From: Nigel W
Following on from Paul Z's debunking of that US uni study they all quote about the need for written goals etc...I thought this would be an interesting issue to explore.
How many of you propery gurus and millionaires in the making have written plans in relation to IPs? Ie do you get specific in terms of:
1) type (ie houses/units etc)
2) price & location
3) how many/value by when you'll have em
4) target net rent income
5) specific plans to achieve all the above
etc.
If so, how accurate has your modelling been in terms of timeframes and success rates?
One of the difficult things I've found is to predict growth across my portfolio. I tend to use various best, worst and likely case scenarios in my figurings...
The other question which springs to mind is how often do you check your progress? I'm sure there are some forum contributors who could tell me as at 1 second ago exactly what they're worth and what tax refund they'll get etc (u know who u are Dunc...)
From my own perspective, I have certain monetary figures in mind, but the game plan to achieve those revolves around opportunistic implementation of one or more of a couple of different strategies, depending upon what actual deals I'm able to dig up in the market over the time frame I'm working towards. (maybe i'm a freestyler and don't know it!)
Let's see if we can run our own survey
N.
Following on from Paul Z's debunking of that US uni study they all quote about the need for written goals etc...I thought this would be an interesting issue to explore.
How many of you propery gurus and millionaires in the making have written plans in relation to IPs? Ie do you get specific in terms of:
1) type (ie houses/units etc)
2) price & location
3) how many/value by when you'll have em
4) target net rent income
5) specific plans to achieve all the above
etc.
If so, how accurate has your modelling been in terms of timeframes and success rates?
One of the difficult things I've found is to predict growth across my portfolio. I tend to use various best, worst and likely case scenarios in my figurings...
The other question which springs to mind is how often do you check your progress? I'm sure there are some forum contributors who could tell me as at 1 second ago exactly what they're worth and what tax refund they'll get etc (u know who u are Dunc...)
From my own perspective, I have certain monetary figures in mind, but the game plan to achieve those revolves around opportunistic implementation of one or more of a couple of different strategies, depending upon what actual deals I'm able to dig up in the market over the time frame I'm working towards. (maybe i'm a freestyler and don't know it!)
Let's see if we can run our own survey
N.
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