What sets you apart from the RE whales?

[Monopoly]

Okay, using the gambling terminology to describe the big players (whales), let's look at some of the reasons that separates the sardine fishermen (and women) and the big game, whale hunters.

How do YOU differ from the big players (the RE whales)?

Is it the absence of:

Fear (risk aversion)
Opportunities
Contacts/networks
Money
Morality
Common sense
Knowledge
Other
All of the above

That keeps you from turbo charging your SUPER WEALTH CREATION abilities. I'm not referring to just making a decent living here, I'm talking about making it to the point where you're FILTHY RICH beyond even your own wildest expectations.
Think BIG here!!!!

Of course there is no right or wrong answer, as we all know wealth/success is as subjective as the journey itself. This is just a bit of brain food / fun!

 

[Monopoly]

Mine are only two, morality and knowledge. There is so much I don't know (yet) and so much I wouldn't do (ever). So for this reason, or until I change my perception I'll have to be content to just live a RICH life instead of a FILTHY RICH life!!!

 

[Aaron Sice]

the ability to reliably and repeatedly source real funding, not "yeah yeah! definitely interested" and then when it comes time to stump up the cash it's all "oh, nah, uh, actually we, uh..."

 

[Monopoly]

the ability to reliably and repeatedly source real funding, not "yeah yeah! definitely interested" and then when it comes time to stump up the cash it's all "oh, nah, uh, actually we, uh..."

So am I understanding this right, it's your lack of "knowledge" (in indentifying) or "opportunity" (in sourcing) the right property that you feel confident enough to shell out the money for???? Not sure I understand the problem here; sorry.

 

[chran]

Morality & capital

I want to be a whale. I just want to do it nicely - keeping a balanced life, my partner happy, not stuffing others (ie. buy from natural disaster victims) etc. Yes it would take longer, but it makes me feel better (no point being filthy rich if I'm not happy with myself).

As for capital, I believe there's a point where your investments make more $ than you can normally spend, which reduces the need of capital (it's easier to make money when you're rich than poor).

 

[Monopoly]

Morality & capital

I want to be a whale. I just want to do it nicely - keeping a balanced life, my partner happy, not stuffing others (ie. buy from natural disaster victims) etc. Yes it would take longer, but it makes me feel better (no point being filthy rich if I'm not happy with myself).

As for capital, I believe there's a point where your investments make more $ than you can normally spend, which reduces the need of capital (it's easier to make money when you're rich than poor).

Too true!

Although I wouldn't say my investments are making more $ than I could normally spend, but rather, than I want to spend. You see, now that I've gotten (a tad) older my priorities have changed and I no longer want all the latest fashions, gadgets, toys, etc and besides. I have more clothes, shoes and handbags than I can use, and a house full of more doo-dads than I care to look at (let alone dust!!!) so for me it's more about spending money on dining out with friends and family, day trips, extended holidays, and generally making the most of every carefree (payg free) day!!

 

[Aaron Sice]

So am I understanding this right, it's your lack of "knowledge" (in indentifying) or "opportunity" (in sourcing) the right property that you feel confident enough to shell out the money for???? Not sure I understand the problem here; sorry.

Aaron - "here's a deal turning 40% IRR - will need cahs to fund in 6 months"
Financier - "yeah yeah 40% is fantastic let me know about 6 weeks before"
Aaron - "6 weeks until i need cash"
Financier - "wow that came around quick - let me organise funds"
Aaron - "4 weeks until cash needed"
Financier - "haven't even looked at it - will get back to you"
Aaron - "2 weeks until cash needed"
Financier - "Who is this? How did you get my number? No i don't want to buy any real estate".

 

[Monopoly]

Aaron - "here's a deal turning 40% IRR - will need cahs to fund in 6 months"
Financier - "yeah yeah 40% is fantastic let me know about 6 weeks before"
Aaron - "6 weeks until i need cash"
Financier - "wow that came around quick - let me organise funds"
Aaron - "4 weeks until cash needed"
Financier - "haven't even looked at it - will get back to you"
Aaron - "2 weeks until cash needed"
Financier - "Who is this? How did you get my number? No i don't want to buy any real estate".

Got it, lack of reliable financiers!!!!

Ditch him and get someone who is professional and on the ball/money!

 

[Aaron Sice]

Got it, lack of reliable financiers!!!!

Ditch him and get someone who is professional and on the ball/money!

hahahaha you're funny.

"finance" and "reliable" in the same sentence just don't mix.

especially when you're starting out.

 

[Monopoly]

"finance" and "reliable" in the same sentence just don't mix.

especially when you're starting out.

Then MAKE them mix!!! I didn't get to where I am by accepting anything less than what I wanted, and that included being told no!!!

Successful people don't take no for an answer.

 

[our obsession]

Monopoly:

How do YOU differ from the big players (the RE whales)?

Only really in the aspect of gathering, (and learning) the initial asset building base to go on from there... I have every intention ofmovingon from sardine to whiting, slightd etour to crayfish, on up to shark, ride the dolphin, than tackle the whale..I love all this, it's immense fun and I am fond of learning and the doing...

Is it the absence of:

Fear (risk aversion)-No fear, I'm just not a fearful type, I enjoy the research and due diligence, so I am quite confidant with my dealings, my buying, creating/adding value, the deal-all ofit, PLUS I have an exceptional team.

Opportunities-This is one of my strengths so far, my research has given me a good fishing and bait system to opportunities as they arise..if that makes sense.


Contacts/networks-Another of my strengths, and can be developed further as I require.

Money-This is along all the other 'stuff' is done, done well, takes care of itself, good buying, opportunity snapped up with good deals is bringing me in the leap frogging ability. It hasn't been overnight, nor relatively rapid, but that's how I best operate in someways. For me personally.

Morality-I sleep well at night, my morality levels are fine


Common sense-I do okay with this, and have a team that compliments areas of my lessor strengths.


Knowledge-Knowledge can be complex, my researching and due diligence are my strengths, and a preparedness tokeep learning, acquire more knowledge...again, parts of my team compliment areas where I am less strong on..

Other
All of the above

That keeps you from turbo charging your SUPER WEALTH CREATION abilities. I'm not referring to just making a decent living here, I'm talking about making it to the point where you're FILTHY RICH beyond even your own wildest expectations.

I have built and created the base from which to springboard, what happens now is even more interesting, I'm enjoying all this, and I am very comfortable with further wealth expansion, researching more projects, deals and fish continuosly. I'm interested to see how far I choose to take this, but the journey as such so far is good fun, I hope to be having as much fun into granny days, I think it's more Ienjoy the fishing, butI'm certainly not adverse to riding a few whales.

We will see.

 

[BuildingBlocks]

Laziness - I need to become a more active investor.

 

[Deltaberry]

Okay, using the gambling terminology to describe the big players (whales), let's look at some of the reasons that separates the sardine fishermen (and women) and the big game, whale hunters.

How do YOU differ from the big players (the RE whales)?

Is it the absence of:

Fear (risk aversion)
Opportunities
Contacts/networks
Money
Morality
Common sense
Knowledge
Other
All of the above

That keeps you from turbo charging your SUPER WEALTH CREATION abilities. I'm not referring to just making a decent living here, I'm talking about making it to the point where you're FILTHY RICH beyond even your own wildest expectations.
Think BIG here!!!!

Of course there is no right or wrong answer, as we all know wealth/success is as subjective as the journey itself. This is just a bit of brain food / fun!

Thinking really really big, I think it's a degree of risk aversion/opportunities/money. I prob have enough knowledge/common sense about what to do or what people are doing out there to make it big... Not doing anything illegal, so nothing immoral


Had a friend who just quit his $300k job at 25 to go and try make $50m+ in a few years (as usual the 'not thinking so big' people here would think I'm making stuff up again)...

But anyway - regardless of what you make of my story about my friend who I just had supper with last night before he flew out of the country forever - the point is right now that's something I probably don't have the stomach for and probably don't have the capital for anyway (ie sourcing it from investors who trust you is hard enough). But even for me to step away from my job and go ok I'm out of this place and going to try and turn whatever I have with some crazy punts into $30-40m in a few years is still a bit beyond me. Not sure why people who are able to take these punts keep popping up around me... and this makes me annoyed every day at work, esp. to have to put up with ****s who think they've made it because they earn $600k a year or something... what a bunch of douchebags. I was so close to cracking it at a guy who kept acting like a douche today

 

[Monopoly]

Hey Deltaberry,

I don't know your story, so have no reason to doubt you. Though I am curious to know, why would you say that someone who earns 600K a year is a "douchebag" for thinking they've made it big. Sure it may not be BIG in comparison to someone who can sit back and do this without even getting out of bed in the mornings, but it's still pretty damn good in IMO.

 

[Deltaberry]

Because it's, as you say, not BIG and nothing to gloat about especially if you're 40. There are still leagues ahead even in the professional world (ie working world) and if he thought he was a bit of a big hitter (as he does), he's probably a bit delusional.

It's also that most people in this industry (as well as others) typically start at low 6 digits anyway, so again his was nothing to gloat about. Just annoyed at his general attitude.

A lot of these guys have the conservative and spender attitude. They earn a few hundred k more just means they buy more expensive cars and have bigger $2.5m mortages and live an expensive lifestyle. Probably can't afford to lose their overpaid salary just like anyone else. In short, nothing to gloat about.

 

[Aaron Sice]

Then MAKE them mix!!! I didn't get to where I am by accepting anything less than what I wanted, and that included being told no!!!

Successful people don't take no for an answer.

successful people also don't flog dead horses.

 

[Monopoly]

successful people also don't flog dead horses.

No they sell them....(substitute donkey for horse if that works best for you):


Young Cikku moved to Texas from Gozo and bought a Donkey from a farmer for $100.

The farmer agreed to deliver the Donkey the next day.
The next day he drove up and said,
'Sorry son, but I have some bad news, the donkey died.'
Cikku replied,
'Well, then just give me my money back.'
The farmer said,
'Can't do that. I went and spent it already.'
Cikku said,
'Ok, then, just bring me the dead donkey.'
The farmer asked,
'What ya gonna do with him?'
Cikku said,
'I'm going to raffle him off.'
The farmer said,
'You can't raffle off a dead donkey!'
Cikku said,
'Sure I can watch me. I just won't tell anybody he's dead.'
A month later, the farmer met up with Cikku and asked, 'What happened
with that dead donkey?'
Cikku said,
'I raffled him off. I sold 500 tickets at two dollars a piece and made a
profit of $998.'
The farmer said,
'Didn't anyone complain?'
Cikku said,
'Just the guy who won. So I gave him his two dollars back.'
Cikku now works for Goldman Sachs Grupo Inc.( New York Stock Exchange)

Now that's what I call an enterprising young man!!!!

 

[Monopoly]

successful people also don't flog dead horses.

Okay jokes aside here Aaron,

Yes successful people "don't flog dead horses" (or donkeys)! That's because they are generally smart enough to realise when a horse (or donkey) is dead, and as such don't tend to persue the floggings!

Success is partly attributed to being smart enough to see when the animal (horse or donkey) still has enough life in it to make the trip.

Note: I am not condoning animal cruelty here, I love animals, it's humans that p**s me off !!!

 

[Aaron Sice]

i think you're missing my point. cheers.

 

[Dazz]

How do YOU differ from the big players (the RE whales)?

I don't....