According to Steve only a few of the original MAP (see Steve’s 2nd book) participants are still doing full-time investing. This would seem to hold the 95% theory pretty true. Even after some initial success and mentoring the temptation to let life get in the way is very strong.

Another Steve quote that comes to mind is that it’s just as hard to become an Olympic gold medalist as it is to become a successful property investor.

You can pick at the definitions of ‘success’, but the reality is that it isn’t easy to have a big goal and stay on course over the long-term. Especially when you’re trying to do it alone and when you allow the 95% to talk you down.

No one wants to say others are doomed to fail. We rationalise our decisions, tone down our lofty goals, accept economic realities, allow the unexpected life circumstances to take us off track, let frustration weaken instead of strengthen us, take long holidays and basically ‘fail’ to utilise that elusive, hidden ‘potential’ that might otherwise have led us to ‘success’.

It’s a sobering reality that will hopefully prompt us to take action and have the mental resolve of a future gold medalist. Procrastination is a bigger threat than making a mistake out of inexperience. It’s certainly true for me.

Brilliant. This principle is so critical. Thanks for sharing.

I realise this is months too late, but we’ve used the following under the title of Timing:

This offer is valid until Friday April 21, 2006 – 5.00pm Australian Eastern Standard time

Should do the trick.

Fantastic stuff MaiA. You solved his problem (poor marketing and needing cash) and made a profit via better marketing and no/manageable financial pressure. There are some really great stories on these forums if you dig hard enough. This is one of them. Well done.

Hi Forklift,

Great story – perhaps you should write a book too . Seriously, this is a great post from someone who obviously takes action and has conquered the various mental mountains that prevent most from getting off the starting blocks. Inspiring stuff.
-Gary

Hi Angela,

I’ve recently setup a structure that I believe is identical to the one that’s been proposed (possibly by the same accountant). The company acts as a corporate trustee for a family trust that ‘owns’ the property. The directors of the company retain full control and responsibility for the asset, but the company itself earns no income and has no assets – therefore the shareholders have no benefit or claim to any funds. Only the beneficiaries of the family trust can benefit from the asset.

I’d be interested to hear feedback from others regarding this, but I believe it to be a commonly used and effective structure.
-Gary

I am really impressed with Rotorua’s council website where you can get zoning maps, aerial photos, rate details of individual properties and details about sub-divisions for zones. Check if there is a similar site for your target area.

http://www.rdc.govt.nz/Default.htm

Agreed. An awesome experience. So who’s up for a return visit later in the year?

I can’t make it for this Friday, but I am keen to catchup again. It would be good to get other KA1 participants to come along too. So if there are any out there who want give us some pointers then please make yourselves known. Peter’s (giraffe) insights at the last meet-up were most appreciated by all.

Since there is less than 8 wks to go perhaps we should plan to meet once in June (10th?) and July (8th?). What do people think?
-Gary