The 3 P’s of Property

Hi Steve,

Good newsletter, thanks.
I like to bear in mind some of good ‘ol Earl Nightingale’s words of wisdom (“Lead the Field”).

“Success is the progessive realisation of a worthy goal.” So decide what your goal is and work towards it. He also advocates being successful every day of your life ie work toward your goal one day at a time, as the journey is really just a lot of days strung together.

Then he says break down each day into a series of tasks, and do everything you have to do today in order of priority and to the best of your ability, that way you can go to sleep at night knowing you did everything you could that day to achieve your goal.

There’s a lot more to Earl, I recommend his writings to all.

skippygirl[biggrin]

Plan: To own properties

Purpose: To have an income to retire on

Passion: For sure. Don’t want to ever have
to survive on the old age pension.

One property, a four unit site, is owned outright. Next, exisiting 4X2 we are currently subdividing with the view of building on the new block and will then hold both as rentals. Next is a small buy and hold in a rapidly growing area and latest, (offer in now) is 8000sq mts on river front in town on rail line to Perth. We will build and sell two units a year for four years at which time we will be free of debt. Anything built after will then be a mix of rentals and for sales to keep ahead of a mortgage. Retirement at 60 now seems a reality. PHEW[thumbsupanim][party]

If I knew then what I know now……….you know how it goes

What is MAP

Thanks

Passion – people, helping others
Purpose – to get financially independent to enable me to volunteer time in O/S aid work, or even here in Oz.
Plan – purchase cf+ properties using equity in PPOR and proceeds of sale of well grown capital growth property just recently.

In my mind the passion has to come first, if you don’t know what it is you have a passion for, how can you plan to work towards it.

Each of us approaches our journey very differently. That’s what I like about this forum, hearing how well others are doing, and being motivated to keep going myself.

Steve, thanks for putting this post up. The answers of my fellow forumites are refreshing and motivating.

Cheers
CD[smiling]

CastleDreamer

JohnO I like your wise insight about purpose.
It can be a struggle to find your purpose, many people find their true purpose only by accident.

This might sound odd, especially on a website like this, but I find property investing boring. It conjures up the memories of studying hard for an exam in a subject I have no passion for. I have purchased 2 IP’s over the past 4 years and it was only done to ‘compensate’ begrudgingly for a disability in my life (+ or – CF never even came into it). Then as I continued to ‘stumble’ along and hate my life, I also began to hate my job even more. I’m fairly new to this site and so I attended Steve’s seminar, once again in the vein hope that by doing so, the ‘pain’ of paying $1000 will magically ‘force’ me to ‘love’ IP! Prior to this, no matter how many PI books/seminars I went to, the more I did this, the more ‘elusive’ the love for PI became and that’s where the word ‘PLAN’ changed things for me. Not only do I now realize that I never started with one, but I completely misunderstood what the definition of ‘plan’ really meant for me. I was so brain washed by some seminars that ‘plan = becoming rich’ that my formula in property investing just meant more hard work and therefore had no personal meaning for me to identify with. The harder I ‘studied’ PI, the more my interest in PI waned. Once I understood what it was that I really wanted to do with my life then I discovered my purpose. My purpose (which incidentally is so far removed from real estate) now asks for a ‘strategy’ to fulfil this purpose (or ‘superobjective’ as I like to call it). As a result my interest in IP has improved greatly because I now view IP as just a side effect of my strategy that links me back to my superobjective in a continuous loop. The hard work feels easier when I refocus on this superobjective (and we all have one) Therefore the less I stop ‘trying’ to ‘study property’, the more the sting or ‘boredom’ in PI diminishes and I can begin to experience IP in a completely different context. I find PI is no longer something that I ‘have’ to do. It happens regardless and the closer I cling to my superobjective, then PI has no alternative but to improve. It now feels far less of a chore.

Great newsletter Steve, appreciate Plan, Purpose and Passion is critical to the ongoing success.

How do you deal with other non-RE opportunities that comes along the way that may impact the RE plan ? sounding vague here.

The masterplan was to plod along in my current 9 to 6 job and do RE invest on the side (although finding it v. difficult to focus on 2 things and losing momentum quickly)

Now I have an opportunity to go for a New Job via referral that will give me 30% increase in salary and good personal development. Catch is, with any new job that means starting over and I may lose complete momentum in RE investing and back in the rat race.

However, even in my current job I must admit I am not getting as much RE work done as I hoped.

I guess 2 broad questions I welcome yours and others view on as it’s easier from an external perspective.

– What should I consider in deciding if I should go for the New job with more money ???

– How do people manage to keep a fulltime job and then do the RE Investing properly ???

thanks and welcome readers feedback
marcusstuff1

Thanks Steve for sharing your insights. I found this newsletter a very interesting read. It triggered a lot of thoughts and ideas.

The comments from the forum were quite interesting as well. I especially liked Gatsby comments on purpose.

Here are my few cents worth…

I would definitely put purpose first. Without a purpose and a goal, how can you have a plan? Like Gatsby, I question people’s purpose as having a nice house, a nice car, or “being financially independent”. The problem with this type of purpose is, once you have achieved it, then what? You may start getting bored and unfulfilled. I believe your purpose should be what you are really here to do, whatever that may be.

I had problems with the last ‘P’, passion. Like some others, I can’t get passionate about real estate. I can get interested, as it is a vehicle that help me reach my goal. But I can’t see myself keeping a lasting passion for it. As another forumite as suggested, maybe the last ‘P’ should be perseverance. That would fit better with what is needed to get going in the face of adversity and setbacks.

CarLover.

Hey Stevoe, I’m a little late to the party, however better late then never as they say.

I like your three P’s also.

I have my own quote which pretty much re-aligns and keeps me on track most of the time.

Quote: Purpose, Passion and Desire cannot be achieved or acquired by deceit.

I guess that would be the 2p’s and a D model.

What’s the purpose of investing in real estate? Of course to gain financial advantages right? Well yes, but is it just about the money or is there another reason that spurs us on.

I would say gaining understanding is of primary concern, you know, the more you learn the more you earn, so with that said money becomes a by-product of learning new things and being able to take new actions based on the knowledge, experience and insights gained.

Purpose I believe goes much deeper than that though wouldn’t you say, What good is learning and using what you know to become financially free, if there is no one to share it with right? So what drives the passion mode is, to use your abilities to make the lives of others better! Be it your own family and friends or those people around you who come to you for help in their lives.

The purpose is to= HELP OTHERS! That’s exactly what your trying to do Steve and it works!

Passion, this is the favorite because it spurs us on, it drives us to do more than we normally would, we create breakthroughs using passion as our fuel, but once again, how does one get this great passion and keep it as well?

I like to see injustices and those who perpetrate them get shot down, yes that appears negative but in reality it is a form of natural law fuel energizing a steel will to persevere against the perveyors of evil. Sounds a bit much, but it offers a real energy boost and it has a sustaining power like no other, so we can use it for good.

I think the whole premise behind helping people involves protecting others and providing opportunity in the way of support. this allows them to grow on their own without getting artificially burned by the parasites that prey upon peoples lack of knowledge in the field.

So the passion radiates from the basis of what else Steve? HELPING TO PROTECT OTHERS!

Desire Last but not least is desire, this is the burning desire or fire within that makes us examine our progress, evaluate results and take action based on projected outcomes and the rewards that will follow.

Well then what’s your reward, is it money? is it what money will do? Prestige, luxury, admiration, power? No I don’t think so.

Desire is often associated with love and if you can receive love in return for your efforts in real estate than money again becomes a by-product.

I think we get it all when we help other people to enjoy themselves, feel better about themselves and give them more ability to control their own destinies according to the knowledge, protection and opportunity that we can afford them.

So desire can be fueled by a determined and sustained effort to what else? HELP OTHER PEOPLE!

Hey Steve thanks for bringing up this very helpful topic, I hope I didn’t bore you with the old soap box rant! Dan[weird]

Helping those that I can to live better through real estate.