Some Things I've Learned in the Last Week

We alll learn things everyday. Some days more than others. What did you learn this past week that could help others?

I learned to always be ready with your best sales pitch. I was at a REI meeting and told the main dude about my events webpage. I offered to allow RE agents to list open houses for free. He asked me to do a presentation right then for the whole group. We've been online for less than a month and I had not polished a sales pitch yet. I had about 5 minutes to give it my best shot.

I learned to ALWAYS have business cards on hand. I didn't have enough business cards for the above mentioned group. Lost opportunity.

I learned to capitalize on what you have. I putt around on my scooter and realized, everyone looks at the scooter, whether they like it or not, they all look. I had to go by the sign shop and got promo stickers made right then for the scoot. Now they all look at my logo.

What did you learn?

Awesome idea.

-This week I learned how furnace dates are generally labeled. 2 and 3rd number in the serial are usually the manufactured year. 3rd and 4th for later models. I have a 1954 furnace.

-I found out I need to learn a bit more about the inspection period on the house. I did not know my furnace was that old, plus the wiring issue I had in the back room that nearly burnt the place down.

-tax credit for first time home buyer. $7500 to be payed back interest free over the next 15 years (or when I sell). That will be useful fixup money.

-when you buy something at home depot or lowes, always look for a deal on the internet first. Print it out and they will honor it. Spent $90 for a $130 reel mower.

-Ground source heat pumps are 70% more efficient than standard furnaces, but can be twice as costly to install.

-Electric tankless water heaters are far more economical then I first though. $600 for a good unit.

Not all items are fastlane stuff, but some could help in my fastlane rei plans.

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I also ran out of business cards
while on vacation
(it was supposed to be a vacation, jeepers).

I learned my book promo wasn't working
(got my royalty statement).

I learned not having timely sales feedback
is frustrating
(I could have corrected it a couple months ago).

I learned you can't pretend to be broke
when you car shop while on vacation
(the salesman called it - he knew we had money
because, obviously, we go on vacation enough
to spend time looking at cars).

Today, I learned NYT Bestselling authors
are as happy for promo opps
as starter authors
(I expected a lot of no's to the promo I'm organizing,
all I'm getting is yes, yes, yes).

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I learned --or, rather, fully realized -- that my old ways of making money in REI don't work in today's market (pretty upsetting/frustrating/demoralizing, by the way).

Greg, great idea about the scooters' stickers... Kimberland's site to buy the book? Promo site?

That's really challenging, Andviv.
The only constant is change
but, at least, you're not ramping up from scratch.
You do have a knowledge base.

My writing site is
http://businessromance.com/
The feedback I'm getting is
"wow, business is actually interesting"
so I think my big error was mentioning business at all.

That will be fixed with the next novel,
Invisible.
That book is all about identity theft
so I'm going to scrub any reference to business or finance
from the promo materials.

__________________
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My Investing Thoughts

I agree Andviv,

It is a changing world out there. Tight credit really hurts! The key is to somehow get access to cash. - - - Seems that JScott has figured that out.

If you just can't get the cash, then looking for a different opportunity makes sense.... while keeping a close eye on the credit market. OR looking for those owner carry deals. (We found an owner carry deal in the last week or two that looks pretty good).

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Yup, I know you gals are right... and I'm working on it.
Still... when those "amazing deals of a lifetime" keep showing up twice a week now and I can't finance them, I can't help it but feel down about it.

Oh, and those other opportunities are also exciting. The concern is abandon that Pony-- it seems it carried me as long as it could.

It is an interesting topic...

Steve has a pony that will pretty much work all the time.... because his pony depends upon change. His pony trots around the country and is able to find the opportunity anywhere. His pony would die if the markets never changed.

Some other ponies depend upon certain market conditions. When that market condition goes away, the pony no longer has food. It must learn a new trick - - - or it's rider must go find a new one!

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Great thoughts, everyone.

We are doing what we're doing (improving/developing residential RE into B&Bs while funding them w/the cashflow from current B&Bs), so that will continue.

But we've had to deal with LOTS of delays and changes in lending this past year. Stunning changes, really. We had enough equity from our improved properties to pull out cash. But we had to leave much more in the props-- since the lenders want to see 30% equity or more, so *they* won't lose if the markets go down even more.

Sheesh.

What we need is lenders that will loan to good credit risks.

But here's the rub: If we DID have these lenders right now, THE DEALS WOULD NOT BE THERE!!!

(because the low, low prices are there BECAUSE there is so little money being lent on these props!!!)

*********

Andviv, you're still riding the same pony:

Figure out creative ways to buy and finance investment RE.

As Sonya says, you just need to find a new source of food for your pony!

-Russ H.

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"Don't confuse motion with action" -Ernest Hemingway

I love your sudden realization that everyone looks at your scooter so why not advertise on it! That's cheap and smart advertising! Good luck

Originally Posted by Russ H

What we need is lenders that will loan to good credit risks.

Speaking of the recent tightening of lending practices....
There are so many people here who have a valid business ideas but lack the funds, required skill set, connections, etc.

Ever thought about adding a 'reality' section to this website? We as Fastlane members could actually engage in real business ventures together, helping each other enter the Fastlane. Fastlane would, by default, own a share in the businesses created on the website. Unlimited income opportunity for Fastlane.

Members could be 'hired' to become silent partners, consultants, voting members, officers, etc. Rules of the game can be set up by the person with the business idea or the governing board he 'hires' (min investment, max number of participants, resume requirements, etc).
This creates a community of real Fastlane contributors who are compensated with interest in the company, paid as contractors, or any other deferred compensation package. It could start a wave of new ideas and create a huge growth opportunity for Fastlane and Fastlane members.

It could start as something very small, such as organizing a Fastlane Gift Store. Food for thought.