All Forum Posts by: Dominic Balconi

I've read 7+ of Grant's books, and some of his short e-books. In my opinion, most of what he says is valuable. He tends to make statements with few caveats, which I think is one of his, seemingly, few flaws. 

That being said, I seriously admire the guy. Being only 19 years old, having insanely aspirational goals, and being in sales, I like most of what he has to say.

I think some people simply don't want to have 5,000 units. I personally do. I feel that people who say they don't want that either don't want to fully commit, don't believe it's possible, or simply have other priorities and goals, which is fine in my opinion. 

I disagree with the people who don't like Grant who try to tell you to lower your expectations, though. I agree with Grant when he says, "This is just them justifying their own lack of success or ambition to you." 

Anyways, I hope somebody found my input valuable.

Peace, Love, & Positivity to you all,

Sincerely,

Dominic Balconi,

Future BP Podcast Guest

@Andrew Johnson I can definitely see that. I suppose, like most things, the 80-20 rule applies. Maybe 20% of people truly enjoy it, but they only really enjoy 20% of what their job entails... I wouldn't mind starting out managing my own properties, then expanding to managing other people's properties, and once I meet my capacity and feel as though I have built effective systems, bringing someone else on board to handle most of the responsibilities. 

 How many properties are you able to manage if you do all the work yourself? Do you have any plans set in place to scale outwards? It seems as though it would be very financially advantageous and allow you to expand your business.

 Wow, I saw your podcast and took notes on it just the other day! I just realized it was you, haha. This is amazing. So many people I admire being in direct communication with me! 

@Jay Hinrichs I loved your podcast as well! You and Austin were some of my all-time favorites! 

That's very true about asset classes. I suppose some people find the potential of more profit or less required capital in lower asset classes to be more desirable. I, personally, agree with you and believe the stress wouldn't be worth the financial gain.

Do you think starting a property management company and training employees to treat the units like you would is a better way to go, or do you think just buckling down and finding a great PM company is? It definitely depends on many factors, but just in general, what would you do?

My market is in coastal South America, Ecuador to be exact, so I think I will probably have to start a PM company in the future.

@Austin Fruechting I hope you get the lowest score possible! ;)

Regarding your previous post, I completely agree. You certainly have to say "no" to more things than you say "yes" to, especially if you have specific goals that you wish to achieve within a specified time frame. 

It's good that you had the self-awareness to see that you didn't enjoy it and that you held other things higher on your list of priorities; and good on you for actually pursuing those things! Most people do things they don't enjoy and complain about it, while you took action.

 That's exactly what I figured. I don't have experience with managing properties, but I am certainly aspiring to own a rental property management company within the next 3 years. If it turns out that I don't like it, I will either expand the company and have employees handle the day-to-day while I focus on the big picture items, or I will simply sell the company like others.

 I loved you on your podcast! Thanks so much for the response! 

And of course, thank you everyone else. I agree with practically everything you have said. I always want to learn from others who know more than I, so thanks for helping me in that regard!

I've heard this statement many times on BP, "Most people just don't like being landlords."

My questions to you all are; How would you go about finding a prospective buyer who does like the idea of being a landlord? What are your opinions on the percentage of people who do like being the lord of the land opposed to those who don't? Are the people who dislike being landlords simply unaware of how to do their tasks efficiently and effectively?

Thanks, everyone who took the time to answer this. I genuinely appreciate it!

Much peace, love, and positivity to you all,

Sincerely,

Dominic Balconi

@Arlan Potter Do you mind me asking the terms and conditions of the loan?