The Best In The Business

[rfgqqabc]

I had Jx9d in first hand and j9hh on the ft yday. Super interesting spots, I think first might be a bit too much from me but the second hand feels like a mandatory bluff with us only having 3x j9 bdfd and 4x jt to turn into bluffs. It's a gross runout for you. I presume the jam is best size. I'm always  leveling myself vs you.

Do you need to open up a letting agency to invest in property? This budapest system is just terrible anyway. Would you be the advertiser/agent or the actual property manager?

[nirvana]

TBF, that isn't a business plan - it's a words version of a Jackson Pollock painting.

Not quite sure what it's aiming to do - no one could invest on the back of it. If yr just trying to convince yourself to get into property in some way, then with such low start up costs..er just start getting into property in some way.

[Magic817]

Some quick initial thoughts. My family has our own business so I know about running your own business so please see this as me passing on some experience rather than me being negative.

I cant see where you are paying your staff unless they are only commission based. You dont appear to have any ongoing running costs of an office.
Do you have links into planning departments if you are going to get involved in developing properties? Do you have good links with the various trades (plumber/electricion/handyman/carpenter etc) who you are going to need assuming you are maintaining the properties.
Do you have someone to advise you on the tax planning for all of this/legal advisor for Hungary specific law/employment law/have you allowed for an accountant/insurances?

You don't know how much the competition charges so don't know how much you will charge so I cant see how you will know if it is a viable business.

With rentals, you say 52 apartments. How realistic is this? I worry your pessimistic forecast isn't pessimistic enough.

Finally, how many hours do you think this will take up of your time? How will that work with your other business interests/poker.

[nirvana]

TBF, that isn't a business plan - it's a words version of a Jackson Pollock painting.

Not quite sure what it's aiming to do - no one could invest on the back of it. If yr just trying to convince yourself to get into property in some way, then with such low start up costs..er just start getting into property in some way.

Having been slightly abrupt, on a more positive note,  this is one of the better lines I've seen in a business plan


"Fuck Airbnb and their inflated prices, fuck Albertlet with their awful customer services  and fuck all the other sites with their awful unworkable websites"

[EvilPie]

You're after 52 properties within year one which needs a lot of money and I can't see how you're going to get it.

It's going to be so difficult to get investors for this. Anybody who wants to invest in property in the sort of numbers you're talking about can just employ a couple of people to do exactly what you're offering but at a fraction of the cost and then they can keep the cash for themselves.

You mention that you will be competent. How are you planning on achieving this? From what I can see you're taking on 3 people and then training them yourself over the course of about three weeks. That does not equate to a level of competency that encourages major investment.

Sorry to sound negative but it looks ambitious to the point of being unrealistic and more of a dream than a business plan. You should definitely cut out the whole construction element. I'm guessing you have absolutely zero experience in the industry and it's not something you can self teach. Stick with the lettings bit for now. At least with that most of it is just common sense.

Biggest piece of advice would be to start small. It's a cliché but don't run before you can walk. Buy a couple of these apartments with the cash you already have and work from there. You'll learn as you go and then the meetings with potential investors can develop. You need the investors first before you start talking about such a huge project.

[EvilPie]

As a potential property investor myself what could you offer me for my money?

It would only be a small amount, let's say £100k but how would you persuade me to stick my hard earned cash in to bitB letting?

Would the plan be that my £100k buy me a proportionate % of the portfolio?

Or do you just want investors to buy property off their own back and then you manage it for them?

[pleno1]

I think you guys misunderstood exactly the business.

Its essentially property management for real estate owners for expat people in Budapest.

Why it will/could work is

1- There is thousands of international students here who stay for 12+ months and rent apartments
2- The current real estate letting companies are extremely incompetent and have very poor reputation amongst expats
3- We are extremely well connected in the English, Norwegian, Irish and American expat groups (10,000+ people all renting
4- We have very good team behind it, I came up with the idea but we have Hungarian property expert who will initially source the apartments from landlords and then a construction expert who helps with other revenue streams in the company such as refurnishing peoples apartments or leading onto 5..
5- We will not be "buying a huge portfolio of properties" once we find a good apartment for x$ that we know is good value vs the other properties on the market, we just snap buy it, our construction expert can re-do it and when the time is right we can either do a quick re-sell or rent it out ourselves.

If we can by 4 years make 1 months rent (standard here) for 1000 people that 500,000$, if we can somebody really crack the market and become the main market leader for expats and rent out for a even bigger market then its very good money. If it works in Budapest it could work in other cities, but the reason why Budapest works is because of our connections built up here over the last years.

Not quite sure what it's aiming to do - no one could invest on the back of it. If yr just trying to convince yourself to get into property in some way, then with such low start up costs..er just start getting into property in some way.

Regarding people investing $ into the company, it definitely wouldn't be like that, would be 100% my own capital. The main nucleus of the company (asides from initial set up costs which are pretty minimal) would cost very little to run.

Regarding staff salaries, its very standard in these real estate companies, at least here to work off commission. Average salary is less than 7000 euros/year.

Do you have links into planning departments if you are going to get involved in developing properties? Do you have good links with the various trades (plumber/electricion/handyman/carpenter etc) who you are going to need assuming you are maintaining the properties.

Yes we have full construction team of 8 people ready to work on any projects that we deliver, they are owned by the construction expert named xxxxxxx in the plan and are extremely cheap but highly skilled.


I think everybody has the wrong end of the stick with the 52 apartments:

1- Pessimistic

"Year 1

Costs €45,000 (office + interior design + website + marketing)
Rentals = 52 apartments at €400/apartment = €20800


52 was me being pessimistic if anything, we would be aiming to show 35 people around apartments/week (5/day) and the pessimistic forecast shows just 1/week successfully being rented. Again this is not me buying a house and renting it, it is bringing together a potential tenant and a potential landlord and taking a one month rent as commission with the idea of cracking the very open and forever expanding market of expats looking for long term rent.

[EvilPie]

I think you guys misunderstood exactly the business.
 

Don't ever say this to anybody who reads your business plan and then offers advice.

Something along the lines of: "I don't think I properly explained the business" would be more appropriate.

[EvilPie]

"Year 1

Costs €45,000 (office + interior design + website + marketing)
Rentals = 52 apartments at €400/apartment = €20800

Is €400 your expected annual revenue from each apartment that you manage?

[EvilPie]

Would you offer a finding service as well? What I mean is could I get you to locate a suitable property for me, sort out all the admin including renting it out and I just pay for it and sit back and watch the cash roll in?

Now that would be a good service.

[pleno1]

Had a pretty bad Sunday session, overall I played decent, probably B game but I had very low concentration, was on discord/skype/fb too much and wasn't focused nearly as much as I should have been. Made a horrible misclick semi deepish in the $600 whale with 52o calling big all in pre flop Pretty bad, not sure why, but think my preparation for the session wasn't so good. Maybe overstating how bad things were, for 8 hours of the session I was playing great but 2 hours really let me down. Isn't usually a problem so was a little frustrating. Had a lot of deep runs though for good confidence, 11/2000 in Big44, deep run in Party main event, just got 10th in $215 6max etc.

Have made this spreadsheet for whole of SCOOP, suggest reading it on PC not a phone, but cliffs are I'm super motivated, super pumped, super ready and super excited for next week.

https://docs.google.com/spreadsheets/d/1MZniZtzJNH-JBfzoTEUzbBV6YrgvyV1rsxYHOoO8Cok/edit#gid=0

I for some reason didn't realise SCOOP was next week, I thought it was the week after for some reason. But everything about the 2 weeks is amazing, yes SCOOP is huge, but both Party and 888 have amazing series too, playing high stakes schedule everyday with huge prize pools is something we've all missed for a long time with the recent changes. Check out the final Sunday for example.

$1k Phase event
$2k Sunday Warm Up SCOOP
$1k SCOOP Main event
$10k SCOOP Main event
$1050 XL 888 series main event
$1050 Party Pokerfest main event
$5200 Party Super Highroller
$530 Party Pokerfest Event
$530 Party Pokerfest Turbo Event
$1050 SCOOP Wrap Up Turbo

Then hopefully day 2 of some events too, Saturday is super insane, Mix Max, PSKO etc. Cannnnoootttttttt wait! But I have to make sure I'm prepared and well balanced for the series and not burned out by the last days as they are arguably the most important.

This week I will play tomorrow, I played a little tonight, will take off Wednesday, Thursday, Friday and Saturday, do a tonne of studying, tonne of eating well, going to the gym and just generally getting my mind prepared.

Tomorrow session with Jared Tender and Friday session with Elliot Roe.

Have decided in the end to stay in budapest for SCOOP, Fedor and the guys are flying directly from Costa Rica to Vegas and I need to be in Budapest 1 day after SCOOP as our horses are flying here for a "post SCOOP party" should be pretty fun.

[Ragz]

Dude what did u have here at Hot 55 FT? Totally knew I'm prob crushing pair of u, conor's opening atc no doubt so you've got be pretty wide. Lost me bottle tho, I need the cash naahhh mean 

PokerStars Hand #153043181370: Tournament #1553324227, $50+$5 USD Hold'em No Limit - Level XLIII (30000/60000) - 2016/05/08 22:50:31 WET [2016/05/08 17:50:31 ET]
Table '1553324227 30' 9-max Seat #3 is the button
Seat 1: 1_conor_b_1 (1918893 in chips)
Seat 2: pads1161 (643891 in chips)
Seat 3: RagztoRiches (1449885 in chips)
Seat 4: llambias (2290160 in chips)
Seat 5: Ko1ya777 (861293 in chips)
Seat 6: NoHayMiedo* (1822118 in chips)
Seat 7: MistheMan (1141365 in chips)
Seat 8: robinho (1459599 in chips)
Seat 9: LisaKKeLite (882796 in chips)
1_conor_b_1: posts the ante 7500
pads1161: posts the ante 7500
RagztoRiches: posts the ante 7500
llambias: posts the ante 7500
Ko1ya777: posts the ante 7500
NoHayMiedo*: posts the ante 7500
MistheMan: posts the ante 7500
robinho: posts the ante 7500
LisaKKeLite: posts the ante 7500
llambias: posts small blind 30000
Ko1ya777: posts big blind 60000
*** HOLE CARDS ***
Dealt to RagztoRiches [ ]
NoHayMiedo*: folds
MistheMan: folds
robinho: folds
LisaKKeLite: folds
1_conor_b_1: raises 60000 to 120000
1_conor_b_1 said, "gl friends"
pads1161: raises 516391 to 636391 and is all-in
RagztoRiches: folds
llambias: folds
Ko1ya777: folds
1_conor_b_1: folds

[pleno1]

AJs would be pretty easy fold for you I think

[pleno1]

Around 4 hours into my session today I had HUGE stacks in every tournament, all the SCOOPs I was top 50 and was playing really good. 6-7 hours later, I was doubting if SCOOP is really worth all this hassle and stress. Its so important in this game to just handle emotions and have some perspective.

Basically what happened is early on I ran really good and later I ran really bad in all the really really big pots, thats fine though, thats what tournaments are all about, but what they are really about is how you react to all that stuff. Around 2-3 hours ago when I finished my session I was pretty sad about it, bad day, lots of hopes down the drain from promising stacks to busting etc etc, but I have to remind myself of my pre game notes.



ENJOY THE PUZZLES

FAILURE WILL HAPPEN

BOUNCEBACKABILITY

COMPOSURE

PROFESSIONAL

DISCIPLINE

RELENTLESS

BE PROUD


Looking back on it all, I think I met all my goals and that should make me happy going into tomorrows session.

Here is the one really debatable hand I played today, it was in the money in the $1k kick off.

Click to see full-size image.

So I open and check back T92 fd which I think is standard as he's going to c/s hands like QJ, Axdd, KJ and TX, 87 etc that I really don't want him to do.

Turn I pick up King, his bet is quite scary, I mean technically this is "my card" so for him to lead, with this sizing is definitely a concern, but I think call and reevaluate is good.

River he bets again, now when I get to the river my range looks a little like AK, AQcc, AJcc, A3cc, A2-A8cc that I'd likely play the same in the hand and maybe some hands like 87dd but even that I possibly would bet flop/shove turn..


On the river I have to be bluff shoving AKcx, regarding my opponents range I think he bets 2 pairs like this very often (he shouldn't have kk/tt and maybe not 99 pre vs me) but he can have 33, so its 33, t9, k9, kt, t3s and then qj and flushes. I think a lot of his flushes will be pair + draws or combo draws that will check the river but he may play QJ like this, I think most of the two pairs will have very tough time calling the river and thats what I'm targeting to fold. Its definitely not a spot that I'm bluff heavy and I'm definitely carrying a lot of nuts in my range here too. He tanked down to 1 second and called with QJxc with the jack clubs its definitely more of a call I guess.

What do you guys think? Too ambitious? Punty? I'm pretty ok with it, but maybe i'm being biased, let me know what you think, I'm genuinely very interested.

Had a couple of other sweats, final tabled hotter 55 with $18k ftw but managed a 9th there! Looking forward to further sweats over the next 2 weeks.

Anyway, shout out to elmerixx, he won $700 for $80k, 2nd Winamax high roller and currently 5/7 in Party high roller. vamos.

[Ragz]

AJs is a snappity high five if conor opens anything like his shadwo Charlie does. I would've happily gone with AT/A9s/66.

Funny you should post the above hand as I stalked you for five minutes and saw this play out and did wonder just what the shove was for...