5 ways to make money

[RJPurvis]

Thomas,

This is a great thread. I saw you at the recent Edmonton REIN meeting and also wanted to add my congratulations for your milestones. I intended to corner you for a couple minutes, but I seemed to keep my chance. Next time!

Cheers,

RJ Purvis, CA

 

[Shaieus]

Thomas is right when he said that the number one step is Real Estate education.
The more time we invest on it the more skills we will develop.
Since my husband and I are new REIN members we will take our time
and make all the due diligence appropriate because:

we are the CEO of our business and "we are in the business of investing in Real Estate".
We`ve learned from a mentor that there are two seasons in our lifetime.

1.) Planting and 2.) Harvesting

As of now, we are in our planting season - Thank you REIN for giving us all the tools and
education (appropriate foundation) to become a well informed business owner.
Yes, it will takes time but what matters is:

"A journey of a thousand miles begins with a single step" chinese saying.


Cheers!

 

[Thomas Beyer]

QUOTE (Shaieus @ Nov 29 2009, 11:49 PM) ...
We`ve learned from a mentor that there are two seasons in our lifetime.

1.) Planting and 2.) Harvesting..
I think there are three seasons in life, namely: returning / giving back !

I call it: learning, earning, returning !

Usually consequential .. but not necessarily as you can do all three in parallel in your productive years !

 

[Rickson9]

I strongly agree that if you can get as many cylinders running the better off you will be!
Creating and running your own mutual or hedge fund covers virtually all 4. It`s better than real estate because you`re using OPM at -2.5%+ interest this means that individuals are paying you to take their money! And even if the market tanks and unitholders lose money they still pay you!

Here`s my friend Francis Chou who started in 1980.
http://tinyurl.com/y9eoxd5

We sit down for lunch now and then and it has been quite a ride. He currently manages over $1B that gives him $10M in free cash flow per year without any repair or maintenance calls. With that money he has to pay his rent at Yonge/Sheppard and staff of 1; Jing, his receptionist, rhymes with cha ching!

 

[EdRenkema]

QUOTE (Rickson9 @ Dec 6 2009, 03:16 PM) It`s better than real estate because you`re using OPM at -2.5%+ interest because individuals are paying you to take their money! And even if the market tanks and unitholders lose money they still pay you!

Its better if you are the one the unitholders pay.
Thats why I don`t invest in that garbage anymore, I tell people about buying into one of my properties that I don`t make money unless they make money, plus their investment is secured by the equity in the property.

 

[EdRenkema]

 

[PropertySista]

I disagree with the notion that if you fail at "1" (working at a job) you'll fail at real estate as well. There are some people who are just not cut out to be an employee mainly because they've got entrepeneurship running through their veins. So many successful business people have that same story - they simply sucked at their job but went on to be successful real estate businesspeople.

 

[gwasser]

Good point. Not everyone who is rich was good at holding a job. None of the 'five ways' are required travel, they are potential routes to choose from in order to rich your Belize.



Having said that, it doesn't hurt to work with or under other people to learn how to run a business or how not to. Why reinvent the wheel? Also, when you have worked for someone else, you may be better at understanding your own future employees. A succesful businessman understands the needs/wants and motives of those around him (or her) and knows how to turn it into an opportunity.

 

[Thomas Beyer]

[quote user=PropertySista]So many successful business people have that same story - they simply sucked at their job but went on to be successful real estate businesspeople.
True to a point.



I did not say "be an amployee" .. I said "work hard - i.e. exchange $s for time". That is usually how it happens in the initial stages of a business too - and most folks who eventually became very wealthy like Steve Jobs or Bill Gates or Richard Branson worked very very hard in their own business toiling many many hours.



Yu also have to have some skills to become a successful entrepreneur, and some degree of money. Bill Gates parents as well as Steve Jobs were fairly well off .. and in addition you do not read usually about the guys who were almost as good as Bill Gates and had an almost as good an idea but failed. There are many of those out there .. but it makes for lousy book sales or keynote presentations .. that is why you do not hear about them usually.



Starting a successful business with no work experience and almost no money is possible but will have a very high degree of failure rate !

 

[Rickson9]

Here is another way to make money for those who might be interested:



http://www.lambopower.com/forum/index.php?showtopic=58519 (part1)



http://www.lambopower.com/forum/index.php?showtopic=58618&hl=

 

[Thomas Beyer]

[quote user=Rickson9]Here is another way to make money for those who might be interested:



http://www.lambopower.com/forum/index.php?showtopic=58519 (part1)



http://www.lambopower.com/forum/index.php?showtopic=58618&hl=




Indeed .. a great example showcasing 2 or 3 of the ways I listed: investing your own time, investing your own money and (once bigger) lever other people's time !