Michael Yardney was brought up in Melbourne, the son of working class parents. He is the award-winning author of the book How to Grow a Multi-million Dollar Property Portfolio – in your spare time and the founder and CEO of Metropole Property Strategists, with a multi-award winning team of over 50 property professionals across offices in Melbourne, Sydney and Brisbane. Metropole has bought, sold, negotiated for and project managed hundreds of millions of dollars worth of property transactions to create wealth for their clients and themselves.
I attended Michael Yardney’s 1-day “Catch The Next Wave” property seminar on 27 March 2010 in Sydney recently and took away some useful tips and guidance from one of Australia’s most successful property minds.
Some of the concepts which Michael spoke about are not new and relate not only to aspiring property investors but also to people who want to be successful in life.
To distinguish a successful property investor / person from an average one, it has to start from having the right mindset – positive, encouraging, nurturing, balanced and objective, can-do and inspiring are just some of many words that I can think of in order to start on a right note. One must have the burning desire to succeed in endeavours which are most important to oneself rather than just having “wishful thinking”.
In general, the mindset of an average person vs a successful person can be distinguished from the following:
|
Average Person |
Successful Person |
|
Get lost in detail |
Look at big picture |
|
Think cashflow |
Think equity |
|
Trade time for money |
Make money work for them |
|
Build cashflow |
Build equity |
|
Failure is bad |
Failure is a choice |
|
Wisely save money |
Wisely borrow/gear/leverage |
|
Know it |
Ask questions |
|
Decrease debt |
Increase size of assets |
|
Pay off home loan |
Use equity to buy appreciating assets |
|
Trade, buy and sell |
Invest, seldom sell |
|
Think scarcity |
Think abundance |
|
Think small |
Think big |
|
Play safe |
Play to win |
|
Life happens to them |
Control their lives |
|
Blame others |
Take full responsibility |
|
Justify |
Seek to understand |
|
Want to be rich |
Committed to be rich |
|
Don’t need to learn more |
Invest in education |
Here are more property investing principles I learnt from Michael Yardney and his award-winning book.





