Whilst I agree with a lot of what you're saying it's not always the case.
I bought a rural property 2 years ago, yield was 6.7% on purchase price. It's gone up in value $42k (as per desktop valuation suitable for mortgage purposes). Rent has also increased by $10p/w during that time.
Depending on where you're buying, I do agree and like properties to have chance to value add through renovation or development. I see these types of properties having the best growth potential.
So you see that is exactly Rixter's point. What is one's strategy from the start?
Yours is to add value or to develop with land in mind, others might like closer proximities and smaller projects, others are just passive investors, and others just wish to buy units, or townhouses, or only houses old or new estates...
Basically the possibilities are endless, it takes few years to play the game and to decide what is right for you and what works for you, right? But most important is to start and give it a go and to learn from that.
BUT, the goal needs to be written down, I agree 100%, and for us it was not the number of IPs and when we will buy but rather what the monetary end result we wished to achieve. The market forces dictated the number of IPs we bought, the time it took to achieve and the equity built!
Our goal in year 2000 was to achieve $50K income each and once received we modified the goals....
I believe starting is crucial, but perseverance in times of adversity, learning from mistakes and continuing to view the large picture, rather than all those small stumbling details along the way, have helped the way!
Remember Warren Buffett sayings, "Someone is sitting in the shade today because someone planted a tree", or "Price is what you pay. Value is what you get.", or "Wealth is the transfer of money from the impatient to the patient", and it is the last quote that I find the newbies don't understand the most!
Keep it up Rixter, keep passing the most important values, whether the mindset or the strategies of the game, so others open to information may reap the rewards too!