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EXECUTION Road to 1000 € recurring additional income (after daily job) by 31.12.2021

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otek

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This thread acts as execution diary for the challenge. Hope I can provide some value also on the way (or entertainment value).

Started this challenge two days ago. I have about two hours per day on weekdays after family and job + on weekends I have about 8 hours. This week I have maybe 6 hours extra per day due to being on holiday. So this is good - I have more time to hustle! The catch with the challenge is, that the income needs to be recurring. Not just one gig - need recurring streams. I think that this is useful to aspire to from the start.

Have done the following to get where I need to. Hustles:
We're going to go to look up couple apartments this week. Our plan is to buy a new one (little bit bigger) and rent out our current one. This particular plan may make about 500 € income per month in the end.
My dad has empty industrial hall. I'm finding tenants for this. Maybe commission with this one.
Called my brother - maybe we could start business related to selling game assets or something else related to gaming industry.

continues
 

otek

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Execution update. Made offer on apartment. Had to make it quite a bit below the ask price due to otherwise being just too pricy on my estimation (There was large repairs coming). I believe that in these cases when there's lot of repairs upcoming it is important to not pay the ask price - or even near. Often times they try to take advantage of someone who does not do the calculations. If I was on the other side I would also try to use anchor bias to my advantage.

If someone else comes along and offers higher, or if seller says just no, that's ok. There's plenty of apartments coming for sale all the time. Maybe one way to look at this would be to think that you try to make about 10 offers or 30 and get one through. If you get too many offers through, you're bidding too high.

Of course if you're seeing ask price that you think is undervalued from the get go, then it may make sense to try to quickly offer the full ask or even higher in order to get it out of market - someone else probably also will see the undervaluation.

I'm novice on real estate, so feel free to chime in.

This is unnerving.
 

otek

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No apartment deal. Too big of a different view for the valuation. But we have one new apartment at our sight, and we possibly try to make a new offer very soon. Let's see how this goes this time.

Called my mom and offered to make coding courses for beginners for his community college. She agreed. Let's see if there's demand - this course will start october - novemberish, on condition that there's demand for it.
There's probably plenty of opportunities to offer these kind of courses for other community colleges also. Why not make these english also? To the world wide web. Trying to get better at english would be fun additional challenge.

My brother came to visit - we did not initiate any business plans yet. He is currently on job finding course, finished college recently. He is not entrepreneurial minded. Would be a challenge to do business with him, but maybe there could be some angle to build company with him or do some great business and provide value.

Haven't called my sister yer. Have to do that now.

I'm on process of renting out my dad's industrial hall. Contacted my facebook network. Put ad to a network. E-mailed municipality and one firm. No offers or even calls yet. But probably there's some greater awareness is someone is in need. Added picture of the hall today, maybe that helps.

continues. Have to shift to next gear.
 

otek

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We found another apartment and made offer - and now we got a deal!

Due to sensitivity I made thread to insiders section, where I give out details. But I'm planning on writing more general stuff here.

It's already day 18 of the challenge, apartment deal is not enough to reach the target of the challenge (1000 € recurrent income). Time flies. Have to focus more on doing what is important, one thing per day that matters - yes, I was inspired by the book "the one thing". It was great, in forcing you to think what actually matters
"What’s the One Thing I can do, such that by doing it, everything else will be easier or unnecessary?
 

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