a million quickly. If not, maybe I slowed up my path, but I don't know if I consider the path I'm on the fastlane for what my goals are.
     
  23. snowbank
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    snowbank Platinum Contributor Speedway Pass

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    another question in relation to my last one is this.........

    what active income do you consider fastlane? in other words, money that you have to work for. $100k? $200k? $500k? I'd be very interested to hear from the handful of people on this forum who are definitely in the fastlane, what your thoughts are on this.
     
  24. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    See this post for the answer.

    http://www.thefastlanetomillions.com/showthread.php?t=449
     
  25. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    If you ARE guaranteed to become a millionaire in a few years, I don't see why it isn't fastlane. I don't know enough about your specifics to answer fully. I also know that your path is one that is much different than mine and would make me unqualified to give you an answer.

    Some people work and save their entire lives to become a millionaire. That is slowlane.

    The bigger question may be around what you will do with this money that you make.
     
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