what do i learn after attend $100k seminar

1. Could have leveraged that $100k and made another $100k by now.
2. Be careful not to get addicted to motivation.Tony Robbins said it best (but he uses it in the context of emmursion) "motivation is like bath, it's good while your in it". So people need their motivation kick. What good is any positive intention if we don't take some/any action with it??

For you there is no definitive path, or at least your not going to find it standing still doing nothing take a glimpse at various pathways.
Just start. Start something.. refine and correct from there..

 

What I learnt from this forum thread is two things;

1. You can get a summary of 100k worth of courses for free saving me 100k from PC.

2. I need to develop my own course so I can tap into someone else's 100k (plus lot more) which would increase my income allowing me to buy even more property.

TBH I already knew about number 2 and I am all for educating but to me 100k is rather expensive but if that is what it does to get someone interested/action their investing then so be it - especially if you don't need the money.

 

It seems to me that the thread has gone a bit astray.
There is a huge difference from buying education and being sold a "product". Does anyone really think that if you attend a 3 day boot camp with 50 other people and get a handful of DVD's, that all 50 are going to come out and make $100,000's? Get real. A proper mentor ( quite different from a coach or a student that is just one lesson ahead of you) is invaluable. They will guide you through individual hands on training. I have seen "newbies" make $100,000's on their first deal from as little as $5k for the mentorship.
Look for the best mentor you can find and pay for their experience and advice. A proper mentor will never take your money if he/she cannot assist you to make 10 times more than you pay them.

 

Hi Pat Y, Do you know a mentor that would operate like that? Very keen to know. Cheers

 

Probably was hooked into the motivational and kind of evangelical aspect of these courses.

A uni degree would have been cheaper and less cringe-worthy

 

dont get sucked in

 

Thanks for your post Thomas 8888.

You have made some very good comments. I can also see some of that inscrutable Chinese logic coming though (my gf is Chinese and approaches most new subjects/problems to be solved in the same logical manner).

An example of a bad decision by me. I had one property in Darwin bought in 2005 for 250k and a unit in Auburn (in Sydney) bought in 2007 for 172k. In 2012 I needed to sell one as cashflow too tight. Darwin property was worth 475k Auburn unit worth 260k. Auburn was 4 train stations away from Parramatta and 23 minuted to the city. A lot of employment nearby. No great oversupply of property. Darwin property was in a satellite city (Palmerston). About 20 minutes drive to Darwin. Had just had a construction boom based on one big infrastructure project (Inpex lng processing plant which increased the population by about 20,000 ppl on an existing population of 110,000 short -term) and there was also a lot of new land released/new houses being built. Should have sold Darwin as price has now slumped to 350k whilst Auburn (Sydney) kept growing). Auburn now worth about 390k. Lessons: 1. Buy and hold in Sydney is a very reliable strategy over the long term 2. Buy as close to Sydney cbd as you can (have another property at Redfern and capital growth has been 9.5% on average over 26 years). Get a pair of compasses and draw concentric circles on a map out from Sydney cbd until you find a suburb you can afford. I did this when I bought in Redfern 3. As you say think in terms of supply and demand for properties. Darwin had huge tracts of new land released and is still doing this. Sydney inner city land is scarcer 4. Think in terms of immigration policy. Where are all the new migrants settling. 5. New migrants quickly develop wealth through hard work (think of the various waves of Italian, then Greek, then Vietnamese migrants last century) and buy in the areas they tend to settle in when they first enter Australia. These areas will become prosperous. 6. If you invest in a regional area away from where you live you might not understand all the hidden costs i.e. Darwin although a capital city has distinct boom bust cycles. Darwin managing agent fees can be close to 10%. Water sewerage and rates are very expensive. Your IP might have 3 airconditioners which a tenant will run non-stop. Airconditioner maintenence mechanics and other tradies charge double Sydney prices.If you buy close to where you live you should know the likely costs of outgoings. You can also visit the IP yourself to do small maintenance and check on problems/repairs

 

Great stuff thanks for this very insightful post! I’m new to residential property investing and would like to attend a seminar to increase my expertise in the area. Of all the seminars and events you have attended are there any you’d recommend to have done at the beginning? Thanks

 

Before going to any seminar I'd be buying a few good books to build your knowledge base first.

 

Obviously the money you spent was a waste if you think MY strategy is good and don't understand It may sound good in theory, but doesn't account for the reality of servicing and cashflow requirements . It couldn't and hasn't worked. A primary school school student could conclude that expecting banks to mindlessly continue to lend money against ever increasing property with poor yields that require supplementary earnings to cover costs, puts you in shackles and is not a recipe for wealthy or financial freedom.

 

Thanks for that - which books do you reccomend?

 

Here's some suggestions.
1. Rich Dad Poor Dad by Robert Kiyosaki - Provides the why, IMHO the first book to read.
2. Barefoot Investor Scott Pape - Provides perspective and an alternative to property investing, because a system and option are great.
3. * Make Money Simple Again, Bryce Holdaway and Ben Kingsley ( Not yet read, on my desk, but I suspect a system like Scott Pape's geared to property investing.

Podcasts are awesome and accessible now -
The Property Couch
The Elephant in the room
Property Investory

Good luck enjoy the journey!

 

Michael Yardney, How to build a multi million dollar property portfolio

Jan Somers More Wealth from Residential Property

Margaret Lomas How to achieve property success

Margaret Lomas How to Create an Income for Life

I buy Houses, Paul Do



None of them are the holy grail - doesn't exist. But it will give you a lot of basic knowledge, a lot of things to avoid and red flags to look for and really a very good rounded base of knowledge to start with. What I tell serious newbies is that its important to gain your own perspective which can only happen from 1. Massively increasing your knowledge and 2, experience. You can start on the first one.

Also, it would be remiss of me to not mention to work on developing your mindset/positive habits to help you along your journey. Jim Rohn, Les Brown are giants in this field. Youtube them. I can tell you without a shadow of a doubt, what stops/hinders/kills most peoples efforts and dreams is they simply don't have the right mindset to go along with their goals. I liken 'mindset' to a foundation of a 20 storey building.

Good luck.

 

Thanks, I really appreciate your help.

 

Thanks thomas888! Great post.
Very clever

 

Over the long long run all state capitals in Australia go up by the same percentage. That's some data I've seen. Through much larger price drops in Sydney relative to Brisbane we are now returning to the long-run relative price.

 

Care to share these spots in the west Swest?

 

Give me $10k I’m happy to share my experiences with you.

 

Q. What do you learn after spending $100K on seminars?
A. Not to spend $100K on seminars

 

Al Afrah pastry shop
El Rabieh
Sabin Bros
Sea Sweet
Olala sweets