In this episode we discuss our many failures.
Runtime: 29:39
A quick rundown of the episode:
- The Ren Men discuss the topic of the their Top 4 failures
- Abandoned Opportunities
- Contractors
- Appraisals
- Capital Killers
- BOOB Update – 1 Club Golf
- New BOOB Challenge – Fishing Tournament
- Chalk Talk – Most Referrals = Free Southwest Airlines Flight
{ 23 comments… read them below or add one }
I have been enjoying your webcasts since the Tim Ferris challenge…great episode. Always wondered how you guys did with your contractors…thought you may have a background in that. For future episodes, would be interested in your backgrounds leading up to the real estate that might have helped. I did an investment house a few years ago and got my rear end handed to me – business partner troubles, contractor troubles and the market crashed. I did learn a lot though. Again, really appreciate your attitude, enthusiasm and transparency!
Video Reply from The Ren Men
I hate abandoning opportunities. I always think, “there must be some way to make this work” even when it is obvious that the opportunity is a loser. There’s a thin line between perseverance and idiocy (I just made that up).
My brother-in-law likes to say that my favorite thing in the world is a for sale sign. Unfortunately, he’s right. I see opportunity everywhere, even where it doesn’t exist. Turning your back on an opportunity is a very hard thing to do.
Mistakes are a great thing if you learn from them. If you don’t, then they’re not so good. Mistakes = Learning Opportunity.
Another great show, guys!
Video Reply from The Ren Men
It’s easier to give up on opportunities than to stick with them, it’s all about evaluation and keeping a clear mind. Giving up at the first sign of a hinderance is a bad habit. Getting stuck to something you put a lot of energy into and lose the sight of the goal you had in mind, might even end up worse. It’s probably one of your strength to be team and remind each other on how you do your thing instead of riding on a starving horse.
I really like your embrace studio video, nice to see you take sides, even though there will be people who will not book you as you might not be “serious” enough. How is this wedding business working out for you? Do you get as many requests as you expected and how is the competition for that market around you?
Video Reply from The Ren Men
great episode. timely discussion on giving up on ideas – something I was thinking about recently. My phisophy now isn’t to just ‘give up’ on ideas for lack of effort, but to clearly define the economical or business reason for shelving an idea.
anyways, i like your contest and i’m going to enter it.
Video Reply from The Ren Men
Great episode, but camera work in the beginning gave me a headache – had to just listen and not look. Cameraperson, be calm.
Hola!! Congrats on the episode- might be the best yet. But next time…. don’t buy Aurora. I’m jes sayin…….. values are still depressed, but I have hope that next year they will improve a bit. Curious on the big building blunder…… really? No comps? I’m kind of local, I know, but not even a sq ftg calc? That almost sounds like a zillow guesstimate (1/2 price). The good news is if the lemonade stand… and car lot….. and other businesses do just OK you can back in a rent number to justify a reassesed value- I think. But I defer to your wisdom there, as I just have 3 properties. Gotta disagree that you met the challange, though….. too much up front expense. Chapter 6 (I think……) spells out less outlay. (Just busting chops, though; still a good idea). With a summer coming on…. a movable cart? Not just at the corner, but at a fair, fireworks, and parade? Just a thought.
Great show!!!
Roger,
No doubt about Aurora…Shame the Ren Men didn’t have the open dialogue with the Denverites who could have advised them otherwise. The local term for that area – Anyone??? Saudi Aurora (No offense to anyone who resides there, including Grant’s little sis)
Keep smilin’,
Matt
Video Reply from The Ren Men
Great Show as usual!
As strange as it sounds, it’s really inspiring to ear entrepreneurs talk about their failures and how they got through the “hard times”. However, I find it difficult to draw the line where you just decide to give up on a project that’s not working as expected… When facing a adversity in a project, do you go with your “feeling” or your really look at the numbers to decide when you quit?
Again, love the show! Keep it up guys! Can’t wait for next week.
Take Care
Yves
Video Reply from The Ren Men
A link I read recently just further showing how far ahead of the real estate curve you gentlemen are.
http://realestate.yahoo.com/promo/renting-the-new-american-dream
Renting… the new American Dream, who would have thought…
Always Watchin’
p.s.- Welcome Back to the Boobs
Video Reply from The Ren Men
Nice hat Ebeneezer!
Grant and Alan,
Loved the train wreck, perhaps my favorite visual to date – Well other than Alan on the old-school BMX bike!
Also, really liked the RILA Logistics and Embrace Studios advert’s. Thanks for sharing them!
Subway – I can dig it and I enjoy it. There was a great time to buy that franchise about a decade+ ago when they were a bargain, but those days have sadly passed.
Columbus market – It’s a shame to hear that it’s gone down hill. I lived there in the 1990s and had a rental home that did quite well. My guess is that the purchase prices went up and rental values down. Darn shame!
Something I’ve noticed that I like – If I access your shows through the Facebook site, I can view them via my iPhone, but if I try to access them via the Ren Men website, I can’t watch them on my phone – I’m virtual baby, so Facebook access it is. Someone call IT Support! Ha Ha.
Contractors – I’ve been very fortunate here (i mainly select new contractors based on referals). I’ve never had a bad contractor and I reuse the ones that have proven themselves. I’m having some work done on the downtown condo and was lucky enough to get our trusted mountain contractor to come down to the big city to do it right the first time!
Appraisals – Times have changed lately – lenders used to be able to choose appraisers, but now they are forced to use unknown entities. This is a good way to prevent ‘buddy deals’, but it’s also a go way to get a low-priced, inexperienced appraiser who isn’t familiar with the specific area of the home. Tricky!
Alan’s word of the episode: Delicious! I can dig it.
DHL left Clinton County – Are you kidding me!?!? Ok, I was aware, but still a bummer. How did the Clinton County effort go to attract green companies and capture Federal Stimulus funding? Seemed like a good idea, but I would have simply renamed the county “Google”.
100% fruit juice smoothies? As Alan would say, Delicious! Sling it old school style; wish I was walkin’ your trail!
Dug the one club golf game…I had my money on my old-school buddy for this one, but didn’t know about the handicap until the end (tried to make that generic so I didn’t spoil it for Richard this time).
Alright boys, that’s it from Colorado tonight. Hope you have enjoyed this Encyclopedic installment.
Peace,
Matt
Video Reply from The Ren Men
Hey Guys!
I just want to say that your show is inspiring…You have a great following up here in Canada! All the best!
PS I was just out for dinner with my good friend Sunny. And he was smiling ear to ear all night. You guys are great!
Video reply from The Ren Men
Great show! Ireland is not dropping off!
The litmus tests and procedures you mention to find contractors that are competent and honest, how do you do them? Isnt it hard to figure out the ethics and honesty of someone that you only meet for a brief period of time? Guess checking with past clients might be an idea… Well, how do you do it?
Video reply from The Ren Men