It seems we have become a nation of “experts.”
Just check your inbox or turn on the television and there they are.
- Experts on politics who have never run a business, let alone a country
- Experts on football, even though they couldn’t run from one side of the field to the other.
- Experts on celebrity who can’t sing or dance themselves and..
- This last property cycle seems to have brought a whole new generation of property experts
If you’re like most property investors you’re inundated with the opinions of lots of different property “experts.”
In fact I’ve joking said there are 25 million property experts in Australia:-)
So who do you listen to? How do you choose?
Today I’ll give you my thoughts.
Yes, we are surrounded by so-called experts—people with opinions, but very little expertise.
And you know what they say about opinions?
They are like belly buttons, everyone has one, and mostly they are useless.
Here is the definition of an expert according to wikipedia.com:
“Someone widely recognised as a reliable source of technique or skill whose faculty for judging or deciding rightly, justly, or wisely is accorded authority and status by their peers or the public in a specific well-distinguished domain.
An expert, more generally, is a person with extensive knowledge or ability based on research, experience, or occupation and in a particular area of study.”
I’m going to share some of my thoughts on how to find a property expert to help you in a moment, but first I’d like to explain why I wrote this article.
A while ago I received an invitation in the mail to attend a seminar and learn from a group of experts
It said that when I attend I will be shown “How to make an Extra $100,000 in 36 Days.”
Sounds good so far…
So who’s going to teach me?
As I read on the speakers have proven outcomes by generating:
- Over $1 million in 7 days
- $1.4 million in 54 minutes
- And a massive $23.8 million in less than 24 hours.
Now I have no reason to disbelieve these claims (why would I?), but…
It’s just like when I received an email talking about land banking
Now this is a strategy I have been using personally recommending to clients for years, but what I read was a (please excuse the expression) bastardised version of what successful investors do.
To me a safe land banking strategy is to buy the worst house in a good street and hold onto it for a couple of years until you can afford to do a development.
Instead what I was reading was the concept of buying an option on paddocks which are not zoned residential, and may never be, in rural Australia.
I remember reading of a swindle where a group was reportedly selling land bank options around Shepparton and that particular development has reportedly gone into liquidation, with about two-thirds of the $4.8 million in “option” fees being unaccounted for.
A year later I read that that group who suggested this more recent land banking scheme was taken to court for allegedly squandering all the investors money!
So here’s my advice on who to listen to in order to create your own financial freedom…
1. Only take advice from those who have done it successfully and significantly and kept their wealth for a long period of time
In other words find practitioners not just teachers.
There is a long, long list of people who have conducted property seminars over the past 20 years giving what sounded like good advice at the time, but who are no longer around.
Sure, there are those who can teach even if they haven’t done it, but why take the risk.
2. Don’t follow anyone blindly; instead be a student of property advice
Listen to and read the advice of several experts with conflicting opinions.
Consider their viewpoints – check out their results.
Different property strategies will suit different people depending on their income, their stage in life and their risk tolerance.
Research, learn and then do what suits you.
3. If it sounds too good to be true, it probably is!
I know some people really, really want to get into property and many want to get started in property renovations and development so they are enticed by promises that you can come to our weekend seminar and you’ll learn all you need to give up your day job.
Or you can bypass the banks and buy property with no money. O.K. – you may need a dollar. (The spruiker who was teaching this has now been sent bankrupt by his ASIC fines)
Others are still suggesting you can buy good property on lay-by.
Now I accept that a really small percentage of people who try this will succeed, but probably 99% won’t.
I know – I see them and get emails from them every day.
Why do you need an expert’s advice?
Simply, it’s just too hard to try and do it any other way.
You see… most property investors don’t achieve financial independence, or they take much too long to get there, because over the first decade of their investing career they have to sort out what works and what doesn’t.
Of course many never survive this stage.
And the small percentage that does then have to make up for the lost time and lost money.
It’s just too hard to do it on your own, or by trial and error – there’s a huge learning fee involved – of time, money, effort and heartache.
On the other hand following the teachings and proven systems of those who’ve already achieved what you want to achieve and who’ve retained their wealth through a number of cycles, while not guaranteeing your success, makes it much, much more likely.
Now I’m not saying I have all the answers
In fact I don’t even know all the questions.
But I have gathered the best faculty of experts I could – yes people who pass my definition of experts above and I’ve put them all in the same room for 2 days to teach you advanced property strategies at my 2 day training on October 26th and 27th – my annual Property Renovations & Development Workshop.
Just click here now and get all the details and reserve one of the early bird spots which gets you one of the limited one on one implementation sessions after the workshop with me personally.
By the way – we’ve never offered this annual seminar at a cheaper investment.
It’s likely that it will cost you a lot, lot less that you expect even though it’s a training – NOT a sales event.
When you attend, you will learn:
How to profit from renovations and development:
- How to select the right type of properties to renovate for substantial profits.
- How I makes significant returns on my money by developing residential property including a number of extended sessions on how you could become a property developer.
You will receive my A- Z Manual of Property Development including Metropole’s internal checklists and worksheets. This manual is not available anywhere else.
- What research you need to do before you buy a property for renovation or development.
- How to maximise profits by selecting the right entity before you buy.
- The do’s and don’ts of joint ventures and how you can use them for development
- The mistakes that even the professionals have made and cost them thousand.
- The big difference in finance that stops beginning developers dead in their tracks – and how to overcome it.
- The simple test that 95% of beginning developers carry out at the wrong time, potentially costing them tens of thousands of dollars.
- How to save substantially on construction cost.
- The software tools the professionals use to analyse their deals and undertake feasibilty studies 9we walk you through these step by step.
- The dangers of using your architect’s panel of builders.
- Why you shouldn’t use your architect as a project manager.
- Which consultants to use for your development, how to choose them and how to pay them.
- The three steps to getting your building approval through faster and at the same time saving money.
- Understanding development approval stoppers – the essential check list to save you time, money and heartache
- Many more time and money saving ideas, deal making tips and deal breaking traps to avoid.
Plus you’ll learn a heap of advanced property investment concepts.
- What is really going on in the world economy and what this means to you as a property investor.
- How to find property that won’t tie you down with negative cash flow.
- What exactly drives property prices — why, over the next few years, some properties will perform so much better than others and how to find these properties..
- How to select the suburbs that are likely to provide strong capital growth over the next few years (many suburbs will not).
- How to use the lessons from previous property cycles to take advantage of the opportunities that lie ahead. Most investors will miss out!
- You’ll love it when we show you how to beat the banks and get better finance. You will learn how to get the banks to treat you like a sophisticated investor.
- The tax strategies of the wealthy will be presented by Ken Raiss – Australia’s top property accountant. Almost everybody wants to know about tax and how to minimise it legally.
Most people earn money, pay tax and live off what is left. When we show you how to invest and live off your income before tax, you could have twice as much money at your disposal to invest.
- Bullet proof tax structures and asset protection strategies .
If you really want to develop financial independence I suggest you invest 2 powerful, jam packed days and learn renovation and development strategies that experienced property experts are using around Australia to “manufacture” capital growth and generate strong rental returns, so that they can win in today’s challenging property markets.
Take your property investing to a whole new level by joining me in October at my Property Renovations & Development Workshop.
Maybe now it’s time you stepped up and played in the big league by getting started in property renovations or development.
This is the course where other “experts” who are now teaching got their education. Click here find out more and reserve your place
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