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carlsbadworkerParticipant
[quote=saiine]The act of executing is far more important then the actual idea. Everyone has ideas, few execute on them. Even if you have an idea that sounds subpar, or has been done already, just start working on it. Work on it everyday. If you cannot do this, then you don’t want it bad enough.
The part of your idea / business which yields you the most financial gain is seldom in your initial plan anyway. Look at google, microsoft, facebook, zappos.
You need to just start working on something and let it organically mature.[/quote]
I felt you are slightly missing captcha’s point. Although I agree that execution is most important, there are clearly many bad ideas out there upon which most people start their businesses in the most crowded and low prospect areas. The ability to evaluate an idea is also important that you learn to abandon your initial plan when it doesn’t make sense anymore rather than fiecefully trying to “execute” it.
carlsbadworkerParticipant[quote=saiine]The act of executing is far more important then the actual idea. Everyone has ideas, few execute on them. Even if you have an idea that sounds subpar, or has been done already, just start working on it. Work on it everyday. If you cannot do this, then you don’t want it bad enough.
The part of your idea / business which yields you the most financial gain is seldom in your initial plan anyway. Look at google, microsoft, facebook, zappos.
You need to just start working on something and let it organically mature.[/quote]
I felt you are slightly missing captcha’s point. Although I agree that execution is most important, there are clearly many bad ideas out there upon which most people start their businesses in the most crowded and low prospect areas. The ability to evaluate an idea is also important that you learn to abandon your initial plan when it doesn’t make sense anymore rather than fiecefully trying to “execute” it.
carlsbadworkerParticipant[quote=saiine]The act of executing is far more important then the actual idea. Everyone has ideas, few execute on them. Even if you have an idea that sounds subpar, or has been done already, just start working on it. Work on it everyday. If you cannot do this, then you don’t want it bad enough.
The part of your idea / business which yields you the most financial gain is seldom in your initial plan anyway. Look at google, microsoft, facebook, zappos.
You need to just start working on something and let it organically mature.[/quote]
I felt you are slightly missing captcha’s point. Although I agree that execution is most important, there are clearly many bad ideas out there upon which most people start their businesses in the most crowded and low prospect areas. The ability to evaluate an idea is also important that you learn to abandon your initial plan when it doesn’t make sense anymore rather than fiecefully trying to “execute” it.
carlsbadworkerParticipant[quote=saiine]The act of executing is far more important then the actual idea. Everyone has ideas, few execute on them. Even if you have an idea that sounds subpar, or has been done already, just start working on it. Work on it everyday. If you cannot do this, then you don’t want it bad enough.
The part of your idea / business which yields you the most financial gain is seldom in your initial plan anyway. Look at google, microsoft, facebook, zappos.
You need to just start working on something and let it organically mature.[/quote]
I felt you are slightly missing captcha’s point. Although I agree that execution is most important, there are clearly many bad ideas out there upon which most people start their businesses in the most crowded and low prospect areas. The ability to evaluate an idea is also important that you learn to abandon your initial plan when it doesn’t make sense anymore rather than fiecefully trying to “execute” it.
carlsbadworkerParticipant[quote=sdrealtor]As for me, I will take a lower return to have the comfort of being able to self manage and keep a close eye on my rentals. Its different for everyone.
There is no such thing as a free lunch[/quote]
I agree with sdr on this one. I think what is missing in this nice thread is the ability to work things out backward.
To me, it has to start out with what your ideal tenants persona (that matches your skills and resources to provide a rentatl to them), and then work backward to see what properties you should purchase and only then check whether the number would work.
Most people started out with the number and I don’t think it is the right approach. The number would be very different if you are catering long-term tenants because you rely on future price appreciation of your property (e.g. good schoo districts) or if you are trying to get the maximal possible cash-flows out of the tenants as your goal is to flip the property quickly as well. There are always common things in serving these different demographics, but there are also many differences.
All successful real-esate investors eventually get specialized in one special-area of real-estate…and thus make the productivity soar just as Adam Smith’s pin factory workers.
Disclaimer: I don’t own any rental property so maybe I don’t know what I am talking about.
carlsbadworkerParticipant[quote=sdrealtor]As for me, I will take a lower return to have the comfort of being able to self manage and keep a close eye on my rentals. Its different for everyone.
There is no such thing as a free lunch[/quote]
I agree with sdr on this one. I think what is missing in this nice thread is the ability to work things out backward.
To me, it has to start out with what your ideal tenants persona (that matches your skills and resources to provide a rentatl to them), and then work backward to see what properties you should purchase and only then check whether the number would work.
Most people started out with the number and I don’t think it is the right approach. The number would be very different if you are catering long-term tenants because you rely on future price appreciation of your property (e.g. good schoo districts) or if you are trying to get the maximal possible cash-flows out of the tenants as your goal is to flip the property quickly as well. There are always common things in serving these different demographics, but there are also many differences.
All successful real-esate investors eventually get specialized in one special-area of real-estate…and thus make the productivity soar just as Adam Smith’s pin factory workers.
Disclaimer: I don’t own any rental property so maybe I don’t know what I am talking about.
carlsbadworkerParticipant[quote=sdrealtor]As for me, I will take a lower return to have the comfort of being able to self manage and keep a close eye on my rentals. Its different for everyone.
There is no such thing as a free lunch[/quote]
I agree with sdr on this one. I think what is missing in this nice thread is the ability to work things out backward.
To me, it has to start out with what your ideal tenants persona (that matches your skills and resources to provide a rentatl to them), and then work backward to see what properties you should purchase and only then check whether the number would work.
Most people started out with the number and I don’t think it is the right approach. The number would be very different if you are catering long-term tenants because you rely on future price appreciation of your property (e.g. good schoo districts) or if you are trying to get the maximal possible cash-flows out of the tenants as your goal is to flip the property quickly as well. There are always common things in serving these different demographics, but there are also many differences.
All successful real-esate investors eventually get specialized in one special-area of real-estate…and thus make the productivity soar just as Adam Smith’s pin factory workers.
Disclaimer: I don’t own any rental property so maybe I don’t know what I am talking about.
carlsbadworkerParticipant[quote=sdrealtor]As for me, I will take a lower return to have the comfort of being able to self manage and keep a close eye on my rentals. Its different for everyone.
There is no such thing as a free lunch[/quote]
I agree with sdr on this one. I think what is missing in this nice thread is the ability to work things out backward.
To me, it has to start out with what your ideal tenants persona (that matches your skills and resources to provide a rentatl to them), and then work backward to see what properties you should purchase and only then check whether the number would work.
Most people started out with the number and I don’t think it is the right approach. The number would be very different if you are catering long-term tenants because you rely on future price appreciation of your property (e.g. good schoo districts) or if you are trying to get the maximal possible cash-flows out of the tenants as your goal is to flip the property quickly as well. There are always common things in serving these different demographics, but there are also many differences.
All successful real-esate investors eventually get specialized in one special-area of real-estate…and thus make the productivity soar just as Adam Smith’s pin factory workers.
Disclaimer: I don’t own any rental property so maybe I don’t know what I am talking about.
carlsbadworkerParticipant[quote=sdrealtor]As for me, I will take a lower return to have the comfort of being able to self manage and keep a close eye on my rentals. Its different for everyone.
There is no such thing as a free lunch[/quote]
I agree with sdr on this one. I think what is missing in this nice thread is the ability to work things out backward.
To me, it has to start out with what your ideal tenants persona (that matches your skills and resources to provide a rentatl to them), and then work backward to see what properties you should purchase and only then check whether the number would work.
Most people started out with the number and I don’t think it is the right approach. The number would be very different if you are catering long-term tenants because you rely on future price appreciation of your property (e.g. good schoo districts) or if you are trying to get the maximal possible cash-flows out of the tenants as your goal is to flip the property quickly as well. There are always common things in serving these different demographics, but there are also many differences.
All successful real-esate investors eventually get specialized in one special-area of real-estate…and thus make the productivity soar just as Adam Smith’s pin factory workers.
Disclaimer: I don’t own any rental property so maybe I don’t know what I am talking about.
carlsbadworkerParticipant[quote=Rich Toscano]Carlsbadworker, I think you misunderstand what I mean by the “big one.” I am referring the potential for a serious inflation.
And no, they are not panicking about our debt yet. But I feel pretty confident they eventually will.[/quote]
Alright. I got your points.
I am just trying to point out there are two possible major risks to the world economy right now:
1. Higher borrowing costs in the developed world.
2. Hard landing in the developing world triggered by “inflation control”.I think too much emphasis has been put on the former risk in most blogs/sites that people are not paying enough attention to the second one. With G-7 share of world GDP falling below 50% at the moment, I felt that this is not entirely justified.
carlsbadworkerParticipant[quote=Rich Toscano]Carlsbadworker, I think you misunderstand what I mean by the “big one.” I am referring the potential for a serious inflation.
And no, they are not panicking about our debt yet. But I feel pretty confident they eventually will.[/quote]
Alright. I got your points.
I am just trying to point out there are two possible major risks to the world economy right now:
1. Higher borrowing costs in the developed world.
2. Hard landing in the developing world triggered by “inflation control”.I think too much emphasis has been put on the former risk in most blogs/sites that people are not paying enough attention to the second one. With G-7 share of world GDP falling below 50% at the moment, I felt that this is not entirely justified.
carlsbadworkerParticipant[quote=Rich Toscano]Carlsbadworker, I think you misunderstand what I mean by the “big one.” I am referring the potential for a serious inflation.
And no, they are not panicking about our debt yet. But I feel pretty confident they eventually will.[/quote]
Alright. I got your points.
I am just trying to point out there are two possible major risks to the world economy right now:
1. Higher borrowing costs in the developed world.
2. Hard landing in the developing world triggered by “inflation control”.I think too much emphasis has been put on the former risk in most blogs/sites that people are not paying enough attention to the second one. With G-7 share of world GDP falling below 50% at the moment, I felt that this is not entirely justified.
carlsbadworkerParticipant[quote=Rich Toscano]Carlsbadworker, I think you misunderstand what I mean by the “big one.” I am referring the potential for a serious inflation.
And no, they are not panicking about our debt yet. But I feel pretty confident they eventually will.[/quote]
Alright. I got your points.
I am just trying to point out there are two possible major risks to the world economy right now:
1. Higher borrowing costs in the developed world.
2. Hard landing in the developing world triggered by “inflation control”.I think too much emphasis has been put on the former risk in most blogs/sites that people are not paying enough attention to the second one. With G-7 share of world GDP falling below 50% at the moment, I felt that this is not entirely justified.
carlsbadworkerParticipant[quote=Rich Toscano]Carlsbadworker, I think you misunderstand what I mean by the “big one.” I am referring the potential for a serious inflation.
And no, they are not panicking about our debt yet. But I feel pretty confident they eventually will.[/quote]
Alright. I got your points.
I am just trying to point out there are two possible major risks to the world economy right now:
1. Higher borrowing costs in the developed world.
2. Hard landing in the developing world triggered by “inflation control”.I think too much emphasis has been put on the former risk in most blogs/sites that people are not paying enough attention to the second one. With G-7 share of world GDP falling below 50% at the moment, I felt that this is not entirely justified.
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