advice re plans

[WebBoard]

From: Alex Dowland


Hi anyone out there. Read an article in the local Brisbane Courier Mail recently about a woman (divorced mum by the sounds of it) a network distributor. Began to work with property and took herself to financial freedom (apparently) in a 2 year time frame. Mentioned the Name of Superior Financial Leadership owner Mr. Andrew Carr who helped her along the way. Contacted said advisor and feel comfortable about his concepts.

My question is basically does anyone else know of this person and what he does and if so is it kosher, or are there any horror stories I ought to know beforehand? Newbie as you can tell. Thanks for any information.
Alex Dowland

 

[Michael Yardney]

Reply: 1
From: Michael Yardney


Alex
I don’t know anything about this advisor, but just a little hint to a newbie as you call yourself from an old(er) property investor who has attained financial independence through property a long time ago.
I guess it depends upon what you call financial independence, but I can’t see anyone making it through property in 2 years – no matter what strategy they use.
To me financial independence is having sufficient money invested to give you a passive income that pays for your lifestyle and cover all your debts without you having to work.
I guess this means NETT assets of $1.5 to $2 million dollars or more. This takes time to accumulate – very hard to do in 2 or 3 years.
And remember…the higher the returns (and the quicker the growth in wealth) – the higher the risk (usually.)
I KNOW you can become financially independent through sensible property investing, but it takes 10 years or so. If you allow time, inflation and the power of compounding to grow your assets you can become a multimillionaire relatively safely in 10 years.
There is a proven path to follow but those who try and take short cuts, sometimes get there a little quicker, but usually they get lost and loose some or all of their assets.
Have a plan, have a path to follow, but don’t be in too much of a hurry!

Michael Yardney
Metropole Properties

 

[WebBoard]

Reply: 1.1
From: Kevin Forster



Excellent post Michael

I 100% agree that it's very hard to get out of the rat race in 2-3 years. Even if someone does it is normally via a business than property investing.

Kevin

 

[WebBoard]

Reply: 1.1.1
From: Alex Dowland


Thanks for the advice, am plugging into Nyvia's (the wife) group and will be attending meetings, readings and receiving your newsletters, (Mike) etc. His idea (this is the adviser I am talking about) is to find a decent block of land (even with a house on it) in some of the growth areas here in Brisbane, develop a 4 pack (units, T'houses or whatever) sell off 3 to cover all costs including in and out, then do it again with a 6 pack, then retain one perhaps a little more then with a relatively reasonable equity level at that point, move forward quite strongly. Anyway that is the theory at this stage.

Alex

 

[WebBoard]

Reply: 1.1.2
From: Anonymous


Excellent advice Michael.

Two years seems a very short time frame.

Phil