How I made my first million: Investment coach says being rich is within most people's reach

ORIGINAL ARTICLE HERE

Stuff's series How I Made My First Million talks to millionaires about how they got there. This week, it's property investor and coach Steve Goodey.

How did you make your first $1m, how old were you?

Looking back it would have been in my mid-30s.

I started buying houses to keep them as rentals in my early-20s, well before I'd bought a house to live in myself. I think the first house I bought to live in myself was my fourth property purchased.

I sold that first owner-occupier home to buy the second, which I still own and I'm currently living in my third home.

In the last 20 years I think I've bought and sold, traded, or renovated about 3000 houses, some for myself but most for clients whom I've coached.

You never really wake up one day and say "Oh wow I'm a millionaire" it's more likely you do a lending application that asks you for your assets and liabilities and the number under the heading "Total Assets"  has the second comma in it for the first time.

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FREE VIDEO: The Power of Knowledge for Property Investment Success

Check out AssetLab coaches Arn and Sally on 'The Expert Series'. It contains some beautiful pearls of wisdom that might spark something in you, inspire you to create an action plan sooner rather than later for your financial freedom. 

Enjoy!

 

When you are ready, here’s how we can help you succeed:

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Getting Access to Money in the era of Covid-19: Steve Goody

Original Article HERE: https://www.stevegoodey.com/getting-access-to-money-in-the-era-of-covid-19/

It sure looks like there’s going to be some changes in the property market in the next few weeks and months.

Interest rates are round 3% and looking to stay there for at least a year, the restrictions on loan to value ratios are being removed and banks have been told they can relax their lending criteria from the reserve bank.

Add to that consumer confidence levels, unemployment rates and tourism numbers at zero and you can see a lot of uncertainty and equal amounts of opportunity.

I plan to start exploring this and getting my “Ducks in a row”, first thing I need to do is get some funding so I called my mate Dave Windler to see if we can make any sense of it all.

 

 

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Investor Mistakes: Not understanding the risks and downsides.

Not having a Plan B and Not understanding the risks and downsides.

By James Upton

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.

 
 

When I tell people that I am a property investor their response is often;

 

“Oh really, you must be a bit of a gambler… Bet you are hoping the market rises again soon?!”

 

When I hear this response time and time again, I have a little chuckle to myself.

 

In my opinion I could not be less of a gambler if I tried and I have strategies no matter what the market is doing, not simply being a speculator and waiting for it to increase. In all reality, my risk tolerance is very low and I have a number of exit strategies or Plan B, C and D’s for every trade property or buy and hold property I purchase.

 

For example, I just completed a trade in South...

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Investor Mistakes: Falling for snake oil salespeople - Developers, Educators, Agents

Falling for snake oil salespeople - Developers, Educators, Agents

By Phil

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.

 
 

Stuff-It-Up Strategy

 

I thought I had won Lotto.

 

Or at least the equivalent. I’m in my early 20’s, fired up from reading ‘Rich Dad, Poor Dad’ and listening to Tony Robbins tapes (yes, tapes folks, my early 20’s were a while ago) and attending my first ever property investment seminar.

 

The presenter was no dynamo at all, but the information was exactly what I was looking for. It was the ‘how’ to go along with the ‘why and what’ of Rich Dad, Poor Dad. Brilliant.

 

They outlined exactly how to purchase one of their specially selected ‘investment properties’, along with all of the capital growth projections, tax...

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Investor Mistakes: Not understanding Counter-Cyclical Investment and FOMO/FONGO

Here's a big mistake property investors make: Not understanding Counter-Cyclical Investment and FOMO/FONGO

 

By Sally McCormack

 
 

 

 

When you are new to trading property, you and everyone around you is making good profits, you feel invincible!

 

This was how I felt leading into the biggest mistake I ever made in my property investing journey.

 

I started property investing in 2014 and in that first 12 months we were in a very hot Auckland market. Vendors were very realistic with selling their properties and first home buyers and investors loved to buy our renovated stock, which resulted in our sale prices increasing as well as our profits. It was like we couldn’t lose! A deal with $30,000 after GST profit would turn into $60,000 easily. It was no wonder that we didn’t see the signs of the market changing, we had dollar signs in front of our eyes.

 

In 2015 The Reserve Bank announced that in October of that year they would...

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Investor Mistakes: Treating it as a hobby, not a business

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
 
Property Investment is a business, not a hobby.
 
Or so I thought.
 
With property, we are dealing with big numbers and although I knew it was a business, in reality I never really treated it as such. As a result, in the early years I only got the results one would expect you would get by treating it as a hobby.
 
In my naïve way of thinking, getting a tax refund at the end of the financial year was a great thing. I remember being ecstatic that in some years my tax rate was in effect 0%. That meant that all the tax I had paid through the year was refunded to me. Why? Because I had a huge amount of losses to offset against my personal income. My properties were making a huge loss year on year and I was excited.
 
However, if we...
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INTERVIEW: GRAEME FOWLER & KATRINA LUKIES. New Zealand Property Investors and Traders

This is a unique opportunity to learn from the best! Come and join Phil Thompson from AssetLab as he has a no holds barred conversation with powerhouse property investors and game changers Greame Fowler and Katrina Lukies.

 

CLICK HERE TO LISTEN TO THE FULL INTERVIEW

 

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.

 

When you are ready, here’s how we can help you succeed:

1) Join our Facebook page for free training, updates, and chat.

2) Join us at an upcoming course or workshop. Subscribe to stay in the loop or check out our homepage: Events on our Homepage.

3) Get in touch for a chat about how we can help you with our selection of programs and coaching options.

4) Check out the incredible value in the Assetlab Masterclass HERE

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KEEPING YOUR HEAD IN THE GAME: Property Investment Success

What does mindset and personal development have to do with property investment and wealth creation?
 
Well…Everything.
 
AssetLab’s philosophy is to “Work harder on the INVESTOR than on the INVESTMENT”
 
Now I hear some people saying “Nope. We’re Kiwi’s. We don’t like flowery stuff mate; just give us the nuts and bolts and we’ll be ‘right”
 
If only that were true. It does seem that way on the face of it of course but the reality is far from it.
 
Let’s face it, most of the Property Education principles taught in NZ are not new. Most of the information can be found if you look hard enough; Books, Forums, Investor Associations, Good ol’ Google, it’s all out there. A lot of it for free.
 
AssetLab are in the business of Wealth Education so it may seem like we’re bias towards it. And you are right, we are.
 
But we encourage free...
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Property Investor Mistakes: Overcapitalizing on your renovation project

Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
 
Property Investment Mistakes: Overcapitalizing on your renovation project
 
One of the biggest mistakes I see investors make is overcapitalizing when renovating properties, both trading and within their buy-and-hold portfolio.
 
And yes, I am guilty of falling into this trap over the years as well.
 
It is funny because everyone is so objective when it is not their property, however, the minute they have ‘skin in the game’ the emotional attachment seems to set in. Suddenly, the matter-of-fact demeanour of sticking to the budget can morph into a splurge here and a splurge there when it is their own property.
 
It is not so much the extra $20 for a light shade that matters, but when you add up 10 of those throughout...
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