Most people ..... Who should you listen too ?

Hi Seal,

I would get 2 Yardeny books, 2 Lomas, 2 Helen Collier books. Paul Do I Buy Houses is not bad either. None of them are the holy grail to investing (doesn't exist) but it should give you more than enough basics to get your brain ticking to start and form a plan. From what I have seen in the past, many ppl either lose money on investments or buy the wrong type of IPs to further their investment goals, simply because they don't know the basics and make poor decisions which could easily have been avoided. The forum is a great resource in conjunction with your own learning/study. And if you really want to build a strong foundation for great success, Jim rohn and Les bown material. The reality is your success is going to be very largely dependant on how you also develop not only your investment skills but your mindset.

 

Hey Leo,
thanks for these books.
I noticed Yardney had a few books. any in particular - 'rules of property' and 'how to grow a multimillion dollar property portfolio'?
Helen Collier- 59 mistakes?
Lomas-property success.

that's gives me lots to go on.
did you find that they all start giving similar ideas? or quite varied methodologies?

 

Seal, different methodologies.

 

Yardney: 1. how to grow a multimillion dollar portfolio
2. what every property investor needs to know about finance, tax and the law.

Lomaz 1. The truth about positive cash flow properties
2. 20 must ask questions for every property investor

Many themes cross over. There are different ideas and strategies presented. IMO you will need a mixture of both approaches. A lot of the basics also cross over obviously, but I think its important. Eg... I recently read an 'experienced' investor cross collateralised his properties and now trying desperately to fix the problem. This is an example of something that never should have happened (for most ppl) if the basics were learnt. Its not a matter of 'learn as you go'. Its simply a result of not knowing the basics. There are many things that you'll learn from the beginning which will benefit you greatly. Other things you will learn with experience as you do. Many ppl like to lump both together and say its ALL a learning experience through doing. But really there are many things you can avoid by knowing the basics and not waiting to learn though painful error down the road. Good luck mate!

 

I think it'd be great to have a strategies thread. Different strategies that have worked for people and why they work. Many investors who have done well have implemented a mix of things but from a successful investor point of view, it would be nice to see what you guys have learnt and have adopted to be the best strategy.

I see testimonials of strategies people use but I think more details on how to do that and results to expect doing that would be great..

E.g Yardney only buys 10km within cbd because he thinks thats safest.
Birch buys with yield of 6-7%
Rixter buys townhouses/villas with history of 8% growth.

Question is how, where and when though? And what are the different strategies out there?

I think seeing the different strategies will help newer people..issue lately has been every strategy under the sun has worked in Sydney in the last 3 yrs so it confuses people.

 

Good idea ej89. PS your profile pic made me chuckle!

 

Depends on a persons risk profile, goals, time frames, financial situation, mindset. Strategies employed will depend on the above. What will really help people is to first work out some good answers to the above, THEN look at what strategies best fits them at this point in time.

 

Sometimes Skater people choose what they want to hear and follow that advise regardless of whether there is any merit to it.

 

Yes, that does make sense @Chilliblue.

One person strategy and "luck" may not be applied to another one.

 

Good idea

good idea. I have just started one quoting some of your ideas here.

 

Ditto

 

A lot was mentioned about John Henry earlier on in this thread. Seems he wasn't terribly admired by many of the big guns on this forum stemming from his posts on SS. Does anyone know if he is on this forum? Given his reputation is it reasonable to assume he is on here somewhere with a different name?

 

@York Polides : Don't forget Star Of David as well mate ;-) he used to be famous or notorius in SS forum too.

He is now @Darlinghurst Boy according to my intelligent .

 

Its easy to blame and point fingers at someone's actions...
But you really need to look at the MOTIVES behind them, why is this person doing this or that, rather than just hammering them (not saying any members did, just in relation to any situation in life).......
In his case, his questions and postings were all over the shop.
He is trying to educate himself in a hurry via a shotgun approach
He has had bad information fed to him via his friends or co-workers.
(Should not be advising newbies).
But I think the fundamental issue with where he is at is that: He has no strategy or plan... - no roadmap.... Caught up in the CG hype of the Melb/Syd/Bris cycles atm..
A lot of investors can whirlwind themselves into a lot of debt and trouble approaching things like this. Then again, some strike it rich with little to no knowledge at all... haha

But I just wanted to point that out..

 

In y man I trust

 

John Henry = Tezok . He's an enthusiastic newbie , didn't seem to be really " listening " to the advice he was being given . Might also have been a cultural thing . I'd hazard a guess that he's not born in Australia , so sometimes they might not fully understand the implications of everything . ( my assumption they're male )

At least he's getting out there , looking at things , asking questions which is more than you can say for the majority of the community .

He reminds me of the over enthusiastic student in the front row at the uni who keeps on asking questions with obvious answers . One day everything clicks and he ends up with high distinctions , hopefully ....

Cliff

 

Oh Tezok.....he's been doing plenty of posting on PC too. OK. Thanks for the update.

 

And I'm convinced Star of David is here too.

 

@Bran yes he is now known as @Darlinghurst Boy now

 

@York Polides

By staying and interacting in this forum, you'll learn lots of new things for sure. Ever since joining in this new forum i feel I'm enlightened already. The previous experience in SomerSoft forum also has been taken into account.

One thing that I learn is ....

Do not buy Off The Plan (OTP) for the sake of short term profitability reason.