Weekly Success Tip

Think and Grow Rich in Property 1

It's always the most incredible feeling to bring a project to fruition, to see your idea – that was so fragile and tentative at first - finally become a reality. Even better is that moment of anticipation just before the final touches are put in place, when you know that you've got something really special and you can't wait to show the rest of the world.

That's where I'm sitting right now and I absolutely love it!

My brand new book, Think and Grow Rich in Property, is at the printers even as I type this and will very soon be ready to unveil. To say that this is an exciting development in the history of the Think and Grow Rich brand is a vast understatement. It's electrifying!

Because I want you to be able to share in that excitement – and because I literally can't stop myself from talking about it – in the weeks leading up to the official launch I'm going to share with you a few glimpses of the phenomenal information that's contained within the book.

I say “glimpse” because there's been so much crammed between the covers that I couldn't come close to giving you a complete run-down or even a brief summary – you'll just have to wait for the book's actual release to get the full details and, in the meantime, enjoy these few snippets.

So, the first thing you need to do as you begin your career in property (or continue on your property career) is to decide what kind of investor you want to be.

There are two main types – passive and active.

A passive property investor is somebody who buys a piece of land or a building and then sits on it for years and often decades. They understand that all property, no matter what it is or where it's located, will usually double in value every seven to 10 years and they're happy to wait it out. It's a long-term strategy, one that might give you a relatively comfortable retirement but will probably never make you wealthy.

It's best for those who have limited knowledge of the property industry and who don't have the courage to throw themselves into it fully. That's not to say there's anything wrong with being a passive investor – the vast majority of property owners in Australia take this approach – but it's not the way a true entrepreneur would go about it.

The big money is in active property investment. That means exactly what it sounds like; that you actively go out there into the market and find the deals with the highest possible profit margins. There are an unlimited number of ways to do that.

You could identify an area with high growth potential and buy there, knowing that values are going to rise dramatically; you could find a cheap old dump of a house and renovate it for huge profits; you could purchase a house with a large block of land, pull the building down and subdivide... The list of possibilities goes on and on. Of course, simply deciding what kind of property investor you want to be is a very small first step.

You also need the expert knowledge that will help you identify opportunities and see them through to completion. But that's something we're going to talk about in the next couple of success tips...

For now I want you to contemplate a single question.

When it comes to the pursuit of your dreams and goals, what do you want to be: active or passive?

ACTION STEP:

  Go for a walk around your own neighbourhood and simply look at the kinds of properties that are there.

Ask yourself what possible opportunities for profit you think might exist.