As many other aspiring billionaires, I have read and been fascinated by the many books that espouse theories on making money on properties.
However my wife and I have never really tried “property investing”.
A good family friend, Kalai, has tried and made money. He has been a “fixer upper” and made decent money on 2 properties. He has bought and sold properties. He has been a property agent and sold a number of properties. He has also a dud on his hands now. His stories have always fascinated me.
I accept that property is a major asset class and learning about investing in them can only be a plus in our journey to financial freedom.
So when a local financial and property “guru”, Milan Doshi, announced his upcoming class, I was interested got up my daughter and nephew to sign up.
The course promises a number of things, related to improving our financial IQ and learning about RE investment.
Of course, neither my wife nor I expect our daughter (the second, the first is studying in Wales) to return from the course with Donald Trump’s skills.
What then do we expect?
a) My nephew and daughter will get to understand at least some of the nitty gritty and be given an introduction to the world of RE investing and the related matters, like tenant issues, types of property, pitfalls to look out for, financing, calculating returns etc.
b) My nephew and daughter will get to meet other course participants who should have the same interests and maybe, form a peer group with some of them. (See this great article on the advantages of peer groups).
Besides, my daughters forming a peer group is one of my goals for 2008.
c) My daughter is close to my nephew and there is no reason why they should not form a 2 member peer group to start off with.
d) My nephew is a very sensible young man and I am sure his presence at the course and as my daughter’s peer group member will be of great help to her.
e) My daughter is not out of University yet, but my nephew has been working for a few years now. He works with our country’s Central Bank, and thus has his fair share of friends in the banking industry. This should be a plus for them.
f) I have read Milan’s books and I think he gives a fair representation of the industry. It is not “just buy property and become rich”. It is also about gain knowledge, study your property carefully and buy. And that making mistakes in RE investment can be a long painful affair to unravel.
I believe that my nephew and daughter will get a balanced view of the positives and negatives of RE investing.
Ultimately, we hope that my nephew and daughter will learn from this course and be more enlightened about the specifics of RE investment.
We hope that they will look up and study a lot more on RE. And we hope they’ll consider RE investment as one of their vehicles in their journey for financial independence.
Kalai has also talked to my daughter about his experiences, relating both his good and bad ones. He dwelled upon the need to carefully study the property and suggested that she should start with something “small and manageable.”
I am bristling with so called ideas on what my nephew and daughter should do. I have to and must restrain myself. This is their journey.
Maybe I should just ask for their idea of a 5 year plan on their RE investments.