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If You Had Enough Money Would You Ever Work Again?

One Hit Wonder, part 2 by Bill Roberts

If you had enough money would you ever work again? This is a legitimate question for us in real estate development. It is quite possible to make enough money on one deal to take care of our needs for the rest of our lives. We call this a One Hit Wonder.

Wherever you are going in life you need to know your destination and have a map that shows you how to get there.

Your financial "life" is no different. Set a goal. It doesn't matter what your goal is but it would be better if it is attainable, if only for your own "sanity." Even an unattainable goal will keep you focused on the direction of your journey, and who knows, you might actually find a way to get there.

Most people "dream" of riches and early retirement, but really plan on working their entire life.

The One Hit Wonder could change all that.

Whatever the "amount" that you figure would set you free IS POSSIBLE. Whether it is one million dollars, five million dollars, or twenty-five million dollars a deal could be done to achieve your goal in one feel swoop.

My number is five million. I feel that with that amount I could have investments that would take care of me and mine for the rest of my life.

In One Hit Wonder, part 1 I describe a commercial development of a retail/office project that generates that much equity.

There are many different things that can be done to generate various amounts of money.

Use Change

I believe that the "easiest" way to create this fortune is by "Use Change." Use Change is taking a piece of real estate and doing something with it that is not currently being done. This could be something as simple as turning apartments into condos, or taking a house on a large lot and splitting it into two lots (or more). Use Change also includes building on a vacant lot. It doesn't have to be difficult. Anything where you end up with a higher and better use should make you money.

If you want to do a project to set you free, but you are a little frightened by the whole thing you may want to join with others to accomplish your goal. We call this a PowerTeam. I'm always looking for a few good partners. Give me a call. Bill Roberts at 619-244-4610.

See also Highest and Best Use, Part 3

Highest and Best Use, part 2

Highest and Best Use

Why Pay Retail?

Posted by Bill Roberts - "Baby Boomer" Retirement Planning on 10/06/2007 10:40 AM

Comments (30)

bill roberts retirement planning, real estate investment

30 Comments on If You Had Enough Money Would You Ever Work Again?

OCT

2007

Hmmm.... I have thought about this before. My answer is, I would work for fun and recreation instead of survival.

Bill, if you could convince all 51,329 members to mail you $100.00 each, you could retire. Maybe worth posting.

Bill, That's OK. There are a million things I would like to do that some people would call "work" that I would think of as "fun."

Bill Roberts

Al, Good idea. Why don't you start it off? And thank you.

Bill Roberts

Hi Bill, Yes I would continue working but probably doing something with a greater " satisfaction/fun " element. I like what I'm doing but would tweak it a little.

If i had it all i would do more volunteering. Giving back to the community that sustained us in our business..

Bill, Good answer. Thanks for commenting.

Bill Roberts

Robert, Are you sure you wouldn't move to a sunnier clime?

Bill Roberts

My number is 8 million, but more would be great. But I doubt that I would stop working. I think I would most like to teach the fundamentals of the industry and to assist in creating a UVP for each student. Imaine having a mentor that would help you create not only your Value Position but to clear the way for a person's passion to be able to ensure a successful career that looks like they dream it be. Living a perfect career. All the income you would want and the time to enjoy it. And I would do all this out of my passion to have my own perfect career.

William, You are on your way. You have stated your goal (and quantified it) now all you need to do is do it. Good luck.

Bill Roberts

Bill- It would be 10 million. Then I would invest most of it and live off the interest. I would keep working but it would be in writing and speaking. I would go on the speaking circuit and write my books. I would delegate out all the things that I do not like to do. I would spend my time with my family and travel the world and relearn the languages I stopped speaking. I have a vision board and a dream list. I also have an intent statement that I read aloud to myself each morning with all these intentions on there. And I would have a home in Colorado and one in Hawaii. Katerina

Katerina, maybe you can explain it to me. Everybody has just reacted to the title, and not the "meat" of this post. Why is that? I wrote the title to attract interest, but I didn't expect it to be the subject. Where did I go wrong?

I appreciate your comments. Ten mil would be nice but I don't really need that much to launch my "retirement" career.

Thank you.

Bill Roberts

Bill- Well, I think I have a lot more kids than you! The title causes people to have a perception of what the post will be about thus everything I read after the title will verify the title. The title influences me to see in the post that which the title is about. I then read the first paragraph and again it backs up the title. Your entire first paragraph is about having a map of your financial goals. The second paragraph you tell us that 5 million would do it for you. Then in the last paragraph you tell us how you can invest in property and use land use change to reach financial goals. What is it that you wanted to put across in this post? What is the "meat" of the post? Katerina

Katerina, thank you for your observations. I was trying to emphasize my "one hit wonder" concept. I guess I need to rework it some.

Thanks again.

Bill Roberts

Bill- Maybe a title like: Who else wants to know how to hit the big one in real estate investing? Katerina

Bill, I love the way you keep it simple and still make it thought provoking. I'm sure many that read your blog have their eyes opened to new opportunities. The only problem I see is trying to figure out what to do with all your time if you do get the one-hit.

Bill, I've actually never aspired to do the "one hit wonder". I LOVE what I do. I'm fortunate to do very well with my business and I have the luxury of working out of my home and working when I want and taking off when I don't feel like working. But you know it's rare that I don't feel like working. Of course I've never considered what I do work. It's just what I do. Does that make sense?

Katerina, Again, thank you. I'm digesting it all right now. I may re-work it and have another go at it. More focussed this time.

Bill Roberts

Mario, believe me if you get your "one hit wonder" you won't have to worry about how to fill your time. Nature abhors a vacuum and you'll have enough money to do whatever.

Thanks for your kind words.

Bill Roberts

BB, of course it makes sense. That is the ultimate goal of all successful people, to do just what they want.

I don't think anybody wants to do "nothing."

But you do like to get away to fish off Costa Rica.

Bill Roberts

I would blog more...lol! I think that I would do more for a women/children shelters. i really don't know what I'd do if I had a lot of money. I'm just me and knowing me I'd pay off my townhouse and put some into something....but I'm not one to keep doing more and more and more..I did that and got burnt. I want to travel the world....all of this seems like a lot of work anyway.

OCT

2007

WooHoo Sally, then it sounds like you need one big deal to set you free. Oahu should have plenty of opportunities. Go for it.

Bill Roberts

Bill - I have not done these best use conversions. I think they require a lot of knowledge of commercial real estate. I have done some, but not much. What you are talking is a both a development project and commercial real estate sales. Both require quite different set of skills. If you have them, or your partners do, I am sure it can be profitable in some markets. Understanding the timing and the market is part of the skills I am talking about, plus a lot more. The idea, of course, is exciting.

I am not talking about how much money I need to retire, since that's not what your post is about.

Faina, the opportunities for use change are everywhere. If you lack knowledge or confidence you can "acquire" it by partnering with somebody that has done it. I call this a "PowerTeam" and it is a good way to get started. Your first "deal'" will probably be small, but eventually you can do a big project that will produce enough money to do what you want.

Bill Roberts

OCT

2007

I can't be a one hit wonder, but I get your point. My wife would kill me if I stopped working. I've been working since age 11 and it is just who I am. If I take more than 3 days off, I start to get irritable and she kicks me out of the house. Even on vacation, she lets me do some work, just because she knows if I don't she may have to kill me by the time we are done.

I don't do any work durning fun time, I keep it to when we are driving or on the plane. It is just an understanding we now have. Family time is family time and I won't step on that.

Ah Todd, you are still young (if your picture is current) but eventually you will want to do only your own deals. Then the value of doing one big deal will be evident.

Thanks for commenting.

Bill Roberts

OCT

2007

Bill, I'm not sure what my number is, but my goal is to be DEBT FREE BY 35! I am not counting on one transaction to make this happen, although it would be nice if it did! Instead I believe that:

HARD WORK + A LITTLE LUCK + TIME = VALUE

Mike, thanks for commenting here. You left out "work smart" which just could be the most important part of your formula to allow you to retire at 35. When is that? Next year? Good luck.

Bill Roberts

OCT

2007

You know, there isn't a number. I've been thinking about it, because I have a side project running that could generate a HUGE amount of profit. But, no matter what, I come back to having things I want to accomplish... I might call it work, but it would be doing what I want... when I want.

Lane that is true for all of us. I don't think anybody wants to vegitate.

Thanks for chiming in.

Bill Roberts

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