You are who you hang out with.

[toby]

Last weekend I spent two days locked in a room with twenty something highly motivated individuals. Some self made real estate millionaires.
Is'nt it interesting how much you can learn when you take time to listen?

A special thanks to Graeme Fowler, Lisa Dudson and Dorien Forster who are real people- doing the business. They created a platform where we could all learn.
If you get a chance to get hold of any of their books or courses - grab them.
This year is getting bettter and better, especially the people I meet and listen to.

[donna]

Hi Toby,

Was that Graeme Fowler's mentoring program?

You are probably aware that we promote Dorien's (GBI) workshops thru our Propertytalk Promotions - (click on 'promotions' in the menu).

I agree with you 'you are who you hang out with' and it's easier to hang out with our 'poor network' as Roger Hamilton calls it and that we need to spend more time in our 'wealth network'.

Graeme's a great user of Propertytalk - (and he's got the T Shirt - no kidding!) so if you want to plug his mentoring program please do - any information you want to share I'm sure will be gratefully received in this forum :P .

Cheers,

Donna

[toby]

Hi Donna,
Yes I'm referring to Graeme's "orion" mentoring programme.
There are some people who contribute to this site who were in attendance.

I've personally attended a number of G.B.I's courses and have gained an enormous amount of knowledge, which I've put into action.
In fact I should net before tax about $80k this month simply by applying what Dorien and Rineke have taught me (hell I never made $40k in a job).
It amuses me how many people poo poo seminars and courses when I've made back the course fee within 90 days of attendance of pretty much every course I've attended. In fact I would say if you can't, don't attend.

I just really wanted to remind myself and others how important it is to be associated with like minded people who have similar asspirations, actually Brad Sugars says, that you earn plus or minus 20% of the income your friends do - and funilly enough, it rains reasonably true.

Thanks to all those who contribute here.
Stay focused!

[Josko]

Making 80k is sensational, I applaud you and am a little envious.

Apart from the obvious Toby, being the energy you get from sharing time with like minded people, could you provide us with a gem that struck a chord for you in orion's program, (don’t know if I would categorise it as a seminar or course, ah… semantics …never mind)

A little more inspiration would be sincerely received.

Cheers. Josko

[Julian]

Toby,
I thoroughly agree with you. And this website has a wealth of switched on achievers. It has been a privilege to meet with some of you. Its funny how sometimes things pan out. I'm thinking of that statement, "When the student is ready the teacher appears".
Julian.

[toby]

Hi Ivi,
There were lots of distinctions I got during the weekend heres two that I gained more clarity on.

1. It is necessary to build wealth with a strategy that can run true in any market, up, down or sideways.
To have a portfolio that's heavily geared without reducing your level of debt leaves you permenatly exposed.

All to often people make a climatic rise and have a false sense of security.
Their returns have been based on a boyant market and they have mixed, speculating with investing, and been rewarded. Unfortunately this strategy can only be used in an up cycle and relys on you guessing when that is.
Where do these people go from here?
Reducing your risk as you build is important not creating more risk.

2. when I do what I do, am I going toward or away from my goals?
Are the tasks that I'm undertaking today going to produce me with income or are they just saving me money?

Wealth and income are created by MAKING money not saving money and having money work hard for you not vise versa.
One needs to focus on the tasks that produce the cash not on the tasks that can or could be done.

Doing the deals is what produces the cash.
There's only one of you but many painters, plasterers etc, if you can do a deal and make $X and you can pay someone a lot less to do the reno why not just do the deals it pays better?!!!

Hope there's something there for you.

[donna]

Great to hear of your success Toby.

We're sending out a promotion today of a new course GBI are running.....so that should interest a few of you. It's about multiple finance strategies and is a two day course.

Cheers,

Donna :P

[Josko]

Thanks for taking the time to share Toby.

Strong points.

I am sure I am not alone here, when I say I would love to progress towards a fuller participation in property investing and it is my intention to do so.

Could you briefly describe the process you went through to make that a full time switch for your self. What was the first project you did that helped you on this path?

Hope that’s not asking too much.

Cheers,

[toby]

Hi Ivi,
I have yo yoed alot.
Firstly I need to say that whilst it may seem glamerous to be involved in real estate full time - and I do love it, It is not always advisable to run out and quit your job.

I believe you want to do both until the real estate business takes over.
I have had a job then left to do real estate for a year then gone back to a job, worked for a few months then done real estate again.
]
If you want my advise flip houses first.
Don't bother buying houses until you've got alot of money behind you.
Building wealth and creating an income are similar but not the same.
I don't know a full time real estate entreprenuer who doesn't trade and buy and keep.

Also whilst I had a job I was spending lots of money on my education.
The last time I had ajob was a year ago and odds are I'll never enter the work force again.

It has taken a while to build the knowledge and especially the self belief.
I remember in 2000 doing a deal where I made about $30k which is what I made in a year at that time. But I ended back working because I didn't have the knowledge and belief to continue.
Last year I made infinite returns on six properties we kept and created $200k in equity.
We flipped some other properties to pay the bills.

What changed was my beliefs.

[Josko]

Thanks Toby.

[donna]

Toby - how did you hear of GBI?

Cheers,

Donna :P

[Cliffy]

If you want my advise flip houses first.

Do you mean
1. buy below value and on sell before settlement, or
2. buy below value, do-up and sell

With the market seemingly flattening, I see less opportunity for 1. and for 2. if it takes a while to sell you could be left with significant holding costs.

If I have read Orion's posts correctly he pays 100% for house to trade, then does reno if need be and on-sells, meaning no holding costs.

Either way I think you would need some capital, or high income behind you.

[Oopsick]

Hello guys!

Either way I think you would need some capital, or high income behind you.

I am new. I want to start but I do not have high income or some capital behind me

Is there a way for me to enter IP business?

Also could you please recommend some kind of seminar or course for beginners like me?

Thanks

[Propoholic]

Hi Oopsick

Quote: Also could you please recommend some kind of seminar or course for beginners like me?

Join your local Property Investors Association - this is geared for beginners or seasoned professionals!
Auckland Property Investors Association, Ph (09) 3799692, www.apia.org.nz

Read lots of books, see PropertyTalk bookstore.

[toby]

Bear with me and I'll try and cover as much as I can.

I heard about GBI because I met Dorien assisting at a property evening about four years ago.

What is the market!!?? I don't really care. Your probably getting your info from the media.
If I can buy a house today for say $80k and it's valued today at $100k does it matter what the market is doing? In short no.
Think of the "market as a train - it goes along slowing down and speeeding up but very rairly does it derail. So houses take longer to shift - so what.? People all over the world tomorrow are not going to stop buying houses.

It's your strategy that counts not what the market does.
Holding costs are not an issue if you buy right.
Orion still has holding costs - everyone does and believe me the biggest cost is not interest, it's lost opportunities.

OPM - no money no problem team up with someone who does. If you haven't got any money, why? Are you a good steward of money?
Who do you hang with?

If you're starting out I'd recommend every spear dollar is spent on books and tapes. All of GBI's courses I have attended are great. (I have no financial interest).

How many real estate millionaires have you had lunch with this month?

The investor associations are O.K but you'll have to make good effort to find the real doers in the crowd as many are shall we say, myopic.

As I've said in other posts - It's what yopu believe that matters.

Regards - Toby