Episode Details

Why don't most property investors succeed, especially since there's so much information out there and so many people willing to help them?

Well, today I've got three separate segments that are going to help you understand why many investors don't succeed, but of course, the intention of that is to even the odds in your favour, to make sure you do succeed.

I'm going to share with you probably the worst investment mistake I made, but it turned out to be one of the best investment lessons I made.

It was a mistake I made early in my career when I lost 100% of my equity. Boy was it an expensive mistake and a blow to my ego.

I guess it shows that I didn't start off as a successful investor. There are some lessons in that alone.

I'm also going to share with you a discussion I had with Joseph my hairdresser who learned how to invest like the pros. Isn't that something that you'd like to know?

Then, in my mindset moment, I'll help you understand that I'm a real success at failure.

So lots about success and failure in today's show, but the intention of it is to make you a more successful property investor and more successful in all areas of your life.

How to Invest Like the Pros

I was having my hair cut the other day when Joseph, my barber, said, "Michael — I'm going to get into property investing and I'm going to make a fortune because I've learned how to invest like the pros!"

When Joseph told me he knows how to invest like the pros, I had to ask — "OK — how are you going to do it?"

"Easy," he said. "I've been to a seminar and signed up for a course."

Then he pulled out the advertisement in the magazine that attracted his attention.

It promised the ability to control millions of dollars worth of property with none of your own money and bypassing the banks. It also explained how the course presenter had made millions of dollars in seven days.

At that point, I felt sorry for Joseph and for the thousands of novice (and some experienced) property investors who will be taken by the new breed of property spruikers who are once again out in force.

You can't become wealthy in seven days. You probably couldn't even read the course material in seven days.

Here is what the real pros know:

You can't create wealth through property overnight, but you can certainly become very rich in the medium to long term by knuckling down and seriously applying yourself in a dedicated, disciplined, persistent way.

You get there by following a proven system and by having a safe property and finance strategy.

You then implement this by buying the right property, in the right location, at the right price, and holding it for the long term.

Not by adding hot water to a packet of magic beans and counting to seven.

You can and should accelerate the process by learning the strategies of value-adding through renovations and development, but you can't skip the fundamental process.

While property spruikers went quiet during the real estate downturn, unfortunately, the new property cycle is bringing out a fresh group of "property pretenders".

There are now property "experts" out there selling advice and courses despite never having built their own property portfolios.

This makes it timely to remind listeners that seminars promising easy wealth through property have all too often led to financial ruin.

It's just the cycle repeating itself.

Of course, this doesn't mean you should do it on your own.

To become a successful investor, you will need to surround yourself with a team of independent and unbiased professionals — a team of people who are known, proven, and trusted.

Then go ahead and take advantage of the new property cycle, because the future is bright for those who invest sensibly in property.

My worst investment loss

One of my earl