Questions to Ask Fellow Investors

[gav]

I have heard so many times that to be successful you need to model yourself on other successful people. Ok lets say that you have found this "successful person" asked them for some of their time, and they agree. Before you are "to meet them" you NEED to prepare a list of questions to ask them. What would you ask?

How did you start?
Why did you start?
What was your biggest barrier?
what LVR do you go up to on your properties? WHY?
what is your strategy? Buy & Hold/Wrap/Renovate? WHY?
how do you revalue when you want that next property ?eg residex reports + agents estimate, recent sales etc
do you use a mortgage broker?
Do you have a likeminded accountant ie one who invests in investment properties?

If
gav

 

[Jas]

jacques had a good'en a the syd panel

"what would you do differently?"

Jas

 

[Mike]

Hi Gav,

Can I put this scenario to you: On consecutive days you meet a successful businessperson, share trader (ie derivatives, futures, options, warrants etc), share investor, buy to hold property investor, a developer, a wrapper. All are successful. How are you going to choose one to model yourself on? Success cannot be the reason because all are successful. Since they are all different and specialized even if they answered your questions whose footsteps will you choose to follow?

Is anybody here modelling themselves on Jan Somers, Robert Kiyosaki, Dolf de Roos, John Burley, Peter Spann or any other guru? How do you choose between them if they are all successful people and have described through their books and seminars how to emulate them?

Regards, Mike

 

[Bill.L]

Hi Gav

This depends on what you mean by successful! To some people having one property that is mostly paid for and contributing a positive cashflow answers the criteria. To others it would mean having 25 props that pay off the loans of the other 10 and have enough remaining to sail around the Bahamas on the $5M yacht!!

To me it means making cap gains and rental increases through a couple of cycles to have a "rosy" future.

To answer your question though depends on exactly what you mean by successful as I would be seen as a success by some and a failure by others.

bye