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.
- 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
- 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
- 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:
“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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