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Napoleon Hill’s book Think and Grow Rich has sold over 70 million copies and is the 12th best selling book of all time1.
Hill’s #1 Golden Rule is….
Only by creating benefit and value to other people, will one create sustainable achievement for oneself
In an industry overcrowded with hundreds of extraneous and biased operators it is perhaps this single mantra which explains Margaret Lomas’ success.
Margaret Lomas is amongst Australia’s most well known property identities. Few people in the country have enjoyed such prolific success.
Over the best part of twenty years Margaret has built an impressive portfolio of over 35 investment properties and via her company Destiny Financial she has also taught thousands of Australians how to do the same thing for themselves.
In talking to Margaret what stands out most is her genuine passion to educate people about property, and simply to ‘help them help themselves’.
Margaret is the best-settling author of nine books on investing and her two property shows on Sky Business News Your Money Your Call and Property Success with Margaret Lomas are watched by tens of thousands of viewers around the country each week.
It was a real privilege talking to Margaret. Today on the show we cover the following topics:
- The story behind Destiny and how a simple money management system led to Margaret’s early investments, her national property company and her first breakthrough book
- The consequences of biased advice (e.g. buying advice from developers, or those receiving sales commissions from developers) and the reality of being stuck with underperforming investments
- Distinguishing between educators and marketers, why the greatest investment you can make is an investment in yourself, and where to get started
- Why cash flow and capital growth don’t have to be mutually exclusive
- A caution to investors buying $2M properties in Sydney on a 2.5% yield
- Identifying growth drivers like low unemployment, investment value, diversity of industries, above average population growth, areas where household income is growing above inflation, and councils supporting infrastructure and development
- Why as at September 2016 Margaret is seeing value in certain Melbourne suburbs like Carrum Downs and Patterson Lakes (south east of the CBD); and Altona Meadows and Deer Park (west)
- Why Adelaide suits conservative property investors and the strategy of buying a big block with a house on it, sitting on it for a few years (‘landbanking’) and then potentially undertaking a development on it later
- The natural progression from property investor to small developer, and the areas in Adelaide Margaret herself is now undertaking developments
- The changing nature of Melbourne’s property market, the impact of interstate investors and the areas interstate investors are now targeting
Margaret’s tip for Long Property investors is:
If you’re time poor you have no business investing in property
(this is contrary advice to what you often hear, listen to the interview to learn why…)
Margaret’s final comment is also definitely also worth remembering.
The ability to be successful as a property investor starts with the investor taking responsibility for their investments. People put a lot of time into a job where they’re making someone else wealthy. They put off their own education into property investing which is a vehicle to make them themselves wealthy. You can’t put it off. It can’t be the thing you do last in your week, it has to be the thing you do second, between working and eating. Work, educate yourself about property, and then sleep. If you can provide this amount of attention to your property journey, then you will be successful.
Without further ado, please enjoy this Long Property interview with today’s special guest, Margaret Lomas:
You can learn more about Margaret and her business and all her materials via her website – www.destiny.com.au
Margaret’s books are available via the Destiny website and also via this Amazon page. The book referenced in the interview is How to Achieve Property Success and is available here)
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1 http://jamesclear.com/best-books/best-selling
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If you have any thoughts on Margaret’s views or strategies please share them via the comments box below.
