Jul 9, 2018
Are great property
investors born or made?
Can anyone achieve success in
property investing? That’s one of the topics we’re going to discuss
on today’s show.
I’m also going to share a lesson
I learned when one of my mentors asked, “where are you going to be
in 10 years’ time?” Are you walking down the right road to arrive
at the place you want to be?
Finally, Ken Raiss of
Metropole
Wealth Advisory is going to join us to answer a question about
ownership structures.
Are great property investors born or made?
- Napoleon Hill
discovered that successful investors, entrepreneurs, and business
investors share common characteristics
- Successful
investors aren’t born with these characteristics. That means you
can learn them by doing what successful people do
- In order to
become successful, you need to put in the work. It takes time and
practice to develop success strategies.
- Successful
investors learn the rules, gain experience, and refine and improve
their strategies
- You can gain
expertise by getting a mentor and learning from their successes and
mistakes. Study their mistakes and emulate their
behaviors.
- You’ll know
you’re an expert when you can consistently outperform the
averages
Where will you be in 10 years?
- You can’t kid
yourself about where you’re going, because you’re going to wind up
there eventually. Look around and be honest with yourself about the
path you’re on
- Avoid engaging in
disillusion. Don’t hope without acting or wish without
doing
- Ask yourself you
can be doing to get the things that you want
- Take advantage of
the wealth of information available. Read books and blogs, listen
to podcasts, attend seminars, watch videos, get mentors
- Avoid
disinformation. There’s a surplus of widely available information,
but not all of it is good. Choose successful mentors and seek out
good information
What are the benefits of owning an investment property
in different entities, such as in a personal name or a
trust?
- When choosing an
ownership structure, it’s important to understand what you’re
trying to achieve
- Buying in a
personal name is the simplest path, but that doesn’t mean that it’s
always the best
- Owning in a
company is rarely the best way to own investment
property
- There are three
types of trusts: a unit trust, a discretionary trust, and a
self-managed superfund
- A
trust is only as good as the words used to write it, so it’s
important to have someone who is skilled with writing trusts write
yours
- Begin with the
end in mind. Consider which ownership structure will best suit
where you plan to be in 5, 10, or 20 years and go with that, even
if it isn’t optimal in the moment.
Links and Resources:
Michael Yardney
Metropole
Ken Raiss, Metropole Wealth
Advisory
Rich Habits Poor
Habits
Michael Yardney’s Mentorship
Program
Some of our favourite quotes from the show:
“The way to become an expert is
to do one thing 100 times, rather than 100 things once.” -- Michael
Yardney
“The main thing that separates
successful investors from the wannabes is the ability to
consistently outperform the averages. And yes, to get to this level
of expertise, it takes time, patience, and practice.” --
Michael Yardney
“Where are you going? Because 10
years from now, you’re surely going to have arrived.” --
Michael Yardney
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