Property Investment, Success & Money | The Michael Yardney Podcast 016: 9 Powerful beliefs of the mega successful | I can’t afford an investment grade property yet so I’m buying off the plan
This is a special week for me. It’s my birthday week and I’m turning 65.
Yet I’m still working, and I’m still having fun.
In fact, I’m having more fun than I’ve had in a long time putting these podcasts together.
I’ve had a successful life. I’ve also had some challenges in my life - most of them self created. Today, I am going to share with you some of the powerful beliefs of the mega successful people that have inspired me.
Then Ahmad Imam answers a listener’s question - someone who doesn’t have enough money to buy an investment grade property, so she wants to buy off the plan. He explains why not to do this and what to do instead.
9 Powerful Beliefs of the Mega Successful
- They believe in their own abilities and their potential.
- They believe that they are in charge of their lives. They are the pilots of their lives not the passenger.
- Strategy is important, but execution is critical. They take action and execute over and over again.
- Successful people believe that opportunity is out there and have a mindset of abundance.
- The believe that they win through hard work and have the grit and determination to see things through.
- They believe that they can make tomorrow a better place. The past can be reviewed, but the future can be made better.
- They believe in doing things that no one else wants to do. To be different, you have to act different.
- Successful people believe in being the catalyst not the barrier to success. They connect with people they trust and care about and people will be there for them.
- They believe in giving back. Giving back is how mega successful people show their gratitude. You can never be wealthy without gratitude.
I Can’t Afford an Investment Grade Property yet, so I’m Buying Off the Plan
- Buying off the plan is not a good investment strategy.
- It’s tempting for a beginning investor looking at the glossy brochure with depreciation allowances and rental guarantees that make you feel like a professional investor with a $10,000 discount.
- There are too many people with their fingers in the pie. You pay for the developers margin, the sales person’s commission GST and marketing budgets. As a result, you pay more than the true underlying value.
- Because there are so many uncertainties, you should be buying at a discount - not a premium. It is also a risk for the banks so they won’t lend as much.
- There is a low “land to asset ratio”. You should try to get the highest land to asset ratio possible.
- Large developments don’t appeal to owner occupiers. There is a large percentage of overseas investors.
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