I think thats the secret
The secret to my success
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I think thats the secret
Dan the reality is there is NO secret.
The infomation/steps to take that people need to achieve all the success in the world is out there and very, very accessible. The major problem is that it is so simple in content that 98% of the populaion just dismiss it and keep looking for something more 'deserving, mysterous,sexy,complex' then it really is.
There is simply no 'secret'.
Leo
One of Jim Rohn's excellent quotes: "Success is nothing more than a few simple disciplines, practiced every day."
The infomation/steps to take that people need to achieve all the success in the world is out there and very, very accessible. The major problem is that it is so simple in content that 98% of the populaion just dismiss it and keep looking for something more 'deserving, mysterous,sexy,complex' then it really is.
There is simply no 'secret'.
Leo
One of Jim Rohn's excellent quotes: "Success is nothing more than a few simple disciplines, practiced every day."
A high end ex Government Economist that posts in this site every now and again,once said to me"Success is a State of Mind"..
"Success is the progressive realization of a worthy ideal." - Earl Nightingale
Hi Willair,
I'd rather say, " Its developing an optimal state of mind that leads to success".
I do think that feeling "wealthy" (not just money wealth) is definetley a state of mind.
cheers
Leo
I'm not after the secret to improve my investing. I am curious to know futuramas secret.
The title of the story is The Secret to my success, and it doesn't deliver
Its a top thread, but whats the point. So many riddles.
Just tell us.
I have . It's there somewhere , just can't remember which page
Cliff
And the Winner is ........
Every thing I've learnt about property investing is on somersoft . I just had to read it . By using my brain , I got to stage where I knew what to do without other people having to tell me . I listened to all the experts but didn't follow any of them . Everyone is different . Knowing your personal strengths and weaknesses you will develop a system ( rules ) that works for you .
I do have rules that I use that I will post in the near future , but I developed those by using the above. As this post shows , many people use different rules to get where they want , but if you read their stories ( Keith and Rixter are good examples ) they have taken ideas from others and used them in their own way to achieve what they wanted .
Cliff
Even though I think this could be one of the most read threads on SS, I thought I would add a summary of what I have gleaned through the great comments and approaches discussed. I am thinking Westminster may have got pretty close to part of See Change?s secret with his comments on page 11, but there were whispers about an underlying approach that I?m not sure have been revealed/delved into (SeeChange p3).
What I have taken from this thread (taking me many readings!) (apart from SC?s optical input devices, technical analysis software and unique data source?.) is:
- Be strong when others are weak, enter a market before the crowds ? assess data for emerging markets rather than following the crowd. Sell when the crowd has (hopefully) followed.
- Take action quickly, don?t discuss the location to death then wonder why you?ve been left behind.
- Don?t ignore anecdotal evidence (read the signs where the fish are ? from The Wife?s thread); recognise the drivers and areas that would benefit from these drivers.
- Look for areas to undergo/beginning gentrification (e.g. planning, approvals ? be best friends with the town planner!) and look for four sectors injecting money ? gov?t, commercial, retail, private. Gentrification may include things like development of arterial roads, development/refurbishment of major shopping centres, building of a McDonalds, Bunnos etc. Knockdown, rebuilds, developments. This is a pretty good site that someone kindly posted - http://www.oultwood.com/localgov/cou.../australia.php
- Have an exit strategy for every property (I?m not a fan of buy and hold until eternity ? purchasing an IP is for a reason and when that reason has come to fruition, sell and move onto the next).
- Read SS and put the lessons from the past into practice. Participate in SS to share and learn.
- Be an active investor; don?t just assume one strategy will fit every market and every property.
- Buy where the property prices are moving, which is not necessarily near amenities, schools, hospitals etc. We may think that these are the good places, but the locals on the ground will tell you where the places to buy are. (this includes monitoring a location for a while, noticing the price pockets and where the prices are moving and in what direction)
These are just rambling thoughts that I have come up with by pulling together postings from others through the thread (I don?t take any credit for the above, but thank those who shared their words of wisdom ? hopefully I?ve paraphrased correctly). There are of course the individual strategies that people have kindly shared and since I don?t know how to pull quotes from a number of posts into one post and there being 14 pages to this trail, I will leave readers to search through for strategies that others have shared.
And some links that made me put my thinking cap on while reading ?
Seechange http://somersoft.com/forums/showpost...8&postcount=67
Rixter http://somersoft.com/forums/showthre...74#post1200274
Keithj http://somersoft.com/forums/showthread.php?t=32265
The wife: http://somersoft.com/forums/showpost.php?p=4583&postcount=7
(and full thread which I found interesting - http://somersoft.com/forums/showthread.php?p=4583#post4583)
Just made a comment in reply to another thread which is a nice summary of one aspect of our overall approach .
" Good suburbs in Bad Times and Bad suburbs in Good times "
You could also add mediocre suburbs in mediocre times ... but it's not as catchy . .
Hence our decision to buy in Mosman / Manly in Sydney in the months and years after the GFC.
Cliff
" Good suburbs in Bad Times and Bad suburbs in Good times "
You could also add mediocre suburbs in mediocre times ... but it's not as catchy .
. Hence our decision to buy in Mosman / Manly in Sydney in the months and years after the GFC.
Cliff
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