What are your offline aspirations?

[Chris]

Does anyone have any offline business aspirations they'd like to share? As time passes I know I'm more and more turning into a more generic businessman than a website publisher in particular.

I'm manufacturing my own swords now, the production is outsourced in China though. I'm considering perhaps manufacturing my own clothing though in house. I'd merely need an embroidery machine and they're not altogether that expensive. I've also have quite a few ideas for real estate investing, with restaurants & apartment complexes.

I think its a good idea to diversify your business into the offline world once you get the opportunity to do so.

[Generalissimo]

I'd personally love to buy old stone mills and convert them into luxury apartments, rather like the one I live in...

[Chris]

Heh, I'd love to just build an old stone mill and have it function as an old stone mill. Right next to the castle of course.

[BGray]

A real estate empire is my ultimate goal.
I'm not as much interested in properities with structures as land.

Last time I checked they're not making any more of it (and Dubai doesn't count). :)

[Mike]

I'd personally love to buy old stone mills and convert them into luxury apartments, rather like the one I live in...
Your apartment isn't in Mirfield is it Sean? My parents bought a few apartments on an old mill there...

As for my aspirations, I'll move into property. When I turn 18 later this year I'm looking at buying somewhere to get me started on the ladder.

[Emancipator]

im looking at getting into rental property, but its a bit over whelming to even think about much less throw money at.

[Westech]

I'd like to get some offline sources of income going, just to stay diversified. The trick is that they have to take up little or none of my time on a day-to-day basis since I stay so busy with the online businesses and it gives me a much better return on my time.

I've been looking into commercial real estate as a possibility.

[Generalissimo]

So we're all into real estate...

Mike - probably the same company (Lanson Developments), but mine is in centre of Huddersfield (well by the canal so not in the ring road).

[paul]

I must admit I find some parts of this thread pretty funny. A few years ago I leveraged my way into a million dollars worth of rental property and then lost it all. It's taken more than 10 years for all the tax and other consequences to settle.

Websites/domains have no title insurance problems, survey problems, mortgage payments and best of all, NO TENANTS. Property owners are sitting targets. They tend to have money, they have stable addresses, and they are usually responsible citizens. So, where I live, if the tenant doesn't pay his water bill the city/county liens the property owner :)

From my perspective, moving from websites to real estate looks like jumping from the best opportunity to come along in years to a mature business filled with arcane laws, rules and traps for the inexperienced.

Your mileage may vary of course :)

[Mike]

Mike - probably the same company (Lanson Developments), but mine is in centre of Huddersfield (well by the canal so not in the ring road).

No it's Binks who developed this one... it's very close to the train line so you may have seen it.

[Chris]

I must admit I find some parts of this thread pretty funny. A few years ago I <b>leveraged</b> my way into a million dollars worth of rental property and then lost it all. It's taken more than 10 years for all the tax and other consequences to settle.

I'd guess that would be the key word. I'm very conservative when I do it, nothing aggressive, no plans for a flip or quick sale, no need to rely on a continued rapid appreciation to finance things.

[Generalissimo]

My idea for real estate would be to convert an old mill and sell off for 100 years leases on apartments in it, then be the freeholder and employ someone as the consierge full time, making money from annual fees for the leaseholders. The leaseholders would then either live in the apartments themselves, or rent them out. This would remove a lot of the problem with tenants and such.

[paul]

My idea for real estate would be to convert an old mill and sell off for 100 years leases on apartments in it, then be the freeholder and employ someone as the consierge full time, making money from annual fees for the leaseholders. The leaseholders would then either live in the apartments themselves, or rent them out. This would remove a lot of the problem with tenants and such.

First let me say that I think there is a time and place for real estate, and lots of people have done very well with it. That said, let me mention a few places where the plan could get a little messed up.

"Employ": as in licensed, bonded insured so the rents don't disappear some day? I once sent a $12,000 check to a guy to release the deeds to a few lots. A few months later he called wondering where his money was. Turned out his private secretary, who had been with him for 12 years, cashed the check & kept the money.

If a leaseholder rents to someone who is nasty to the neighbors but pays the rent on time, who and how does he get evicted? Who gets to put up the legal fees?

What if one of the leaseholders dies without a will or his will is contested, and there is a problem with a tenant?

I just find it interesting that posters who appreciate the care needed to safely buy a $100,000 website can sound so casual about investing in real estate, which requires just as much care and knowledge to do successfully.