Top 5 for new investors

[revdev]

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

[Perry]

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.

[CSH]

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.

[Orkibi]

Property Investment Tips.

For My 20c worth of Tips Please visit:

http://www.propertytalk.com/forum/showthread.php?p=233520#post233520

[WGN ex-property manager]

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

[heisenberg]

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.