[oldnemesis]

(11-28-2010 01:59 PM)exe Wrote:  

There are many places all over the US like this.

I have no doubt there are a lot of places where houses cost $50K. The thing I cannot believe is that you can buy a $50K house and then rent it for $1000/mo.

[phoenix abroad]

(08-18-2008 11:38 PM)Roosh Wrote:  

Do you have a knowledge or skill in something that with a step or two you can monetize?

Find out what people want and give it to them. Start with what you know and work from there.

Roosh nailed it.

After reading The Four Hour Workweek I tried out a couple different business ideas - most of them sucked but one did very well. It took about 6 months of research and refinement, but I now have an online "muse" set up related to college exams.

It is averaging $2k income a month for about 1-2 hours of work per day (depends how much testing/improving I want to do). Not too shabby - its enough to live somewhere like the Philippines or Thailand, which I am going to be visiting in a few months.

Big things I learned:
Don't get married to one idea - test everything.
You really don't know what will work until you try it - my current successful business was not even my favorite idea. So test lots of ideas to see what sticks.

The 4hww stresses testing market demand BEFORE you start making big expenses, which is really key. Test out your ideas/assumptions in a way that will limit your potential losses. For example: Make a test online sales page for your product before you actually spend the money/time to create it. You can see if people are interested in buying it and it is worthwhile.

Get inside your customer's head
Demographic (age, gender, etc)
Where do they hang out? What do they like to do? What are their pain points? How will your product benefit them and solve their problems?

And VERY IMPORTANT:
1. Do they have the Ability to Pay?
2. Do they have the Willingness to Pay?

In addition to the 4hww I would recommend reading Ramit Sethi's blog which has great info on money psychology and generating more income. I am a member of his premium Earn1K class and he has helped my business grow significantly.

[manilaguy]

I also have a web based turn-key business that is in the green, which could afford me a decent minimalist lifestyle in a bottom bracket developing country.

Lessons learned

Looking back, the only regret I have was spending a significant amount of time cramming my head with web technologies and processing systems, considering that my hourly rate in the said venture will never come close to the hourly rate of my "real job". I should have farmed it out; but technology, i find, is such an addictive girl.

Another learning point I gained in the venture is having good contacts is key-- no matter how skilled you are.

And no, I will not say more about it.

[exe]

(11-28-2010 08:27 PM)oldnemesis Wrote:  

I have no doubt there are a lot of places where houses cost $50K. The thing I cannot believe is that you can buy a $50K house and then rent it for $1000/mo.

I checked out CL rental postings for 2-3 bedrooms in Dallas - where those same houses were going for 10-40k and a lot of them are renting above $1k a month:

http://dallas.craigslist.org/search/apa?...bedrooms=2

http://dallas.craigslist.org/search/apa?...bedrooms=3

Here's a 3 bd 2 bth for $1095

http://dallas.craigslist.org/ftw/apa/2086688563.html

and another one for $1050

http://dallas.craigslist.org/ftw/apa/2086056716.html

[oldnemesis]

Well, Dallas is huge, so it is not clear whether those are "some areas" or not. For example, both your listings are in FTW, and the only things I see anything below 100K in FTW are mobile homes.

Somehow basic math doesn't work here - why would one pay $1K in rent for a $50K property? Mortgage calculator shows that even with 10% interest mortgage (which is very subprime) their monthly payment, including property tax and insurance, would be $564.

[exe]

Some reasons that I can think of why someone would pay $1K in rent for a $50K property are:

1. They're there temporarily, like 6 months to a year..maybe longer..and they don't want to get tied down with a mortgage. These could be people in the military, corporate executives, students, etc.
2. They can't qualify for a mortgage, e.g. they don't have enough for a down payment, they have a bankruptcy, really bad credit, etc.
3. When foreclosures go up, the population of renters goes up and along with it the rent prices so what used to be $700 is now $1k.

I just sent you some RE listings in Fort Worth, including a 6 bdrm 2 bth house for $31.5k and another one for $0.

[bigbootyluvr]

Rich dad poor dad was exposed as being a fake story. There is a guy who researched it an exposed Robert Kyosaki as a fraud and a huckster.

Tim ferris isn't much better. He's 99% hype. An interesting guy, but he's selling the dream to people with limited business experience, which in my book makes him only slightly better than kyosaki.

"I don't buy dreams, I sell 'em" -Kool Aid the pimp, from the 1998 documentary American Pimp

[JayMillz]

Anyone have a youtube site similar to this dude? http://www.youtube.com/user/skyyjohn#p/u/33/0D_rHBzajbQ

I think shit like this is one way to develop your own thing

[Vesuvius]

I'm starting one now. Writing a book and selling it online. It isn't a PU book ha! Advice anyone? Also, I have a few friends that can write books in their perspective fields that will go for a nice dime or two. I was looking into the stock market but not sure if it's worth the time. Oh yeah, in the sticks of Richmond you can get a 50K house and cheaper. I don't know if I'd live in it, but it might be comfortable?

[phoenix abroad]

(01-02-2011 08:09 PM)Vesuvius Wrote:  

I'm starting one now. Writing a book and selling it online. It isn't a PU book ha! Advice anyone? Also, I have a few friends that can write books in their perspective fields that will go for a nice dime or two. I was looking into the stock market but not sure if it's worth the time. Oh yeah, in the sticks of Richmond you can get a 50K house and cheaper. I don't know if I'd live in it, but it might be comfortable?

What kind of book is it and who is your target market? I might be able to give you some advice.

The finance/stock market field is so damn crowded it is nearly impossible to standout, I wouldn't recommend starting with that.

[machiavelli]

I gotta say being your own boss is a bitter/sweet experience. Don't forget that YOU control how much you can earn, meaning your still gonna have to be the "youth" now making yourself rich. And usually you're your worst enemy if self motivation and minimizing distractions is not balanced correctly you'll probably end up being one of those 95% of new online businesses that fail. Why do you think that bold guy in the matrix wanted to go back? He couldn't handle the 'real' world

But I wish you the best of luck!

[InternationPlayboy]

(11-28-2010 02:24 AM)oldnemesis Wrote:  

(10-22-2009 05:11 PM)gringoed Wrote:  

There are plenty of places now where you can buy a property for $50k and rent it out for $1000/m.

Really?

My pops bought a nice roomy 4 bedroom house in las vegas 10 years ago for less than $150k in a very nice neighborhood (His imediate neighborhood, around it was pretty ghetto). Since then the worth of the house got all the way up to around $500k during the peak, and back down again to close to $150-200k. This is a nice house you could probably rent out for $12-1800 a month in Vegas. You could definitely find houses you could rent out for $1000 a month for $100k. 50K is pretty low though. Maybe Michigan? You could probably find something in Vegas for 50k but you wouldn't be able to rent it out for 1k a month.

[InternationPlayboy]

(01-10-2011 02:01 AM)InternationPlayboy Wrote:  

(11-28-2010 02:24 AM)oldnemesis Wrote:  

(10-22-2009 05:11 PM)gringoed Wrote:  

There are plenty of places now where you can buy a property for $50k and rent it out for $1000/m.

Really?

My pops bought a nice roomy 4 bedroom house in las vegas 10 years ago for less than $150k in a very nice neighborhood (His imediate neighborhood, around it was pretty ghetto). Since then the worth of the house got all the way up to around $500k during the peak, and back down again to close to $150-200k. This is a nice house you could probably rent out for $12-1800 a month in Vegas. You could definitely find houses you could rent out for $1000 a month for $100k. 50K is pretty low though. Maybe Michigan? You could probably find something in Vegas for 50k but you wouldn't be able to rent it out for 1k a month.

Actually, it looks like there are a decent amount of places in vegas, even 2-3 bedrooms for under 100k, even under 50k. Look it up on craigslist.

[afronoob]

(01-10-2011 02:11 AM)InternationPlayboy Wrote:  

(01-10-2011 02:01 AM)InternationPlayboy Wrote:  

(11-28-2010 02:24 AM)oldnemesis Wrote:  

(10-22-2009 05:11 PM)gringoed Wrote:  

There are plenty of places now where you can buy a property for $50k and rent it out for $1000/m.

Really?

My pops bought a nice roomy 4 bedroom house in las vegas 10 years ago for less than $150k in a very nice neighborhood (His imediate neighborhood, around it was pretty ghetto). Since then the worth of the house got all the way up to around $500k during the peak, and back down again to close to $150-200k. This is a nice house you could probably rent out for $12-1800 a month in Vegas. You could definitely find houses you could rent out for $1000 a month for $100k. 50K is pretty low though. Maybe Michigan? You could probably find something in Vegas for 50k but you wouldn't be able to rent it out for 1k a month.

Actually, it looks like there are a decent amount of places in vegas, even 2-3 bedrooms for under 100k, even under 50k. Look it up on craigslist.

Hmmm.....mot surprised so many of you are into real estate-the forumers here are some switched on dudes. Kenya's real estate market,btw is a world beater coming second globally to Hong kong in terms of average returns.

Quote:

The western and Asian markets all suffered sharp drops in house prices through 2008 during the global recession, at a time when Kenya’s residential prices continued to rise, by close to 30 per cent in that year.

As the world has moved into recovery, the Asian property markets have swung into faster price growth than in Kenya, taking capital growth in housing over the last five years now slightly ahead of Kenya in each of India, Hong Kong and Australia.

For example, in the second half of 2010, Hong Kong house prices rose at almost twice the rate of Kenyan house prices. Following the previous price falls in Hong Kong, this saw capital growth in Hong Kong property total some 8.7 per cent more than in Kenya over the full period since the beginning of 2005.

http://www.propertyleo.com/blog/2011/02/...-globally/
I had my own business ;an aquaculture biz I'd dreamed of since 91.Finally got off the ground in 03. 3 Years later I was sabotaged by a relative and LOST EVERYTHING!!! Now the price of wholesale rainbow trout has risen 4 fold to 20$ per kg. It pains me to think about. When I'm liquid with enough for my own site I will get back to it.

[Lumiere]

InternationPlayboy, If rentals in Vegas really are that cheap we could definitely loook at Vegas as a potential flashpod location.

Do you have photos of the place? Do you know anybody who knows the Vegas luxury villa / apartment market very well?

[manilaguy]

I had my own business ;an aquaculture biz I'd dreamed of since 91.Finally got off the ground in 03. 3 Years later I was sabotaged by a relative and LOST EVERYTHING!!! Now the price of wholesale rainbow trout has risen 4 fold to 20$ per kg. It pains me to think about. When I'm liquid with enough for my own site I will get back to it.


Hey, I was thinking about doing this when I go retire to the Philippines when I hit 30. I heard fish consumption world wide is increasing; I heard it is booming in SA (+ other 3rd world) as citizens change diets for a cheaper protein source. How did you get into this? I have no experience in anything related to biological sciences nor livestock production..

[afronoob]

(02-12-2011 11:05 AM)manilaguy Wrote:  

I had my own business ;an aquaculture biz I'd dreamed of since 91.Finally got off the ground in 03. 3 Years later I was sabotaged by a relative and LOST EVERYTHING!!! Now the price of wholesale rainbow trout has risen 4 fold to 20$ per kg. It pains me to think about. When I'm liquid with enough for my own site I will get back to it.


Hey, I was thinking about doing this when I go retire to the Philippines when I hit 30. I heard fish consumption world wide is increasing; I heard it is booming in SA (+ other 3rd world) as citizens change diets for a cheaper protein source. How did you get into this? I have no experience in anything related to biological sciences nor livestock production..

Depends on where you are.
1.Do you have a site with clean running water? With this you can construct raceways or a dam.
2.Who sells the fingerlings? Gov't or individuals?
3.What is the availability of fish feed?
4.Marketing.Hotels,restaurants or export if a large operation
5. Technical assistance. You'd need,especially as a first timer advice on siting ,breeding,stocking and marketing.
You don't need a degree-trust me on that
I do know the Philippines has led the 3rd world in popularising fishfarming
http://www.bfar.da.gov.ph/news/Vol3_21Se...ilink.html

[manilaguy]

I hold a title to a strip which runs parallel by the beach 100km north of Manila, outside the capital. At the moment it produces shrimp (a small Asian variety) and rock salt during dry season. This operation is (barely) maintained by laborers who work the land. It is in need of serious upgrades.

My plan is to turn the said property to a resort, while developing the rest of the lot into livestock production for local consumption or for export. Some folks are already doing it, calling it a "fish farm resort". What really draws me is that next-door neighbor China is really hungry... but this time around, they have money to buy food!

[afronoob]

(02-12-2011 01:59 PM)manilaguy Wrote:  

I hold a title to a strip which runs parallel by the beach 100km north of Manila, outside the capital. At the moment it produces shrimp (a small Asian variety) and rock salt during dry season. This operation is (barely) maintained by laborers who work the land. It is in need of serious upgrades.

My plan is to turn the said property to a resort, while developing the rest of the lot into livestock production for local consumption or for export. Some folks are already doing it, calling it a "fish farm resort". What really draws me is that next-door neighbor China is really hungry... but this time around, they have money to buy food!

Go for it,guy! Follow the rough guidelines I mentioned above. Also check out the feasibility of ocean cage cultivation of snapper or grouper. I'd be really interested in how it turns out.
Btw,how did the deal with the Ethiohottie go? Have you closed?

[manilaguy]

(02-18-2011 02:27 AM)afronoob Wrote:  

(02-12-2011 01:59 PM)manilaguy Wrote:  

I hold a title to a strip which runs parallel by the beach 100km north of Manila, outside the capital. At the moment it produces shrimp (a small Asian variety) and rock salt during dry season. This operation is (barely) maintained by laborers who work the land. It is in need of serious upgrades.

My plan is to turn the said property to a resort, while developing the rest of the lot into livestock production for local consumption or for export. Some folks are already doing it, calling it a "fish farm resort". What really draws me is that next-door neighbor China is really hungry... but this time around, they have money to buy food!

Go for it,guy! Follow the rough guidelines I mentioned above. Also check out the feasibility of ocean cage cultivation of snapper or grouper. I'd be really interested in how it turns out.
Btw,how did the deal with the Ethiohottie go? Have you closed?

I'm planning on this already. How were you able to enter this industry? Like I said, I have no idea what this entails. What do you see for the industry? Any piece of information that gets my brain churning would be highly appreciated. I'm in the US right now. I've wanted to start something like a fish farm ever since when I was in the university. I used to keep fishes as a kid, and always wanted to get in on fish farming.

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