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REI Startup

JScott

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Just wanted to let the folks in this forum know that I launched a new site today:

http://www.reistartup.com

The goal of the site is to chronicle my efforts to build a real estate investment company; I've laid out a 12-month plan, and will document -- in real-time and in-detail -- my efforts over the next year. This will include documenting everything I've learned (and will learn) about REI, my efforts in putting together my business plan, and ultimately details about the execution of my plan.

The goal of the site is not to make money (though I'll likely include Amazon links for the books I recommend to cover my hosting costs); the goal is to share my experiences, and hopefully get useful feedback on my efforts. Additionally, I'm hoping it helps me to make the contacts necessary to put together a successful team.

I would love any feedback on the site, as well as on the first two main posts, which are more focused on general investing:

http://www.reistartup.com/2007/09/26/focus-not-diversification/

http://www.reistartup.com/2007/09/26/why-real-estate-investing/

And of course, my first "Recommended Link" is to this forum... :eusa_clap:
 

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ProInvestor

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Aug 15, 2007
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Feedback:

"Allow my significant other and myself to retire (however we define it) in the next 10 years"

That is way too long, knowing what you know already and what you can find out here and at other forums/books/etc it should be closer to three years. In fact if it takes more than three years you know your not going in the Fast Lane.
Burley & kiyosaki both say that three years if you focus on one aspect should make you knowledgeable enough to 'make it'.

(Please note you can take longer and the pay off will be bigger BUT you should be able to decide to retire within three years).

Rgds.
ProInvestor
 

nomadjanet

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Aug 28, 2007
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Your site looks very good & I am not going to down you on the 10 years to retirement thing, you may want to work for personal reasons not for money reasons.
I would start with Russ post on the plan, you have already decided you like real estate, but it will help you decide what parts of the industry you like the most & where you will be most comfortable in real estate.
Once you have your focus you can start learning the ins & outs & writing your plan at the same time. Sometimes if we study too much we get analysis paralysis.
I know you can be successful but to win a race, you have to start the race not just warm up.
Janet
 
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S928

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Aug 7, 2007
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Scott, great job on starting your website. I've bookmarked it 'cause it's cool, even left a comment.

My take: you obviously have focus and that's a great way to start. Now, you're also working on gaining REI knowledge, but besides reading books and talking to people, you should also start looking at the MLS so you can get real, hands-on experience with crunching numbers and what not. Other than that, you seem to be extremely proactive, so I wouldn't be suprised if you jump in sooner than expected. And last but not least, I wish you tons of luck.
 
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JScott

JScott

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Feedback:

"Allow my significant other and myself to retire (however we define it) in the next 10 years"

That is way too long, knowing what you know already and what you can find out here and at other forums/books/etc it should be closer to three years. In fact if it takes more than three years you know your not going in the Fast Lane.
Burley & kiyosaki both say that three years if you focus on one aspect should make you knowledgeable enough to 'make it'.

(Please note you can take longer and the pay off will be bigger BUT you should be able to decide to retire within three years).

Rgds.
ProInvestor
Thanks for the feedback. You make a good point, and make me realize that I didn't go into as much detail about what "retirement" means to me and what it would take for me to get there.

For me, retirement means free of all work -- including investing. If I'm still buying/selling real-estate in 10 years (even if it's only 5 hours/week), that's still work for me, not retirement.

The second piece is around how much money I want. I already have as much money as I "need" (I could put it all in a CD and live off the interest without ever digging into the principle), but I have nowhere near what I *want*. I want to be able to support my family and friends, start a foundation, and not think twice about treating myself to extravagant things. To do that what take a *lot* of money (within my frame of reference). In fact, in reference to a post Russ made recently, those amounts of money still scare me... :)

So, combining my two definitions of "retirement" and "how much I need", I think it would be unrealistic to achieve my goals in fewer than 10 years.
 

Yankees338

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I like the site a lot. I'll start reading up on your posts once I do my homework (I hate school.). Looks like a great start. As others have said and as I've said before, you have great focus and drive. That will give you a great chance for success on any journey you choose to take. I sincerely wish you the best of luck! Can't wait to join you on the journey.
 

MJ DeMarco

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Very nice, I'm confident you'll be successful at whatever you set your mind to ... incidentally, what blog software are you using?

Congrats on getting started - often the hardest part! :smxG:
 
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JScott

JScott

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Very nice, I'm confident you'll be successful at whatever you set your mind to ... incidentally, what blog software are you using?

Congrats on getting started - often the hardest part! :smxG:

Thanks MJ...appreciate the words of confidence...

Because I've been so focused on working a 9-5 job the past 15 years, I've never spent much time focusing on what I'd do after once I stopped working. I've been lucky that working for others has been lucrative for me, but I'm getting to the point where I"m ready for more "fast lane" challenges.

Real estate and venture investments are where I've decided to "retire" to (even though I believe I still need another $50M before I can really retire :)...

Unfortunately, due to work commitments, I have another six months to a year before I can really dive head-first into anything, so I'm spreading out my journey over the next year, and using my spare time to document it, and hopefully help others out along the way...

The blog is WordPress, with a template that I got off the web that I highly customized...
 

Sid23

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Aug 9, 2007
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JScott, is your site still up and running? I tried to check it out today but the link wasn't working.
 
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JScott

JScott

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Realized with the REI blog that after a month or two I was about to get into some areas where I'd have to start posting some detailed personal data if I wanted to accurately document my efforts. Didn't want to do that, so instead, I've been, and will continue to, post more information here on Fastlane than I plan to post on my blogs (not that this place is any less public :)).

I did move some of the REI content to another one of my blogs:

http://www.threetypes.com
 

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