Hi all,
Just want to pass on my achievement since going to the master forum approx some seven month ago,
Currently have one positive geared property, two renovations, one new property under construction (50%), and block of land for sale. I am still working full time of 40hr+ in my current job and am doing all this on the weekend, starting a 7:30, finishing at 4:00pm for the last six months. Additionally I would put in 4 – 6 hours in the evenings over the week doing the book, paying bill etc…
To summarise, it’s hard, it’s real hard work, and have been flying from the seat of my pants. You soon learn that glossy outlines from the seminars soon fade into the distance when you have your own hard earned cash on the line!
By putting my actions in place I have learnt so much that you would never learn from seminars, books, forums etc… (What Steve & co suggested as well, take action!)
Some of the lessons have been tough ones such as;
1. Cash flow,
2. Slowness of government departments,
3. Dispelled the myth of “Finance is easy to get”,
4. Long hours,
5. The buck stops with me,
6. If you estimate you need $100k to pull off a project, make sure you have $150k available,
7. No one cares about your project except you, i.e. don’t wait for people /trades to turn up … hunt’ em down,Unfortunately the bottom line from a lot of these lessons is it will hurt your pocket, so you need to be prepared and have the money to cover them.
Within in the next 4-6 weeks we will be buying our next property, and hopefully by middle of the year when we realise some profit we will be full time instead my current work.
If I can communicate one thing, property investing isn’t an easy get rich scheme, you can definitely get rich, but like everything you have to work hard, real hard.And that’s the way I like it
]ALWALW,
Congratulation on achieved such portfolios in a short period of time. I just took my hat off for your achivement. Keep going you will be there soon.
Warm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]Thanks, although i wasnt adding it to make myself feel good (OK maybe a little) but more to try and say, hey hype about property investing is dangerous, and in reality you can lose a lot of money. If a council planner has a different opinion to you, a development block will soon turn into a negitve geared property, and you want to hope you have the cash to hang onto it, becasue with growth slowing it will take a while to cove your in and out costs. Same with the +ve geared property, there is a lot of traps and lesson that i have learnt for the sake of $50/wk +ve income!
A big congrats to you, I love hearing stories like that… maybe more of us would be able to do likewise if we didn’t spend so much time on the forum [
]cheers
rI have picked a few ideas from the forums, but generally from the content of the discussions they just become a distraction. I haven’t seen much real content with substance. Not a critisism of the forum, just an opinion.
As you suggest, time on an internet forum can take time from your business.
Thanks for your comments.
Hi ALWALW…
I agree there’s often not a lot of substance, since so much stuff gets covered over and over and over again…
At work I’m always checking in to see what’s new, but I’m also doing plenty of research in other, more important areas as well…
Cheers
rHi Alwalw,
Congratulations on your success, keep up the good work and let us know how you do. I’m always admired by people who put in not just 100% effort but that extra 110% effort in.
Good luck to you and wish you more success.
Cheers,
sisFunny enough the research only seems to make sense once you have applied it. I was reading a book by John Fitzgerald yesterday, and what he said wouldn’t have made sense to me before, but now I have actually done some property development it adds another piece to the puzzle…
I don’t think the average investor gives this (Property) industry the respect it deserves. By attending a seminar, typing on forums, and reading books etc, it provides you with 1% of what you need. What chance does the average Joe blow have of success? I’d say less than 5%.
Currently I am putting together a business plan, using our live data from projects, and applying the strategies and theories I have picked up through research and discussion. I like the theory of developing a working model and replicating it each year, with each additional year increasing the quantity. But unless you have real data, the plan, I feel would be no more than a “Pie in the Sky idea”.
To get to a reasonable investment position, I realistically believe it will take 2 – 4 years of solid work, and the skills you need to have will be more Project Management and Business qualification, rather than what you glean from property seminars and the like. It’s a tough road to walk.
[]
]
]
]You must be logged in to reply to this topic. If you don't have an account, you can register here.
