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  • heisenberg
    replied
    I really like this quote from Shane D from a few years back:

    Property Investing like War
    Property Investing is like war. You fight a battle (buy a property) and then consolidate your position. Don't overstretch your troops (finances) and be caught too thin, wait for the supply train and fresh troops to arrive. Use the down time to study your opposition (market) and strategize your next battle moves. The end goal is to win the war (retirement) so pick your battles carefully. No use fighting battles for the sake of it. Its about winning the war.

    Leave a comment:


  • WGN ex-property manager
    replied
    Whenever you sign up for a service, or a transaction (tradesmen, accountant, S&P on a property), always understand the motivation of the other player, in particular HOW DO THEY GET PAID/REWARDED/PENALISED

    Once you get this you can understand how their motivation is aligned to and differs from you best interest, so predict any likely ways they might act against your best interests.

    Try it at home:

    How do the following people in you team get rewarded:
    1. Builder
    2. Accountant
    3. Friendly real estate agent (when you're buying)
    4. Friendly real estate agent (when you're selling)
    5. Property Manager
    6. The vendor (when you're buying)
    7. Property educator (careful here, this can get a bit unclear)
    8. Guest speaker at your local PIA
    9. Your mortgage broker
    10. Your Bank (can they get a better return on capital by investing in in you, or somewhere else? Where does the money come from that they lend you?)
    11. A council building inspector

    Leave a comment:


  • Orkibi
    replied
    Property Investment Tips.

    For My 20c worth of Tips Please visit:

    http://www.propertytalk.com/forum/sh...520#post233520

    Leave a comment:


  • CSH
    replied
    Its all about cashflow - so your homework on how to calculate cashflow - gross and net! Decide what cashflow figure you are aiming for and stick to it.

    Leave a comment:


  • Perry
    replied
    On the 'luck' thing, is it a matter of perspective?

    Winston Churchill allegedly said: people often
    stumble over the truth, then pick themselves
    up and hurry off as if nothing had happened.

    I got into PI by accident/stroke of luck/blinding
    flash of the obvious/????? Could someone else
    have had a similar experience/opportunity and
    not had the good luck to see it for what it was?
    I suspect so.

    Substitute 'luck' for whatever suits your outlook.

    Leave a comment:


  • revdev
    replied
    PS: How the hell does the multi-quote thingummy work??
    If you want to multi-quote:

    Go to each individual post and click on the icon that has quotation marks and a plus ("+)...do this for each subsequent post.
    When you come to the final post you want to quote, then just click on the quote icon, and then brgin typing your reply.

    Cheers
    G

    Leave a comment:


  • zedrex
    replied
    Originally posted by Perry View Post
    Being in said place at said time can be a stroke
    of good luck, all reasonable planning aside.
    I guess it all depends on your individual perspective, I REALLY think that we CREATE our own luck by our thoughts and actions and attitude - but that's just me!

    Originally posted by Perry View Post
    Unfortunately, I couldn't find that thread. It was very
    provocative in a mind-expanding way. Once I'd got my
    head around it all, I could see the point. -
    I would dearly like to see that thread, anything that is thought provoking is worthwhile

    Originally posted by Perry View Post
    I suspect luck plays a part there, too. It's an oft-touted
    piece of advice. It almost always comes with no guidance
    about selection criteria.
    Yes it is, sadly it would seem in many ways to be achieved by trial and error, a friends PM that they swore by - cost me in excess of $6k, generally however, personal reccomendations are a good place to start as long as you gel with those individuals - getting along with your team has a significant impact on your success or lack of it.

    PS: How the hell does the multi-quote thingummy work??
    Last edited by Perry; 13-03-2009, 11:32 PM. Reason: fixed quoted text

    Leave a comment:


  • Perry
    replied
    Originally posted by zedrex View Post
    I'm not sure I agree on luck, luck signifies something out of your control (lotto tickets for instance) in my experience most of PI is down to the right place at the right time
    Being in said place at said time can be a stroke
    of good luck, all reasonable planning aside.

    Originally posted by zedrex View Post
    As for prof advisors knowing more than the PI then watch out....hmmm
    Nup, I don't agree, if I know more than my lawyer, accountant, broker, tradies, etc., then I reckon THEN I need to watch out.
    Unfortunately, I couldn't find that thread. It was very
    provocative in a mind-expanding way. Once I'd got my
    head around it all, I could see the point.

    Originally posted by zedrex View Post
    Get a good, a really good team around you. (Lawyer, broker, etc - all should be ACTIVE PI's themselves)
    I suspect luck plays a part there, too. It's an oft-touted
    piece of advice. It almost always comes with no guidance
    about selection criteria.

    Leave a comment:


  • zedrex
    replied
    Originally posted by Perry View Post
    • Did anyone mention luck?
    • And some common sense?
    • A modicum of business 'nous?'
    Also, somewhere on PT is a thread wherein
    someone commented that if a 'professional
    advisor' knows more than the PI does, watch
    out.
    I'm not sureI agree on luck, luck signifies something out of your control (lotto tickets for instance) in my experience most of PI is down to the right place at the right time with the right atitude.

    Commons sense, yep - by the truckload is good, ditto a bit of business nous, after all we are in this to make money aren't we?!!

    As for prof advisors knowing more than the PI then watch out....hmmm
    Nup, I don't agree, if I know more than my lawyer, accountant, broker, tradies etc then I reckon THEN I need to watch out. As PI's I think we are more big picture thinkers than detailists, we rely on our "team" (all of whom should be PI's IMHO) to give us the specialist knowledge we require to make our PI goals a reality, we are the ones who pull the information together to see if a deal is going to work for us or not, whatever strategy we are using.

    My advice to new investors -
    Get a good, a really good team around you. (Lawyer, broker, etc - all should be ACTIVE PI's themselves)
    Talk to other PI's (that way you can learn from their mistakes and their successes)
    Understand that you will still make mistakes anyway!
    Don't be tempted by all the "get rich yesterday" hype that is prevalent around PI these days.
    Really, really, really get educated about what your about to get into.
    Negative gearing - understand it fully!
    Enjoy it, it's a roller-coaster ride but it's a whole heap of fun!

    Leave a comment:


  • mortgage broker
    replied
    I think that the most important thing in the current climate, is to find out how much you can borrow.

    And don't be afraid to ask different banks, at the end of the day you don't wont to spend endless hours looking for something that you might not be able to buy. Or missing out on things that you could.

    Oh and if you have been to a lender six months ago, the criteria has probably changed drastically.

    Leave a comment:


  • Alien
    replied
    Hey Monid,
    I just wanted to say that your greatest hits selection is fantastic. I'm new to PT and my head is swimming with all the info you provide from this link. Some great ideas and comments from everyone here that don't always agree but force you to look at all sides! Good stuff for a newbie like me.

    Leave a comment:


  • waiopehu24
    replied
    Persistence 3 The continuance
    of an effect longer than the cause that first produced it.

    Jump in and see if you know how to swim. That would be my advice. And if you find out you ain't too good a swimmer i'm sure you'll learn pretty fast!

    Leave a comment:


  • Perry
    replied
    • Did anyone mention luck?
    • And some common sense?
    • A modicum of business 'nous?'
    Also, somewhere on PT is a thread wherein
    someone commented that if a 'professional
    advisor'
    knows more than the PI does, watch
    out.

    It was an interesting and provocative thread.
    Well worth a look. (If it can be found )

    Nothing is won without sacrifice.

    Leave a comment:


  • Monid
    replied
    Hi Red123NZ, I was based in Auckland but now I'm based in Portstewart in Northern Ireland... I'm back in March for a visit though and hopefully there will be a gathering.

    Cheers
    David

    Leave a comment:


  • red123nz
    replied
    Cheers Monid, yes I have your page ( best of ) in my book marks and I tried to read one a day Are you based in auckland?


    And Robyn as always with the great advice Cant wait to meet you in person

    Leave a comment:

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