As a newbie on this forum, I have been excited, humbled and amazed at the quality of people who have taken the time to add value and give out such learned advice. As my eyes have been opened to the Fastlane a month ago, I have embarked on a course that will take me from debt-laden Sidewalker to Fastlaner. Trouble is, I am having a difficult time in deciding what to focus on first. But I will get to that in a moment.
As both catharsis and a way to explain where I am coming from, first let me tell you how stupid I have been in the past:
1. I started off as a restaurateur at 21 with help from my parents, and by 25 I was earning 6 figures and was my own boss. However, I was not mature enough to deal with the cash flow and freedom, and I spent every dollar and slowly ran the business into the ground over 10 years.
2. At 31 I entered commercial real estate as a retail leasing broker. I truly found my calling and have enjoyed relatively high income over the past 17 years. Unfortunately my spendthrift ways and willingness to accumulate debt left me in the lurch 2 years ago when I left my old company under what we might call duress. With limited savings and lots of debt, I started over at a new company with no salary (commissions and deal-driven fees only) and just a few existing clients.
3. Upon encountering Millionaire Fastlane in May, I had run through all savings, defaulted on a couple of unsecured loans and was behind on all bills including mortgage and (gulp!) 2nd mortgage. This is in addition to scads of credit card debt, vehicle loans, taxes and a couple of personal loans.
OK, not sure the catharsis worked, but let’s look at some of the action I have taken since listening to Millionaire Fastlane and Unscripted last month:
1. I tallied up all my debt and have been hyper-focused on finding ways to eliminate it.
2. I stashed the credit cards away so we don’t continue charging them back up.
3. I have been scrounging around the house looking for things to sell, and in the process have become an avid Ebayer, clearing $750 on Ebay in the past 3 weeks. Most of this has gone to pay down credit card debt.
4. I have sold 2 guns for $1200, most of which has gone to credit card balance.
5. I sold some coins for $1100, most of which has gone to credit card balance.
6. I have another 30 or so items set up for Ebay and am posting and selling daily. I am hoping that Ebay can generate $1000 - 2000 per month for the next few months that will go towards paying off debt.
7. I put 1 of 2 motorcycles (my beloved Triumph Tiger) on consignment for sale, which when it sells will eliminate one vehicle lien (I know, I know) and pay off another $4000 in debt.
8. I have been in discussions with the private individual holding the 2nd lien on my home, in order to modify the note. So far that seems to be progressing and I am hopeful that I can get this done by the end of the month.
And here are some other positive aspects of my life right now that give me hope to carry on and find a way out of this mess:
1. My beautiful loving wife of 23 years is hanging in there with me and is on board with the program to stop the madness.
2. I am a development partner at the commercial real estate company I started at 2 years ago, and aside from ongoing fees that are starting to pay out, by Fall of this year I will have a modest sweat equity in 300,000 square feet of new retail properties. This is exciting because it is Fastlane and over the next couple of years it will either provide a big payday that may help me to clear out remaining debt, or it will provide ongoing passive income stream if we keep the properties.
Aside from attacking the debt, I have been thinking about how to move beyond and into the Fastlane. The work at my company on retail development is exciting because it is starting to push me beyond just chasing commission deals and going on to the next one. However, it is stifling to me in some ways, because I don’t have total control as MJ stresses, and at the end of the day it is still working for someone else and compromising. Deep down I have always wanted to own my own real estate company and build a brand and a real sustaining business. This company will pursue brokerage as I always have, but also retail and multifamily development and syndication.
However, since I am so deep in debt, and because I am the king of all action-faking, paralysis of analysis, fear of success, self-sabotaging numbskulls, I have been thinking of possible steps along the way that may help me (a) generate cash in the short term, (b) catch up on current obligations, (c) get out of debt, and (d) build a foundation of other internet/ web skills that will help with my real estate business.
So here are some things that I am thinking about and I am having a hard time crystallizing my focus and knowing which to do NOW. Because cash is probably my most important need right now and the real estate deal cycle is so long and can have long stretches with zero income.
So to be clear - ULTIMATE GOAL: Real Estate Investment & Brokerage Firm (RENTAL SYSTEM)
In the meantime, here are some other ideas that I can’t stop thinking about:
1. Create a website to help retail tenants with their search for space, lease negotiations and ongoing relationship with their landlord. This would serve as a lead generation source for my existing brokerage business, help clients get what they need and want, and potentially could be used to sell information products or systems, generating ready cash flow.
2. Create a website to help commercial brokers win more business, negotiate better deals and earn more money. This would be set up to sell information products or courses, and also expand my own network of referral partners and acquisition sources in other parts of the country.
3. This one may sound a little off the wall but I have created on paper what I believe to be a true productocracy in the making. You may have heard of coworking, and in my town it is particularly exploding. What strikes me is no one has focused a coworking concept on a specific niche - like real estate. Part of me wants to go pursue this now because I feel the timing is right, I think I could raise the money for it quickly, and I think it would be highly profitable. The plan would be to start it with the end in mind - meaning build up a regional presence with multiple locations and sell to one of the larger global brands in this space.
So that is my dilemma. Assuming I stay at my current development job at least for the next year or so to build that passive revenue stream, what do I do FIRST with regard to the side hustle?
Am I watering down my efforts and unnecessarily delaying the syndication biz if I pursue one or more of the last 3 items above?
Or is it smart to take those steps in order to build skills, generate cash and create potential new opportunities?
I am open to any and all comments, criticisms, questions or advice that anyone wants to throw my way!
As both catharsis and a way to explain where I am coming from, first let me tell you how stupid I have been in the past:
1. I started off as a restaurateur at 21 with help from my parents, and by 25 I was earning 6 figures and was my own boss. However, I was not mature enough to deal with the cash flow and freedom, and I spent every dollar and slowly ran the business into the ground over 10 years.
2. At 31 I entered commercial real estate as a retail leasing broker. I truly found my calling and have enjoyed relatively high income over the past 17 years. Unfortunately my spendthrift ways and willingness to accumulate debt left me in the lurch 2 years ago when I left my old company under what we might call duress. With limited savings and lots of debt, I started over at a new company with no salary (commissions and deal-driven fees only) and just a few existing clients.
3. Upon encountering Millionaire Fastlane in May, I had run through all savings, defaulted on a couple of unsecured loans and was behind on all bills including mortgage and (gulp!) 2nd mortgage. This is in addition to scads of credit card debt, vehicle loans, taxes and a couple of personal loans.
OK, not sure the catharsis worked, but let’s look at some of the action I have taken since listening to Millionaire Fastlane and Unscripted last month:
1. I tallied up all my debt and have been hyper-focused on finding ways to eliminate it.
2. I stashed the credit cards away so we don’t continue charging them back up.
3. I have been scrounging around the house looking for things to sell, and in the process have become an avid Ebayer, clearing $750 on Ebay in the past 3 weeks. Most of this has gone to pay down credit card debt.
4. I have sold 2 guns for $1200, most of which has gone to credit card balance.
5. I sold some coins for $1100, most of which has gone to credit card balance.
6. I have another 30 or so items set up for Ebay and am posting and selling daily. I am hoping that Ebay can generate $1000 - 2000 per month for the next few months that will go towards paying off debt.
7. I put 1 of 2 motorcycles (my beloved Triumph Tiger) on consignment for sale, which when it sells will eliminate one vehicle lien (I know, I know) and pay off another $4000 in debt.
8. I have been in discussions with the private individual holding the 2nd lien on my home, in order to modify the note. So far that seems to be progressing and I am hopeful that I can get this done by the end of the month.
And here are some other positive aspects of my life right now that give me hope to carry on and find a way out of this mess:
1. My beautiful loving wife of 23 years is hanging in there with me and is on board with the program to stop the madness.
2. I am a development partner at the commercial real estate company I started at 2 years ago, and aside from ongoing fees that are starting to pay out, by Fall of this year I will have a modest sweat equity in 300,000 square feet of new retail properties. This is exciting because it is Fastlane and over the next couple of years it will either provide a big payday that may help me to clear out remaining debt, or it will provide ongoing passive income stream if we keep the properties.
Aside from attacking the debt, I have been thinking about how to move beyond and into the Fastlane. The work at my company on retail development is exciting because it is starting to push me beyond just chasing commission deals and going on to the next one. However, it is stifling to me in some ways, because I don’t have total control as MJ stresses, and at the end of the day it is still working for someone else and compromising. Deep down I have always wanted to own my own real estate company and build a brand and a real sustaining business. This company will pursue brokerage as I always have, but also retail and multifamily development and syndication.
However, since I am so deep in debt, and because I am the king of all action-faking, paralysis of analysis, fear of success, self-sabotaging numbskulls, I have been thinking of possible steps along the way that may help me (a) generate cash in the short term, (b) catch up on current obligations, (c) get out of debt, and (d) build a foundation of other internet/ web skills that will help with my real estate business.
So here are some things that I am thinking about and I am having a hard time crystallizing my focus and knowing which to do NOW. Because cash is probably my most important need right now and the real estate deal cycle is so long and can have long stretches with zero income.
So to be clear - ULTIMATE GOAL: Real Estate Investment & Brokerage Firm (RENTAL SYSTEM)
In the meantime, here are some other ideas that I can’t stop thinking about:
1. Create a website to help retail tenants with their search for space, lease negotiations and ongoing relationship with their landlord. This would serve as a lead generation source for my existing brokerage business, help clients get what they need and want, and potentially could be used to sell information products or systems, generating ready cash flow.
2. Create a website to help commercial brokers win more business, negotiate better deals and earn more money. This would be set up to sell information products or courses, and also expand my own network of referral partners and acquisition sources in other parts of the country.
3. This one may sound a little off the wall but I have created on paper what I believe to be a true productocracy in the making. You may have heard of coworking, and in my town it is particularly exploding. What strikes me is no one has focused a coworking concept on a specific niche - like real estate. Part of me wants to go pursue this now because I feel the timing is right, I think I could raise the money for it quickly, and I think it would be highly profitable. The plan would be to start it with the end in mind - meaning build up a regional presence with multiple locations and sell to one of the larger global brands in this space.
So that is my dilemma. Assuming I stay at my current development job at least for the next year or so to build that passive revenue stream, what do I do FIRST with regard to the side hustle?
Am I watering down my efforts and unnecessarily delaying the syndication biz if I pursue one or more of the last 3 items above?
Or is it smart to take those steps in order to build skills, generate cash and create potential new opportunities?
I am open to any and all comments, criticisms, questions or advice that anyone wants to throw my way!
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