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Monday, June 28, 2010

Haves & Wants

We hear it at every meeting. "Come on up and tells us what you Have or what you Want!" Well, maybe some people 'have' something you don't 'want'! That something might be socially unacceptable and they don't necessarily find any urge or need to stand up in front of a crowd of strangers and tell their secrets Mr. Host!

Of course, we are not talking about the Haves & Wants of the skeletal nature. I am sure the internet can assist you with most of that stuff. We are discussing hopes and wishes, needs and desires usually from a business perspective.

"I am looking for fixer upper properties in the so and so area, "I have access to some ridiculous deal that needs some even more ridiculous amount of money," announce the attendees one by one. I once heard a white woman announce that she was looking for an investor with a very big million dollar bank roll for a casino deal on Indian land she was working on. I'm curious how that worked out for her. Not to be stereotypical (although we have them for a reason!), but I can see her putting a lot of work into that deal only to end up getting scalped!

I have yet to hear someone stand in front of the room and announce their goals. We all have them don't we? I think these qualify as a Have and certainly believe someone in the audience may be able to assist in some way. Possibly, some people refer to them as dreams. I think so, but only because they don't believe they can actually achieve those goals which in and of itself is sad and unfortunate.

Just once I would like to hear some young brave investor stand in front of the payees and announce their biggest dreams. "I want to make $50,000 a month in passive income. I want to drive an imported high end sports car. I want to fly to Vegas on a privately chartered jet for me and my friends on my birthday. I want to take a long vacation down to Mexico every year with just my family for some sport fishing."

I wonder how the audience would respond.

I have my goals written on a white board in my office;
- Own a single story house with a 3 car garage and a pool in Norco Hills.
- Make $100,000 in one month.
- Make $20,000 per month buying and selling at least one house.
- 43 1/2 more houses to go!

Well, to be frank, I haven't updated my goals for almost a year now and this is highly unsettling to me. I shan't let this daily practice get away from me again I assure you. As I look over my goals I realize I have grown in some areas and lost interest in others. I am not sure I want that house up in Norco Hills any longer. If I do it would be for no other reasons than to throw parties for my investor friends and have a shorter commute to work. I still would like to have a pool. Luckily for me, my request has been answered. Our beloved President Obama has provided the magic money to build an aquatic center just over the hill from my house. I asked for a pool and I got an Olympic sized pool with a small water park included. Much better! As for the house, I have set my goals higher.

I have generated more than $100,000 worth of wholesale fees in one month. Last month actually. However, I had to share it with 2 of my associates. Still not a bad haul for one month of sitting on my ass, playing on Facebook all day and making a few phone calls. I guess I need to be more specific in my goal writing. I bet this guy wishes he had read my blog first:
A man walks up to the bar with an ostrich behind him, and as he sits, the bartender asks for their order.

The man says, "I'll have a beer" and turns to the ostrich. "What's yours?" "I'll have a beer too" says the ostrich. The bartender pours the beer and says "That will be $3.40 please," and the man reaches into his pocket and pays with the exact change for payment.

The next day, the man and the ostrich come again, and the man says "I'll have a beer," and the ostrich says "I'll have the same." Once again the man reaches into his pocket and pays with exact change.

This became a routine until late one evening, the two entered again.

"The usual?" asks the bartender.

"Well, it's close to last call, so I'll have a large Scotch" says the man. "Same for me" says the ostrich.

"That will be $7.20" says the bartender.

Once again the man pulls exact change out of his pocket and places it on the bar. The bartender can't hold back his curiosity any longer.

"Excuse me, sir. How do you manage to always come up with the exact change out of your pocket every time?"

"Well," says the man, "several years ago I was cleaning the attic and I found this old lamp. When I rubbed it a genie appeared and offered me two wishes. My first wish was that if I ever needed to pay for anything, I just put my hand in my pocket and the right amount of money will be there."

"That's brilliant!" says the bartender. "Most people would wish for a million dollars or something, but you'll always be as rich as you want for as long as you live!""That's right! Whether it's a gallon of milk, or a Rolls Royce, the exact money is always there," says the man.

"That's fantastic!" says the bartender. "You are a genius! ... Oh, one other thing sir, what's with the ostrich?"

The man replies, "Oh, my second wish was for a chick with long legs."

Ask and you shall receive. Just be careful of the message you are sending out to the Universe.

Making $20K per month buying and selling at least one house is too limited. Why should I care where the $20K comes from: Moral, ethical, and legal issues acknowledged. To continue being frank, I would rather not have to buy and sell one house every month. I'd much rather sleep late, go to the gym, watch a movie, walk my dogs, and then go to bed. If the $20K still showed up that would be fine with me. However, if you have been reading along, you will know we have now upped the ante a little bit on this one.

We are still working with the same starting number and if you clicked the link in the previous paragraph you will know what that number is. The reduced number is now at 39.25. I've boughten a few recently. (I have no idea how boughten and heigh-th made it into the vocabulary of some people, but I am trying to appeal to a wide audience here.)

Updated/Revised Goals;
- Own a house in Newport and one in Big Bear. Ocean and lake front of course.
- Generate $100,000 of income for my company in one month.
- Generate $1,000 per day, every day of net passive income.
- Buy 39.25 more houses (or enough real estate to produce the above $1,000/day of net income.)
- Read one book every week.

I think they are great goals and totally achievable. Now I need to put a time line on them. Not sure I am ready to publicly commit to that yet. My book reading is going well. I’m a little behind, but much better than I have done earlier this year. I was buying more than one book a week and now I need to get through them. I recently completed Cash in a Flash and am now working on Grow Rich! With Peace of Mind. I want to read some of these inner game books before I tackle some of the business books I have acquired. I am very excited to get to the negotiation stack.

My pile of properties and monthly income has slowly grown since I have started this blog. It all started with the decision to attend my first real estate investing meeting. The greatest marathon, longest journey, and fastest race all start with the decision to commit to taking the first step. At the end of each is a winner and/or a hero. I will achieve everything on my list and more. My goals will be shifted, reset, altered and upped, but never ignored or treated with indifference. What do you want and what will you do about it?