Grow Rich

Discussion in 'Investor Psychology & Mindset' started by MTR, 17th Aug, 2015.

Join Australia's most dynamic and respected property investment community
  1. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,784
    Location:
    My World
    Kieran Trass, who wrote Grow Rich with the property cycle.
    Dug it up the other day and will share some of the gems in his book, some extracts that make sense

    Many decide (wrongly) to invest in property near the end of the boom phase.

    Financial freedom is an elusive goal unless it can be clearly defined and placed in a timeframe within which it must be achieved

    The number of properties you accumulate has little bearing on whether you are a successful property investor.

    Unfortunately the principal of a sound return on investment in the form of cashflow is often ignored in the anticipation of potential gains

    MTR:)
     
    eng, Daniel007, Esh and 3 others like this.
  2. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    HI MTR, i agree with the rest of your post except this.

    All i can do is speak from personal experience and i have pretty much ignored positive cash flows in order to buy deals i believed to have great growth potential and i have done really well with this approach over the years. This has just been my own experience. I do believe it will depend on individual situations though.
     
    Last edited: 17th Aug, 2015
  3. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,784
    Location:
    My World
    I am holding negative cashflow properties which I develop, sell/hold

    I also have held for growth properties, sell some to reduce debt.

    Regardless of strategy if you don't have cashflow you will have issues servicing loans which will slow investors ability to move forward.

    MTR
     
  4. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    I agree with you MTR and so i think it really depends on the individual situation. For me personally, i have just made sure cash flow is 'acceptable' but not interested in major surplus. And i focused on i guess what is called speculative potential growth. Its worked for me. But i agree with you about servicibility being key to continue growing your portfolio.
     
  5. Raydar

    Raydar Well-Known Member

    Joined:
    6th Jul, 2015
    Posts:
    305
    Location:
    Newcastle NSW
    How very true...this is what happened to us recently. We are currently working on a strategy to over come this. In a few years we will have two incomes again and shouldn't be in issue moving forward.
     
  6. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,784
    Location:
    My World
    Whatever works:)

    I recommend this book.
    I think it will help investors understand how key indicators work in property cycles and improve chances of success.

    MTR
     
    Tekoz likes this.
  7. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    Ordering it now. Thanks for recommending it.

    krass.PNG
     
    Soul, Tekoz and JKWS like this.
  8. Catalyst

    Catalyst Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    310
    Location:
    Perth
    Thanks @MTR for the recommendation.

    @Leo2413 where did you order it from?
     
  9. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,091
    Location:
    Brisbane
    Sounds good.
    @MTR I'm being lazy, what year was it published?
     
  10. Catalyst

    Catalyst Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    310
    Location:
    Perth
    Tekoz, Sackie and Azazel like this.
  11. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    Just finished ordering it, From amazon.

    Not yet shipped
    Shipping estimate: Monday, August 17, 2015 - Tuesday, August 18, 2015
    Track package
    Hide
    Order Received - August 16, 2015 10:56 PM
    We've received your order, but we haven't started preparing it for shipment yet. The amount of time your order spends in this status can vary based on the availability of the item(s) and the selected delivery.
    [​IMG]
    Grow Rich with the Property Cycle

    Trass, Kieran
    Sold by: hippo_books
    $9.25
    Condition: Used - Very Good - Very Good: Cover and pages show some wear from reading and storage.


    Darn @MTR you made me purchase 3 more books with that....grrrr :p
     
    MTR likes this.
  12. Catalyst

    Catalyst Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    310
    Location:
    Perth
    Thanks @Leo2413. That seems to be the only place to buy this book. I've clicked 2 pages of Google, and Amazon is the only one so far.
     
    Sackie likes this.
  13. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,091
    Location:
    Brisbane
    Catalyst likes this.
  14. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    6,675
    Location:
    Mt Druuiitt
    I think I'll wait for the movie.

    Interesting points though.
     
  15. Catalyst

    Catalyst Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    310
    Location:
    Perth
    @Leo2413 I have just ordered. But the cheapest one I could get that would deliver to OZ cost US$15.88.

    Total costs :(
    Item(s) Subtotal:
    AUD 22.40
    Shipping & Handling:
    AUD 23.90

    Total before tax:
    AUD 46.30

    Should have done it yesterday :rolleyes:
     
  16. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,022
    Location:
    QLD
    Its amazing what a bit of free advertising in PC can do!
     
  17. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    @Catalyst
    :oops::oops: did I take the last one for $9....:p
     
  18. Catalyst

    Catalyst Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    310
    Location:
    Perth
    You probably did! :rolleyes:

    :D
     
    Sackie likes this.
  19. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    I don't think it's been reprinted so stock is probably pretty low. Your local library may have it, or can order it from another library.
     
    Sackie likes this.
  20. Sackie

    Sackie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    25,034
    Location:
    Vaucluse, Sydney.
    If I did to a library book what I normally do to books when I read them I would be banned from libraries:D.