The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

What to do when the process has just started

Anything related to matters of the mind

ItsAllBull

Contributor
User Power
Value/Post Ratio
128%
Nov 21, 2015
39
50
29
Everywhere, US
Hey guys , just a quick question that maybe some veterans can answer . The question is : what did you do or wish you would have done when your journey to the fast lane has just begun?

I don't really know where I am headed as far as the fast lane journey is concerned but in the mean time I began learning accounting and finance because I should know and understand money and how it works if if ever hope to have it , I've been reading plenty of books (averaging 2 a week ) , and I've been going to just about any entrepreneur, sales and real estate seminar /workshop / event I can here in Atlanta where I live .

Also I'm trying to learn how to implement and build a business system , which the whole process is vague to me right now .

Any advice or point in a good direction? Thanks
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Selfy

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
116%
Apr 7, 2014
228
265
39
Hey guys , just a quick question that maybe some veterans can answer . The question is : what did you do or wish you would have done when your journey to the fast lane has just begun?

I don't really know where I am headed as far as the fast lane journey is concerned but in the mean time I began learning accounting and finance because I should know and understand money and how it works if if ever hope to have it , I've been reading plenty of books (averaging 2 a week ) , and I've been going to just about any entrepreneur, sales and real estate seminar /workshop / event I can here in Atlanta where I live .

Also I'm trying to learn how to implement and build a business system , which the whole process is vague to me right now .

Any advice or point in a good direction? Thanks

Stop reading development books. Stop listening to gurus. Stop identifying as an entrepreneur. Start taking action. Start measuring progress. Start becoming aware what this path is like by walking it.
 

Harti

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
256%
Jun 28, 2014
117
300
Also I'm trying to learn how to implement and build a business system , which the whole process is vague to me right now .
If you don't yet understand how to build a business that generates passive income, I'd suggest you get an overview about this first.

Once you start taking action (searching for ideas, building a MVP, reaching out to potential customers, etc), you will feel emotional blocks which manifest as excuses in your mind ("I don't really want this" / "I'm too young/old" for example). Most people stop here. Maybe you have the emotional blocks already, before you even started doing something.

If you want to be successful, you need to be able to remove those emotional blocks. You have two options:

a) Fight your emotions by "building good habits", watching motivational videos all the time, forcefully change them (aka. NLP), or anything else that changes your outer world.

or b) Learn about your emotions and experience that the only way to permanently remove these blocks is to unconditionally feel the uncomfortable emotions until completion.

Option A can work, but includes much suffering. For option B, search for the book "The Presence Process" by Michael Brown.

Good luck.
 

nradam123

Silver Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
165%
Mar 14, 2016
413
682
33
Stop reading development books. Stop listening to gurus. Stop identifying as an entrepreneur. Start taking action. Start measuring progress. Start becoming aware what this path is like by walking it.

I agree with everything, but you don't have to stop reading books.
But of course - Field experience is king
 

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
370%
May 20, 2014
18,568
68,703
Ireland
What do you after you get started?

Keep going.



Pick a direction. Get started. Keep going.



Have you made a sale yet?

When will you make a sale?
 

ItsAllBull

Contributor
User Power
Value/Post Ratio
128%
Nov 21, 2015
39
50
29
Everywhere, US
What do you after you get started?

Keep going.



Pick a direction. Get started. Keep going.



Have you made a sale yet?

When will you make a sale?

Andy , i have not made a sale yet! I have no idea for a product yet however,

I did pick a direction right now i am learning about real estate.I was fortunate to meet a mentor who OWNS 50 rental units and he is showing me how to go about that. Right now i am going through the process of buying a 4 unit (2br per unit ) apartment building through F.H.A that will have an N.O.I of $1200 per month. We actually putting systems in place to have this automated meaning by using property manager firms to manage tenants , repairs and maintenance.

This is more of an experiment. My thought process is If it goes as well as i believe it will , and i can duplicate this process then I can buy more buildings to generate enough passive income to live on so i can quit the 9-5 and work on more developments full time.

Worst Case Scenario I never buy another building but at least i still have the $1200 a monthly income while also having my living expenses paid for.

The only bad thing is that this is an extensive process. My mentor told me that many real estate deals take months to complete on top of the time it takes to evaluate and find properties etc. Which is fine. In the mean time i am just working on developing myself and trying to figure out where and how i can create value to someone.

-----EDIT----

Well actually i do have one value idea. I am into fitness and have been consulting my friends lately. I am pondering starting a web based fitness consultant business and attract clients by leveraging a blog. Once I prove i can get my friends into top shape ( I am coaching 3 ) I believe i could have something.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

ItsAllBull

Contributor
User Power
Value/Post Ratio
128%
Nov 21, 2015
39
50
29
Everywhere, US
If you don't yet understand how to build a business that generates passive income, I'd suggest you get an overview about this first.

Once you start taking action (searching for ideas, building a MVP, reaching out to potential customers, etc), you will feel emotional blocks which manifest as excuses in your mind ("I don't really want this" / "I'm too young/old" for example). Most people stop here. Maybe you have the emotional blocks already, before you even started doing something.

If you want to be successful, you need to be able to remove those emotional blocks. You have two options:

a) Fight your emotions by "building good habits", watching motivational videos all the time, forcefully change them (aka. NLP), or anything else that changes your outer world.

or b) Learn about your emotions and experience that the only way to permanently remove these blocks is to unconditionally feel the uncomfortable emotions until completion.

Option A can work, but includes much suffering. For option B, search for the book "The Presence Process" by Michael Brown.

Good luck.

You are right about emotional blocks! they are strong . I have been doing more of option A however, I will definitely look into your book recommendation Thank you!
 

Envision

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
779%
May 5, 2014
861
6,707
Andy , i have not made a sale yet! I have no idea for a product yet however,

I did pick a direction right now i am learning about real estate.I was fortunate to meet a mentor who OWNS 50 rental units and he is showing me how to go about that. Right now i am going through the process of buying a 4 unit (2br per unit ) apartment building through F.H.A that will have an N.O.I of $1200 per month. We actually putting systems in place to have this automated meaning by using property manager firms to manage tenants , repairs and maintenance.

This is more of an experiment. My thought process is If it goes as well as i believe it will , and i can duplicate this process then I can buy more buildings to generate enough passive income to live on so i can quit the 9-5 and work on more developments full time.

Worst Case Scenario I never buy another building but at least i still have the $1200 a monthly income while also having my living expenses paid for.

The only bad thing is that this is an extensive process. My mentor told me that many real estate deals take months to complete on top of the time it takes to evaluate and find properties etc. Which is fine. In the mean time i am just working on developing myself and trying to figure out where and how i can create value to someone.

-----EDIT----

Well actually i do have one value idea. I am into fitness and have been consulting my friends lately. I am pondering starting a web based fitness consultant business and attract clients by leveraging a blog. Once I prove i can get my friends into top shape ( I am coaching 3 ) I believe i could have something.


FHA requires you to live in the property for one year. With that factored into your numbers is your NOI still $1200?

Since you need to live in the property there is no need for property management (because that's what you'll do) so the % you were going to pay them is now 0.

What are your new numbers with that factored in?
 

ItsAllBull

Contributor
User Power
Value/Post Ratio
128%
Nov 21, 2015
39
50
29
Everywhere, US
FHA requires you to live in the property for one year. With that factored into your numbers is your NOI still $1200?

Since you need to live in the property there is no need for property management (because that's what you'll do) so the % you were going to pay them is now 0.

What are your new numbers with that factored in?

Thats all been factored in , including maintenance saving. Net Operating income =1200.(minus taxes , unless i use the profits for another real estate investment then it is tax free) I live in one unit and rent the other 3 . I thought about managing it myself but with all of the benefits of the PM vs the 8% fee , Id rather pay the fee.

I live in my unit for a year then i will do a cash out refinance , which will lower my interest rates , thus increasing cashflow from not only lower debt service payments but also the ability to rent out my 4th unit ( i will move out then.) Also i Expect it to put (conservative estimate) 15-30k in my pockets because i am negotiating to buy the property at 80-85% of its worth(so i have equity) and also the value will be increased further because it will be a cash flowing property with tenants (has no tenants now ) so it will be worth more. Which in turn i can then roll the 15-30k into another investment property tax free by leveraging some tax code that allows investors to roll profits from a real estate investment into another property untaxed.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

lowtek

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
332%
Oct 3, 2015
2,164
7,186
42
Phoenix, AZ
Thats all been factored in , including maintenance saving. Net Operating income =1200.(minus taxes , unless i use the profits for another real estate investment then it is tax free) I live in one unit and rent the other 3 . I thought about managing it myself but with all of the benefits of the PM vs the 8% fee , Id rather pay the fee.

I live in my unit for a year then i will do a cash out refinance , which will lower my interest rates , thus increasing cashflow from not only lower debt service payments but also the ability to rent out my 4th unit ( i will move out then.) Also i Expect it to put (conservative estimate) 15-30k in my pockets because i am negotiating to buy the property at 80-85% of its worth(so i have equity) and also the value will be increased further because it will be a cash flowing property with tenants (has no tenants now ) so it will be worth more. Which in turn i can then roll the 15-30k into another investment property tax free by leveraging some tax code that allows investors to roll profits from a real estate investment into another property untaxed.

What do you do when "the process has just started"?

Take a step back and reevaluate the situation. Based on what I've read, you're about to make a mistake.

First of all, since the 4plex is empty, the NOI is negative - not $1,200.

It doesn't matter what it used to rent for, or what your mentor tells you what it could rent for. The fact is that it's empty, not producing any cash, and you will be the only tenant at the time of purchase. Best case scenario, it will require a significant energy investment to get it occupied, assuming there is no underlying issue that is causing it to be unrentable. If there are other underlying issues you're not presently aware of, you could be purchasing a disaster.

Second, counting on appreciation of the underlying asset is a dubious proposition. To avoid the taxes, you have to hold it for two years. A lot can happen to the housing market in 2 years. If the economy takes a turn for the worse and the neighborhood deteriorates, there goes your appreciation. Unless you're actively improving the property (i.e. pouring more money into it), then I would not count on any appreciation.

I'm all for buying real estate as an investment, but it's gotta be the right deal. This deal?

This sounds like the exact opposite of the right deal.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top