All Forum Posts by: Zach Harsin

When was the last time you stopped to work ‘on’ your business instead of ‘in’ it?

As I move from simply taking in REI information to taking action with REI, I have been trying to think of a way a greenhorn like myself can add value to other people’s operations. Though I have experience in construction, project management, marketing and sales, I’m confident many of you here have just as much if not more experience and expertise in these areas.
Finally, inspiration struck this past week when I realized, most entrepreneurs are great at working ‘in’ their business. They pour all their energy into the daily activities of running their business but never stop to work on the business. I realized where I can add value is helping bring “Traction” to your business. Regardless of the industry, we all hit points where we feel the business is running us rather than the other way around. This is hitting a glass ceiling in your business and it’s time to take a moment to work on the business instead of in it, so we can break through this ceiling and take your business to the next level….
I have experience self-implementing, the Entrepreneurial Operating System (EOS) in my other businesses. It has helped us: become data-driven (think KPI), define our vision, build processes (to help scale), gain traction within the business, solve key issues making them go away forever, and ensure we have the right people on the proverbial bus or in this case house.
I’m confident, this system can help you take your REI business to the next level and I would love to help you in this process. So whether it is over coffee, lunch, or simply over the phone, I look forward to connecting soon and seeing how your investing could benefit from gaining traction.
Make it a great day!

zh

@Mike Wood sorry for he long delay here. I was out on vacation last week. I really wish this was an option because this would obviously be our largest ROI, undfortunately, the lot is a corner lot that and has a 25 ft setback off the Main Street it parallels, then with duplexes we have to have a 10 ft setback on the opposite side of the lot between the houses. (SF is only 5 ft). So our lot(s) get too narrow quick with these setbacks which is why even though it’s a double lot, we will have to go with a single duplex. Wish your idea worked :).

@Allan Rosso that was what #2 was. Sorry for not being specific on holding holding period.... 

@Allan Rosso , yes. We have a good working relationship with a local bank in town...

Hi All,

I'm looking for some thoughts on a potential deal I recently came across.

This would be an off-market purchase of a double lot (99' x 140'), and it's Zoned R2. As we begin to put together build costs, I will let the numbers dictate the end goal, but I'm curious which option you would lean towards...

It is in a good area of town that has a nice mix of rentals to owner occupied SFR. There is a mix of duplexes in the area, but not many new ones. It is definitely a forgotten little gem of a lot.

1. Build a Duplex and keep as a rental.

2. Build a Duplex, fill with tenants and sell as a turn-key property to an investor.

3. Build two townhomes and sell individually.

Again, we just came across the deal this week and will be collecting some numbers next week to begin doing a more detailed analysis, I'm just curious where you would lean.... 

Have a great Labor Day Weekend! And thanks for the input in advance.

Awesome feedback everyone! I'm going to try and hit each one since I last posted yesterday...

@Mike Dymski - I like how you said it is not only a learned skill but one you must practice daily to push fear to the side! Great point!!

@Sam Josh - Thanks for the different perspective. Great point on waiting it out and having it work out. You could probably argue that someone sitting on the sidelines now may end up in the same position you are 5-10 years down the road where they missed a big correction too. Personally, I'm not putting anyone down for not investing in RE. I could care less about that. REI is what I've found to be a passion of mine and one that I feel is the right move for my family.

The two things I am speaking it is 1) Not reaching my full potential by being lazy or settling in life. 2) I think everyone has a duty and obligation to themselves and their families to be the best spouse, parent, co-worker, employee, friend, citizen they can be... That means something different to everyone, but I think giving life anything less than YOUR best is wasted talent and time. We are only given one life and I want to live it to its fullest in every way possible! I also want to encourage as many others as possible to do the same and go on this ride with me! I hope this is seen as an encouragement to be your best, not putting others down for settling. 

@Brian Ellis   - Love it! No one is going to change your destiny for you. Only you and your actions. If you play the victim, you will be a victim of society, of government, of your circumstances, of your upbringing. I would much rather choose to take action and be successful in spite of those things! Keep taking action.

@Shital Thakkar - Nice Visuals my man! I think that quote speaks to what I mentioned earlier in the thread too, there is a difference between desiring something and taking action to make it a reality. We all possess the ability to do it, but those that don't do it, simply never take action (or not enough persistent action over a long enough timeframe) to make it a reality! I've heard that's a great book, it's on my short list for next to read!

@Joe Splitrock - First, AWSOME last name. My wife's maiden name was Slaymaker, which I thought was pretty cool, but your's might take the cake. Secondly, so true. So very true! Enough said? :) 

@Bettina F. - Thanks for sharing your story. I think you hit it on the head there, we all have our different "why". But ultimately we need a deeper "why" than material possessions and money to make REI truly worthwhile. For me, my why is creating a generational change for my family and being able to give the way my heart desires. I also desire to make a positive impact on those around me, from our contractors and homeowners to the neighbors of the properties we purchase. This and my morning cup of coffee are what excite me to get out of bed each morning at 4:30 AM and start taking action for the day!

Also, there is nothing more powerful than a Proverbs 31 Women!

@Travis Henry another thought... I can't take credit (@Brandon Turner )

I think you are spot on about where your motivation comes from, but another piece of your analogy is are you committed or is it just a desire of yours? I would argue that in your example, those athletes are all the more committed to making it because of what it will do for them and their families. Where maybe other athletes simply desire to be olympic medalists...

Lots of newbies desire to be financially free, to consider themselves real estate investors, but are they committed? All in, full on committed? 

"Difference between desire and commitment is action!" - Brandon Turner

@Will Gates, @Jim K., @Travis Henry I love all the perspectives!

I think you could take all our input on this thread and have a pretty good analogy/ explanation for the fourth question of the famous four on the podcast :)!

Keep embracing fear and taking action!

That's awesome @Jay Hinrichs ! I definitely think it's a pride thing for him as well. I can only imagine how hard it would be for him to let that go after 70 years.... And good point on knowing the laws verse hearing second hand!

Make it a great one,

zh

@Dennis M. , another great point!

I'd say that's why Grant Cardone included an entire chapter on the subject of fear in The 10X Rule...

I love his take (and yours) on fear...

"Sooner or later, you will experience fear when you start taking new actions at new levels. In fact, if you aren't, then you're probably not doing enough of the right things. Fear isn't bad or something to avoid; conversely, it's something you want to seek and embrace. Fear is actually a sign that you are doing what's needed to move in the right direction.

An absence of concerns signals that you are only doing what's comfortable for you—and that will only get you more of what you have right now. As strange as it may sound, you want to be scared until you have to push yourself to new levels to experience fear again. In fact, the only thing that scares me is a complete lack of fear.

What is fear anyway? Does it exist? Is it real? I know it feels real when you are experiencing it, but admit it: Most of the time, what you fear doesn't even occur. It's been said that FEAR stands for False Events Appearing Real, which aptly implies that most of what you're afraid of doesn't ever come to pass. Fear, for the most part, is provoked by emotions, not rational thinking. And in my humble estimation, emotions are wildly overrated—and the scapegoat many people use for their failure to act." - The 10X Rule

I agree, we let fear drive us all too often. And it usually drives us away from doing the very thing that could make us better, happier, healthier, etc.

Make it a great one Dennis!