The value of a Property Mentor – create a $450,000 yearly income
Author: Tom Haigh
“If you don’t build your dream someone will hire you to help build theirs.” Tony Gaskins.
I recently sat down with someone I’d consider to be living a dream life. As the saying goes the key to being a success is to ‘be the dumbest person in the room’ as often as possible. I certainly ticked that box during my recent meeting with Jeff.
Here’s are the lessons from a very enlightening conversation about being in control of your financial world.
“Be your own master, don’t ever forget it. That’s the aim, don’t make life any more complicated than it needs to be.” Hanging on every word my hand was working overtime, madly taking notes as he signalled the end to our meeting with one last slurp of the cappuccino that sat largely untouched over the course of our hour long meeting….
“And stop second guessing yourself…” he continued, “you already have the answers, just start taking action that will allow you to be in control of your own s**t”.” “Thanks Jeff!”, I yelled with sincerity as he tore off down the street, eager to make his way to the ocean baths for his morning swim – a rain, hail or shine ritual for the last 25 years.
Jeff’s parting advice that day was a real epiphany for me. I’d spent the best part of a decade making changes in my life to ultimately get me closer to the very thing Jeff was talking about. Jeff had built a real estate portfolio which included 30 properties and delivered an annual (passive) rental income of $450,000, allowing him to do whatever he wanted with his time. Jeff knew what he was talking about.
When I started my own business I had set out to achieve something that resembled Jeff’s life today. A life where I had control over my days, and a life of greater choice – particularly choice of what work to do, who to do it with (see the 4-hour Work Week). Jeff had a similar vision of what he wanted his life to look like, and had taken the steps and applied himself consistently until he was able to achieve his goal of “not having a boss, a job or any client who I felt I relied upon to live the lifestyle I wanted to live”.
Jeff’s strategy was simple – buy real estate, renovate to add value, find a solid tenant who would pay his mortgage, utilise the increase in value to fund the next purchase by refinancing – rinse and repeat. Occasionally he would sell a property to pay down some of the debt in his portfolio, but only when someone would make him an offer too good to refuse.
The real reason for his success was consistent action, putting time and effort into successfully building an investment portfolio no matter the ‘free advice’ he was receiving from well meaning family and friends. “Most people are capable of anything in life, they have big dreams, big aspirations, but they fail at the most important hurdle – taking the necessary action to get what they really want out of life. They listen to the doubters, and they end up doubting themselves so much they never do nothing.”
Jeff had created his own recipe. He knew what he wanted the finished product to look like, he learnt all the steps required to bake the cake and wasn’t afraid to roll up his sleeves.
The common thread connecting all of the successful people I’m lucky enough to have met in my life, people like Jeff, is undoubtedly their ability to take action take action. They are so hell bent on having more control over their own lives that they do the work necessary to move themselves from where they are to where they want to be.
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