“Don’t put all your eggs in one basket” basically means you shouldn’t focus all your energy, money and hope on one thing.

I look at this in a different way.  Do what you do, but do other things as well.  I do not look at this as an excuse to half ass one project but rather as motivation to do more than just one thing. 

You are not going to be rich from working a 9-5.  That is what this quote lets you know.  You are going to have to have seeds in other things.  If you lose your job, are you going to be broke or do you have other things that you will be getting revenue from.  You can start small, but think big…

Popularity: 5% [?]

Posted by LeGo, filed under Strategy. Date: March 30, 2008, 1:11 pm | 3 Comments »

As the saying goes, scared money don’t make money.  While you don’t want to make dumb moves, you ain’t going to make jack sitting on the side lines. 


Popularity: 21% [?]

Posted by LeGo, filed under Motivations. Date: March 30, 2008, 12:49 pm | No Comments »

28  Mar
Wealth Motivation

I saw this pic today over at badcopnodonuts, definitely a bit of motivation going into the weekend, especially considering the pic was taken in the Philippines.


 

Popularity: 4% [?]

Posted by LeGo, filed under Motivations. Date: March 28, 2008, 10:53 am | No Comments »

I was able to get a house last week through a bidding war without raising my bid.  What I did was raise the earnest money amount.  I also tightened up the dates for various aspects of the contract.  This let the seller know that I really wanted the house and that I was not planning on screwing them over.

I raised the earnest money amount from $1,000 to $4,000.  I still have the same options to get out of the contract, but I have more “cash” invested.  I have posted about how doing cash offers can also make an offer more attractive to sellers.

I also moved up the dates for the inspection and the mortgage application.  This lets the seller know that I am getting things done now, versus making them wait to find out wether I am going to buy the house.  The seller will be able to put the house back on the market sooner if I back out of the house.

I might not have had the highest bid, but I have the best offer.  Keep that in mind when writting up contracts that are in bidding wars.  The offer is what matters, not just the offer price.   I have seen deals go through for $600,000 less because the inspection period and the types of inspections.  It is not that people have things to hide.  Sellers want to sell, not be drug through the mud by buyers.  Horror stories can be used to your advantage. 

Popularity: 7% [?]

Posted by LeGo, filed under Strategy. Date: March 27, 2008, 10:19 am | 1 Comment »

I am generally what I would call a realist.  I am not particularly positive, or negative.  I might be a bit more to the pessimist side, but whatever.  I was out drinking this past week and the conversation went into how being positive and how thinking positive would make positive things happen.  Below is a piece on the subject from wikiHow on “How to Be Positive”. 

“Thought is creative. All thought, good and bad, is creative and tends to become a material thing. That is why we must learn to be more positive. Our environment and all the experiences in our life are the result of our habitual and predominant thoughts.

Negative thoughts can tell us about something that needs our attention. Our job is to discover what needs to be done and take care of it. Many people fail to see a negative occurrence as a learning experience and continue to feel victimised and helpless, ultimately blaming others for what they drew to themselves, however unaware of that fact they may be.

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Popularity: 5% [?]

Posted by LeGo, filed under Strategy. Date: March 25, 2008, 9:06 pm | 2 Comments »

23  Mar
What is the rule?

So I put in bids on two houses Friday.  Both went into bidding wars, per se.  I put in a bid, then the realtor comes back and says there are multiple offers, we want your highest bid.  They give you nothing else, like what other offers are out there or what you should try to achieve.  Unless you have to have the property, the rule is, let the current bid ride.  For some reason people are not playing by the rule. 

It is like in blackjack.  You play using the strategy card, not only to increase your odds to win, but not to screw over the next player.  If you are not going to play by the rules, get your own table. 

There are lots of things that are probably going on in this market.  The first I am sure of is that many buyers are coming to Raleigh to buy real estate.  Many markets have been hit hard and buyers are looking for stable areas.  Raleigh has been pretty stable, so now I am competing with out of town buyers that are not playing by the rules. 

I have a third house that is in the mix, that I might not have gotten beat on by bids.  The others are gone to the wind.  I will post what I did to make my offer “appear” more attractive if the things I tried worked…

Anyhow, if you are starting to play the real estate game in Raleigh, we do not play the highest offer game.  We let the bids ride.  We are all here to make money, do not screw over yourself and others.  I am just ranting and could go into this more, but I will let it ride.   Thanks and have a great day.

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Popularity: 8% [?]

Posted by LeGo, filed under Flips, Strategy. Date: March 23, 2008, 9:46 pm | 2 Comments »

20  Mar
Strategy

I do not care what you do.  In anything strategy is important.  You have to know what you are doing, before you kill yourself spinning your wheels.  You can be the CEO of a company that makes a billion a year, it does not matter.  You have to understand strategy.  No matter what you do in life there is a strategic way to accomplish task and and a way to waste your time.  The best thing to do is hustle with strategy.  To be above average you have to have a good strategy and hustle.  Otherwise you can just sit back and not do things.

Here is a little motivation to get the hustle and strategy going.  What do you use to get motivated?

Popularity: 4% [?]

Posted by LeGo, filed under Motivations. Date: March 20, 2008, 10:25 am | No Comments »

Realtors are a unique, even though they are not much different than you and I, they are intimidating for sellers because they take between 3-10% off the top on sales (the high end for raw land).  Realtors are great for buyers, because the buyers are able to use their services basically for free, unless you consider the upcharges sellers might add to the price of their homes when selling with a realtor. This post is about how to sell a home with or without a realtor.

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Popularity: 10% [?]

Posted by LeGo, filed under Strategy. Date: March 18, 2008, 10:04 pm | 10 Comments »

16  Mar
Tom Vu motivation

I got motivated this weekend and was a bit busy.  A bit too busy.  Here is some of that motivation for you.  I saw these posted on BadCopNoDonuts.  I have gotten a bit of motivation from that site in the recent.  Any how check out the videos.

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Popularity: 8% [?]

Posted by LeGo, filed under Flips, Motivations. Date: March 16, 2008, 9:11 pm | 2 Comments »

13  Mar
The 9 Principles

The 9 Principles by Miyamoto Musashi – These are from two various sources that have different translations for the same text.   Paraphrased from Wikipedia, Miyamoto Musashi (c. 1584–June 13 (Japanese calendar: May 19), 1645), was a Japanese swordsman famed for his duels and distinctive style. Musashi, as he is often simply known, became legendary through his outstanding swordsmanship in numerous duels, even from a very young age. He is the author of The Book of Five Rings, a book on strategy, tactics, and philosophy that is still studied today.

1. Follow what is true and right, avoid dishonesty, and tell no lies.
2. Practice and train dilligently.
3. Study every other art. You must be able to create beauty.
4. Learn the ways of all professions.
5. Watch for the good and evil in all things.
6. Develop and trust your intuition.
7. Stay keenly aware of those things you cannot see.
8. Study the details.
9. Avoid useless endeavors.

or

1. Do not think dishonestly
2. The Way is in training
3. Become acquainted with every art
4. Know the Ways of all professionsv 5. Distinguish between gain and loss in worldly matters
6. Develop intuitive judgment and understanding of everything
7. Perceive those things which cannot be seen
8. Pay attention even to trifles
9. Do nothing which is of no use

Popularity: 14% [?]

Posted by LeGo, filed under Strategy. Date: March 13, 2008, 2:26 pm | 5 Comments »

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