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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Case Study: A Juicy Property Joint Venture.

There is nothing like seeing the theory put in to practice!

 
 
 
** (This video is an excerpt from AssetLab's Masterclass 'Case Study No.1' taken from Module 4 ) **
 

In this session Sally and James share the details of a trade which involved: 

- Purchasing from another Trader (gasp!)

- Working with a Joint Venture partner,

- Completing a full renovation in 4.5 weeks

Ooh, by the way, every investor needs a good accountant who understands property investment! We recommend Glynis Carter at Monteck Carter, she is our own accountant and is brilliant. Assetlab community get a very special deal so let Glynis know you are from Assetlab. You can contact Glynis HERE.

Any questions? Ask away on the Facebook Forum.

 

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Cashflow is King And Queen of property investment

"Cashflow is King And Queen of property investment"
 
Here are our Saturday-Super-Legends (TM) visiting potential and current property deals today, discussing the market and opportunities, sharing ideas and having plenty of laughs.
 
 
Today we worked on/visited:
 
- Potential deals at the early stages of the process
- A current trade deal which has just gone unconditional with $33,000 profit after all costs (except tax)
- Another trade deal underway with around $35,000 profit
- ANOTHER trade deal mid-way through renovation with multiple potential deal angles with around $30,000 profit
- A current development property (trade deal), simple '1 into 2' which will create approximately $250,000 net equity
- Another property, with renovation now finished where we learned the value of not taking 'no' for an answer and the power of relationships, which resulted in an additional $30,000 profit in under 30 minutes, above what would have already been...
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Mindset by Graeme Fowler

Mindset
 
What do you think would be the biggest blocks to someone’s success in real estate investing?
 
 
Some may say their lack of experience, or funding issues, possibly not having enough agents to find them good properties, and others may say it’s the market itself - not doing what they want it to. All sorts of reasons as to what’s stopping them from getting what they want.
 
These all sound like they could be valid reasons they believe are holding them back, but personally I think it all comes down to just one thing – their own mindset.
 
I believe someone’s mindset and beliefs about certain things will either help them succeed, or prevent them from succeeding. When you have your mind set in a way that helps you rather than hinders you, everything seems to flow easily and effortlessly.
 
To give you an example of how this works, think of all the radio stations in Hawkes Bay that are now playing in the...
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