Are Great Property Investors Born or Made??

There was always hope for you

 

No one in the world was born the way they are now. Everyone has learnt the skills and knowledge to get them to where they are today.

Like firsts home buyers that cry and moan for the government to help them cos they can get into the property market... Please show me your savings history over the past several YEARS where you were committed to saving for a house deposit. Because that's what it takes on ANY level of income, years of sacrifice and hard saving to get into the property market,

The 10/90 rule is pretty consistent for most things in life. In most industries, 10 percent of those involved have 90 percent of the success and profits. Knowledge, skills, knowledge, skills. Keep working and learning, persistence, never give up.

Cheers

 

[QUOTE

The 10/90 rule is pretty consistent for most things in life. In most industries, 10 percent of those involved have 90 percent of the success and profits. Knowledge, skills, knowledge, skills. Keep working and learning, persistence, never give up.

Cheers[/QUOTE]

So why is this the case??

I know some investors who have actually lost huge amounts of money, their primary residence, gone back work, and someone who went into bankruptcy.... devastating stuff This is specific to property investing.

What I have observed from these people I know, not on this forum.

They appear to have grandiose ideas, instead of starting with a small projects, its not good enough it has to be something that is totally out of their league.

Take huge risks, yet they are deluded, they don't see the risk I see

They look at the numbers only, that don't look at "worse case or best case scenario", they don't have a back up plan for worse case scenario, because you guessed it, will never happen.

They don't understand markets, in other words, they ignore the signs ie a slow down in the market, instead they continue to buy, buy, buy.

Little or no cash reserves.

Caught up in an image, luxury car, yachts etc. which eats at their cash flow.

They blame other people always for their errors.

They don't learn from their mistakes but continue to repeat and perhaps start using other peoples money.

MTR

 

So why is this the case??

I know some investors who have actually lost huge amounts of money, their primary residence, gone back work, and someone who went into bankruptcy.... devastating stuff This is specific to property investing.

What I have observed from these people I know, not on this forum.

They appear to have grandiose ideas, instead of starting with a small projects, its not good enough it has to be something that is totally out of their league.

Take huge risks, yet they are deluded, they don't see the risk I see

They look at the numbers only, that don't look at "worse case or best case scenario", they don't have a back up plan for worse case scenario, because you guessed it, will never happen.

They don't understand markets, in other words, they ignore the signs ie a slow down in the market, instead they continue to buy, buy, buy.

Little or no cash reserves.

Caught up in an image, luxury car, yachts etc. which eats at their cash flow.

They blame other people always for their errors.

They don't learn from their mistakes but continue to repeat and perhaps start using other peoples money.

MTR[/QUOTE]

Read my post again, knowledge and skills, that keeps you climbing the ladder. Slip up on those or get distract or go for something without the knowledge and skills and you fall back to ground. Operate within the limits of your capability and hire those above your level of capability to do the tricky stuff. Learn from them at the same time.

Oh and another thing, the highest level of human maturity, take responsibility for everything in your life that happens. No blame or complain on anyone or anything else. I do not know anyone that is like this yet but I'm working on it every day

 

Read my post again, knowledge and skills, that keeps you climbing the ladder. Slip up on those or get distract or go for something without the knowledge and skills and you fall back to ground. Operate within the limits of your capability and hire those above your level of capability to do the tricky stuff. Learn from them at the same time.

Oh and another thing, the highest level of human maturity, take responsibility for everything in your life that happens. No blame or complain on anyone or anything else. I do not know anyone that is like this yet but I'm working on it every day [/QUOTE]


Yes, re-read, I must of missed at least 99%, I thought I was perfect...
Seriously, you are spot on.

MTR

 

Well my parents split up and my mum got the house as there were 3 of us kids...my mother decided to sell that house for some strange reason and never bought again. She had to rent and we struggled as a family, wasn't enough money for anything really! My mum would take out store credit cards and eventually went bankrupt.

Because of this I don't own a credit card just out of principle and spend my hard earned cash wisely by investing in property. I am the completely opposite of my mum which suites me fine!

I just hope that my 3 kids continue on the property journey and don't rebel and refuse to invest when they grow up!

 

Thanks for sharing.

I would like my children to get involved in property developing with me, the eldest daughter very keen, my youngest not interested at the moment.

I am not pushing either way, if they are not interested it just won't work anyway, so no point, time will tell

MTR