What I Learn From Property Millionaire Challenge Seminar
|April 4, 2015||Posted by Ann Khee under Property News|
Earlier I mentioned about attending Property Millionaire Challenge Seminar by Michael Tan. If you’ve miss it, click here. Today I’m going to share some of the learning.
I like Michael Tan’s first statement:
“ We should spend equal amount of time in making money and growing money. ”
Usually an employee will put his thinking cap on ways to make more money, while businessman more often thinks how to grow money after making them. A simple example to show how to distinguish both mindset.
As this is seminar is not the real NO Money Down Workshop, Michael Tan didn’t elaborate on his system and share mainly the basic knowledge. The first few steps we need to take in buying property includes:
Set our budget
For beginners, it is advisable to play around RM300,000 budget before moving on to RM500,000 and so forth.
Decide if we are keeper or flipper
A keeper should look for safe, stable and boring properties, while a flipper eyes on hot and sexy properties. Of course we can combine the two roles, but it’s better to master on one first.
Where to buy properties?
Auctions – not advisable due to on off temptations
Michael did share some formulas. Yes, formulas are important in making money!
One of the interesting games we had was to search for developers’ launches for the past one year. And we use colored tags to label them on maps. With this done, we were able to see a trend. Pinks are for high rise properties while yellows are for landed. This is a very useful way to do research. Perhaps you can do your own research on a particular area based on this method.
Another interesting strategy is getting involved in creative deals. This is the one I like! Don’t you want to see a transformation of an old tired house into a beautiful house? While in US few years back, I used to watch this movie – Flippers, and I love it. The series showcased a group of investors-cum-builders who search for old houses, renovate and give it a new look before selling. Can I say they are creative flippers? I wish I’m in this category. Utilize both my likes. Yay!
Finally … the most exciting part is viewing Michael’s collection of properties including his best deal ever! I’m not in the position to comment here, you have to see it for yourself
I have other blogs but this is the one blog that I constantly update. How can I not say this is my passion? Perhaps this is who I am. There is no accident I had a degree and work 10 years with contractors, developer and ID. I recall a Disney movie which my daughter watches almost every day. The line goes this way, “This is who you are. Accept it.” I know what I should do next. Invest in education to manage fear and greed. Learning is a lifelong journey. Even the greatest sifu has his own mentor. Thank you for reading guys. It makes a huge difference.
Ops, in case you want to know further about the workshop, head over to FREEMEN homepage here.