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The Best States For Business

Discussion in 'General Entrepreneur Discussion' started by Peter2, Aug 8, 2007.

  1. Peter2
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    Peter2 Fastane Legend. RIP.

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  2. 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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    Admin Post
    NJ is #3 for quality of life? :nonod:

    My top 5 states:
    1) Texas
    2) Arizona
    3) Florida
    4) NC
    5) Colorado
     
  3. Yankees338
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    Yankees338 Bronze Contributor

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    No joke, NJ is a great place to live. There are definitely areas that are not too desirable, but as a whole, it's a great state. We're sandwiched between two of the biggest cities in the country, and we're packed with upper class suburbs. And, all down the east coast, we have some of the nicest beaches in the country!
     
  4. azzuri
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    azzuri PARKED

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    I've lived in NJ for the last 7 yrs. and looking for way out :pullhair:. Property taxes are killing and winters are horrible. Although, for anybody addicted to New York City lifestyle, it offers good quality of life at the lowest cost in the area (comparing with CT and NY). And agree, beaches are nice.

    For me top 5 (quality of life/cost of living) would be
    1/ Texas
    2/ Arizona
    3/ North/South Carolina
    4/ Georgia
    5/ Florida

    With cost of living out, California would be #1. No state will even make it to the list when temperature falls below 50!
     
  5. JesseO
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    JesseO Contributor

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    Last winter it got down to 40 degrees here in south Texas...and even Phoenix drops to 35 degrees or so...but I think I understand what you mean and I totally agree =) I wouldn't want to live somewhere that gets 25 feet of snow ever again.
     
  6. Kona37
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    Kona37 PARKED

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    Colorado is a beautiful place to live and we dont have to worry so much about natural disasters, Texas #1? Mold, bugs, humidity, snakes, spiders...I feel like I am skipping down the yellow brick road lions and tigers and bears oh my.
     
  7. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I think it is really difficult to find places where you can have a "great quality of life" and also be a great place for businesses.

    Why? Just imagine yourself living in the perfect area, where you find all the activities you like and want to do constantly... and then you have to find time to 'work'. Too many distractions.


    For example: Living in Hawaii.... surfing every morning... great outdoor activities... night life... everything you want.... but also go work in a place where everybody is into business.... hmmm kind of difficult to find, don't you think?
     
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  8. triple J
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    triple J New Contributor

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    3 years ago I moved to a place (NY) that gets 25 feet of snow from a place that doesn't really get any at all (Dallas)! lol. The locals thought I was nuts. I do miss Texas winters but the summers are a living nightmare. And the traffic in Dallas...it was such a drain on my quality of life. Getting away from that makes the winters more bareable.
     
  9. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Personal Choices/Preferences for a place to live:

    I grew up in Michigan, in an area where snowfall compares to Buffalo NY (it's measured in feet, not inches).

    I was the oldest, so I had to shovel the snow.

    Never liked it. Didn't much like cutting the grass, either. :)

    So I moved out to California as soon as I could.

    It virtually never snows here (I never liked snow sports).

    I wear shorts every day of the year. And I'm outside every day of the year.

    Ask yourself: What impact would year round perfect outdoor temps (55-85 days/35-65 nights, with low humidity), do to the quality of my life?

    If you're an outdoors person (I am), I look at it this way: I literally have a limited number of days on this planet, and the more of them with great sunny weather, the happier I am.

    You may say, sure, the weather's great, but CA's got its share of liberal granola-heads.

    Living here, I've become one of 'em (when it comes to many social or environmental policies).

    Lots of businesspeople here like me-- socially minded, but very pro-growth and pro-business (as long as you don't dump toxic chemicals into the schoolyard down the street).

    Here's something to think about:

    CA is often listed as one of the WORST places to do business, due to its pro-labor, pro-tenant stance on most things.

    And all of our friends think we're nuts (both locally, b/c they're afraid to try it, and in other states, b/c they're afraid to try it)

    If CA s*cks for business, then why does it have one of the world's largest economies?

    http://www.sacbee.com/capolitics/story/266410.html

    Answer: For certain kinds of business, or--if you are creative and persistent-- CA is a GREAT place to do business.

    Five years ago, my wife and I seriously considered moving to a "pro-business" state, esp since we were looking at buying apt bldgs.

    Instead, we changed our PLAN to do a different cashflow activity (Bed & Breakfast Inns). It's much more labor intensive in the short term, but we have this amazing quality of life.

    I guess my whole point is:

    Business can be GREAT, in whichever state you live in.

    The best state for business?

    A positive and creative state of mind.

    -Russ H.
     
  10. Sid23
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    Sid23 Bronze Contributor

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    Russ, seeing as I live probably less than 100 miles from you...why did you consider moving when you were looking at buying apt buildings? is it the amount of capital needed in this high-priced area or something else? I'd be interested to hear your answer...

    But to all, Russ is correct. CA is a GREAT place to do business if you're in the right business.
     
  11. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    ROI is far, far better in other states. AZ, FL, and TX are warmer, and tend to be landlord friendly.

    And the colder midwestern states (WI, MN, SD, ND, MT, and upstate NY) have much better CAP rates, as well as some tax incentives.

    Actually, that was a few years ago. I have no clue how these places are today.

    Steve? Jesse? Bob?

    -Russ H.
     
  12. triple J
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    triple J New Contributor

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    Utica, NY is very landlord friendly and I've never had one problem with an eviction in 3.5 years. I was shocked to find how easy & cheap evictions are b/c I'd heard the opposite of NY. Also, I can garnish wages when a judgment is granted in my favor- something not allowed in other states.
     
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  13. WheelsRCool
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    WheelsRCool Contributor

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    I think the reason California has such a huge economy is because of the great weather and people just like being there, I mean it does seem like an awesome place. Also, I would imagine that due to the number of technology companies that form there, they are more pro-business towards those.

    But it isn't just being pro-labor that hurts business in California. They have a HUGE amount of environmental bureaucracies and regulations, and also very high taxes. It just is so expensive, it seems. For other types of businesses aside from technology businesses, I think this hurts them.

    New York is another terrible state to start a business in I believe. You name it, they will tax it!
     
  14. JesseO
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    JesseO Contributor

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    Lots of good deals still left in TX, but almost everyone knows about them by now. I haven't been watching the markets like I was a while ago...perhaps SteveO might have a little more insight on other areas :)
     
  15. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    A friend of a friend has a favorite saying, derived from Jerry McGuire:

    Show me the tax!

    He's become a multi-millionaire by buying, selling, and investing in places with onerous taxes.

    His logic is that if he's creative, he can overcome the tax hurdles (or in the case of selling and paying capital gains, etc-- he'd rather sell and make LOTS of money, and pay tax, than invest in something that pays much less, and is tax-deferred).

    Sound logic. We use it.

    Our taxes/charges for guests that stay at the Inn are close to 17%.

    That doesn't stop us from being one of the busiest inns in the wine country. :)

    -Russ H.
     
  16. JesseO
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    JesseO Contributor

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    Mmmm, perhaps I can take my wife on a vacation and visit your fine establishment? Wine country sounds really good right now :p I agree that taxes can be outweighed by profits in certain areas, but with a 1031, what do taxes matter? If you're doing short term capitol gains at 33% tax, you can make more than long term at 15% or 0% if tax deferred, but with how much more work? I must admit, I'd love to be in your shoes right now, Russ =) Maybe you can email me with an address or a coupon so I can suprise the wife with a little vacation? We've been wanting to do a road trip through SoCal...
     
  17. AroundTheWorld
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    AroundTheWorld Be in the Moment Speedway Pass

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    Well said Russ!

    I live in Montana because I LOVE living in 4 seasons.... It is in my soul - I guess you could say. Montana, however is not necessarily a "hoppin" place. We are nearly always toward the bottom of the heap when it comes to the economy.

    Does that mean you can not be successful here? Nope. There are opportunities no matter where you live. It might mean a little more traveling - but hey... that is fun too!

    Live where your soul belongs.
    Then, create the life you desire.
     
  18. Jason_MI
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    Jason_MI New Contributor

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    Russ grew up in Michigan? Huh?

    I've actually heard a couple people (who set up factories), discussing Michigan, Illinois, Indiana, etc. When I asked why, they said that in 15 years, it's not going to be oil, but fresh water that'll be in such short supply. Given the water/draught conditions out West (and with an eye on the history of the water wars), I wonder how evolving environmental and supply issues will play out on states popularity in the future.
     
  19. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Interesting points, Jason. I do think that water is going to become a scarce resource in the not-so-near future.

    Yeah, I grew up on the east side of Detroit (I say "DEE-troit, so you know that's where I'm from).

    Went to school in Ann Arbor (I know, it can't compare to your MSU :p )

    I miss A2. And thunderstorms and lightning (we don't get too much of that in CA).

    Don't miss the humidity. Or the gay/N***er/stupid woman/religious "jokes" that were never funny to me.

    I do miss the RE prices! A 3/2 house "up north" in a nice small town (with no real economy/jobs) for less than $75K?

    Sheesh! I could almost buy that with the change in my car!

    (OK, not really-- but you get the idea).

    -Russ H.
     
    Last edited: Sep 29, 2007
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  20. mozola
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    mozola New Contributor

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    Russ,
    Would you please elaborate on this investing strategy? Possibly with an example? :thankyousign:
     
  21. Rawr
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    Rawr Gold Contributor Speedway Pass

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    I am considering moving to Texas or Arizona within a few years.

    Couple of questions:

    In Texas, for a college graduate is Austin the place?

    Arizona - where to go?

    I won't probably have too much money yet and would like to stick around people my age 21-26 so I can do business during the day and still have fun at night.

    Any personal experience living in those two states? Moving there when you don't know anyone?
     
  22. Diane Kennedy
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    Diane Kennedy Bronze Contributor

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    Nice thread going here.

    How about the best COUNTRY for business? Anybody thinking of going international and possibly moving out of the country? I keep theatening to move to MX. (My hubby isn't as convinced because he still struggles with Spanish and worries about health care.) With a virtual company, you can work anywhere there is high speed.

    My tax solution is to LEGALLY avoid the tax system completely via the way you set up your business. I'll post something within the next week or so about exactly what I mean. In a nutshell, it's by investing in your businesses and real estate with self-directed pension money.

    True life story: 20-something guy took his $1800 Roth money and bought stock in a start-up company. He knew the principals and thought it was going to really go somewhere. It did - it was bought out by another company, then bought out by another company, and I think there was even a 3rd buy-out. At the end of 5 years, his $1800 Roth had grown to $30,000,000. (Fast lane anybody?)

    How much tax does he pay on that? ZERO Does it matter what state he is in? NO
     
  23. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Amazing story, however..... This does NOT sound like fastlane to me. He was a passenger in a great investment. I'm not saying that 30MM is not great, I'm just saying that the ones in the fastlane were the company creators. My concern is that he is now cash rich but I'm not sure he will now how to keep/grow his money. How much of this is luck and muck is real talent (understanding and knowledge of what he was doing). In any case, great that he made $30MM from the risk he took.

    What I think is a great fastlane mentality idea is to invest in your own business/deals with self-directed pension money. I think it is great because you are driving and deciding where the business is going.

    Your thoughts?
     
  24. 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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    Admin Post
    You're partially correct. The story is Fastlane, but yes, "passenger" vs "driver". As I mentioned before, both Fastlane positions can be equally profitable and rewarding -- one just affords maximum control while the other doesn't. $30M in 5 years is fast ... the guy hooked up into a Fastlane position (as a passenger) and was rewarded. Kudos to him.
     
  25. ProInvestor
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    ProInvestor New Contributor

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    Sorry but the guy is fastlane....

    yes he *might* of got lucky on his first deal but he has a formula that will allow him to keep making those type of returns.....

    Big deal someone else did the work.... One could argue he is actually "smarter" than they are (since they did all the work and he did none and hes worth $30M)!

    Rgds.
    ProInvestor
     

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