Hey, So, welcome to Module Three. I'm your seat man, the author of the property apprentice or to earn while you learn. And today we're gonna learn about mindset. Some more. So welcome back Adrian to this class. And yeah, and lots of exciting things to share with you and us of the audience tonight.

Okay, excellent. So as I mentioned in the previous module, the real key use success is mindset. Because if you're in the wrong mindset, whatever method you're gonna learn afterwards, you're not going to apply it. So that's why it is one of the most critical models and we discuss it first before anything else. One of my favorite saying is It's all in your mind. Because everything is in your mind.

And, for example, Tony Robbins also says, and if somehow I think maybe half also nothing has any meaning, except the meaning that you attach to it. So, and it's very true. And that's why we're here to discuss it in more detail. Also, Warren Buffett said, until you can manage your mind to not expect to manage money because otherwise you'd be driven by fear and all this so investors think a little bit differently. And before I reveal what I think, how investors think differently for other people, to make this a bit more interactive, for those of you who are watching this video now, please pause, stop and think about yourself for a while. What have you noticed in investors what they do differently?

How to think differently from many other people take some notes before you hit the play button again. For you, Adrian. Yeah. Let me ask you the same question. What do you think? Let's do a quick brainstorming.

So I think one of the big things that investors do differently is they see and acknowledge risk but manage it and take action despite that. It's not about being not being reckless, but managing it actively rather than being scared by it. One thing that I've observed also, thinking where is the opportunity, what is the opportunity, not? what if what if, what if, what if what if is another one, I mean, having a mindset of there is opportunity thinking I can make Money. Yeah, absolutely item you sell off some important things that you mentioned. Firstly, the minds.

Favorite question is what if, what if this happens? What if that happens that's in a way useful to protect us? Yeah. What if I jumped into the fire? I might get burned? In that sense, it's a good thing.

But it also protects us in many ways where we could have taken action and who would have made money if we only had gotten all the singing question in mind. So and the absolutely right of all the opportunities, I'm going to cover that in a while also, you know, pre but many years ago, before I was professional investor, and I mean, I did have properties. But when I sold property, I just saw an old property. When I seen all property now, I see an opportunity. Hey, what if the guy wants to sell it and I can renovate and sell for profit. Now I see opportunity.

I saw that's that's one of the key traits. So it's actually well done. Adrian, thank you for your contribution. So, also Robert Kiyosaki says, be rich, before you become rich. What does that mean? How would you interpret that statement?

It's very interesting context. I guess for me, you've got to be something inside before you are that or exhibit that on the outside. So unless one develops and as I develop the mindset of a successful investor, I'm not going to be able to come at the outside world or manifest so I kind of got to become an inside in my, you know, in my mind in my spirit before I get the external benefits of that because the outside world reflects the inside world. Yeah, That's, that's why so if you behave as if you they already will subconsciously conditioned you that you are there, and therefore you're not and then that will happen. Sort of that's, that's what this means and in order to help you and my students to accomplish that I have come up with some statements in order to help you condition yourself. I've actually emailed them to you just before this call, I don't know whether you've seen it already.

Yep, can put printed out later look at it on the screen. I will hold it up for the orange and double together with this module, attached them as a PDF file, and we can force you to these together. So that's what it looks like is our property investing declarations. So during this class, We will run this a few times. Right? Thank you.

And after this class, I would highly encourage you to at least for next three, four weeks, repeat this thing at least three times a day when you wake up, maybe at lunch, maybe at night, again, to make the subconscious competence, foil, so that you actually start believing it. If you tell yourself something often enough, you will actually believe it. Just like this, these limiting beliefs we were talking about yesterday, where you might have been telling you something, and therefore you believe it, and therefore you live it. So let's do that together. I will say the first one. And then you can repeat after me, please, Adrian, and then I will say the next one and for the audience, please likewise, do that.

When Adrian talks you have a chance to ideally say it out loud as well. Because if you say it out loud, it's much more powerful than you just think about it. Okay? So, please repeat. I am a successful property investor. I am a successful property investor, I take action, forget my goals.

I take action to get my goals. I love generating more and more passive income. I love generating more and more passive income in my iMac, I make money when I buy. I make money when I buy, I switch off my emotions and making investments decisions. I switch off my emotions when making investment decisions. I overcome my fears.

I overcome my fears. I'm blessed and grateful that money comes to me easily. I'm blessed and grateful now that money comes to me easily. I am financially free. I am financially free. Thank you.

You might have noticed that these are also in the present tense as a robot says not in a future tense even though it might not be everything totally the case today bye. If you have enough, suggest it to yourself and believe it, it will be the case in future, but that's why it's in the present tense of changing things. So, for my perspective, I put together a couple of items that are invest things differently. Firstly, we already mentioned it, and I'm going to mention about 20 times more to switch off your emotions. A lot of people make emotional decisions often even without consciously knowing that their emotions are driving them. But if you want to think about it, and you know, as we discussed in Module Two, so please, it's very, very good if you have emotions, about your your loved ones and things you know you do in your free time.

That's fine. But at that moment when you make a decision to buy or sell or not to buy or not to sell, whatever the case might be, then thing really was is a rational decision or not? Yeah, just now I showed you a picture, I don't have any more but to me a property is just like an ATM machine. And I don't care what the ATM machine looks like, you see money has press buttons and money comes from then we talked about this earlier also why you have to know your why. Why do you invest why you brought Brittany down in the previous module and you have to know your life you will find a way how to accomplish your why. When we make decisions on poverty, like the numbers count, by bus make decisions.

And one of the other factors is obviously location that we need. Look in. But if the numbers are no good, even though it looks very nice and two, he tells you you're going to make lots of money. I can you predict the future? I don't know. I cannot.

So I make decisions based on present another future. Just now you mentioned it already, Adrian. We are going masses always on the lookout for opportunities. And if you believe they come they will come of course not by itself you have to do some work to to accomplish it. But if you're in a different mindset, then you take different actions and then it will come. But you also need the ability, once the opportunity comes to you to evaluate them against each other, which one is the better opportunity of these?

I get every day three to 10 I would say opportunities to buy properties. And I have to evaluate which of those I want to spend time on and which of them maybe not. And those that I do spend time on in more detail have to come to the right decision. And absolutely, you have to plan like you your property investing as a business. If any of you who has a business, you also do a planning and if you don't, if an employee, you also have a plan, you just don't follow a business plan. You might call it objective setting at the beginning of the year and performance appraisal at the end of the year, same thing, because, well sure, if you fail to plan, you plan to fail.

This is not the only case in poverty, but you have to have a plan you have to know what you're doing. You got to find the right strategy which comes up in later. model and follow your strategy with discipline, focus and patience and exhibiting flexibility as mentioned in the previous module, you have to adapt and there is maybe a regulation changes or one market is not so good and no one knew good market is coming up to not always, you know, do the same thing. But to be flexible to adapt if necessary. Also flexibility in terms of doesn't have to be the market could be you. Let's say your family situation changes you get married and have a baby you might want to take on less risk than you did before For example, I so these kind of things you have to take into consideration.

Then you have to be persistent. Not always things work the first time. Sometimes you might give an offer to a property owner and he says no What would you do in that case? Well, I guess in that case, if they if you make an offer and it doesn't, and they say no, then you can reevaluate the offer. See if the numbers still work at the number, the landlord, the owner, once number still work, you can still make the offer, make a new offer. And number two will work then you can walk away.

You can walk away of course, you could look at a different opportunity. That's why don't totally put it away when you put it away. Follow up sometime later, a last month, Mr. X, we talked about your property didn't want to sell it for that price is still available now. Can you sell it for that price now? follow up on it. Don't give up just follow up.

At a later point. Sometimes people have a price in mind that might not be matching yours. But as time went by, and don't find a buyer maybe they were It doesn't cost much to to ask again, I'll just go to the email, quick phone call. Sometimes they might get desperate over time if they can't sell the property. So then we talked about it before, and really always take approach, how can I, instead of it doesn't work I can't do this doesn't work. How else can I do also didn't work?

How else can I do until you find a solution to take that approach and it's not property specific, you actually should take this very same approach in many other things in your life, in your business, your job, then you mentioned it risks. Risk is something that is inevitable, but investor will take some risk, how much risk you can define Important is not to run away from it, but to manage it. And we will learn it in a future module how to specifically do that? Have you heard of stories or perhaps ignore people who made a lot of money, let's say, won the lottery or had a windfall in there in a stock investment, let's say for Sony, the stock, you know, doubled overnight, then they made a lot of money. What what happens to most of them? Well, almost everyone who gets a sudden windfall, it didn't expect it ends up losing all of that money pretty quickly, precisely.

Right. So you will need to learn also how to manage your money once you have it, which is also part of this class, right? Not to give it away again, which relates to mindset again, because your people are programmed to give away money somehow subconsciously. And that's why we are discussing the mindset psychology in the process in order to keep your money one's habits. And absolutely right, you already mentioned Yeah, investors, investors are action takers when you see an opportunity you have evaluated it and it is good and take it Don't be afraid. And did I mention switch off your emotions yet?

Because it's so critical. Okay, any questions comments from you? Know I only a comment just that the the idea of persistence is, is important for me making an offer on a property and having it rejected. It's tempting to go Okay, well, that one's not gonna work. I'll go find something else but being persistent and keeping in touch with the landlord and seeing if you can get that the price that I want later. is a useful is a powerful insight.

But you don't, I don't have to walk away from an opportunity just because it doesn't work out now because it may work out later. Right? Maybe to digress on that point a little bit here, which would be an exercise that's upcoming in a future module. But we might as well ask you to do it now. And maybe for the audience, I might do that in the relevant section again, but for you since you're born in Singapore, for the next month or so it will be difficult to actually do the exercise for you. So I'll ask you to do one thing tomorrow it only cost so I would say five, maximum 10 minutes.

Whatever it be okay for you to spend five or 10 minutes tomorrow to do the exercise. Yes. It's a it's a fantastic exercise that also the live participants in my class always do. And when I mentioned what it is they always very hesitant after the dance, they will love it. And in each single class at least one of them says this was actually the highlight of the entire course. One of the highlights at least.

So Tomorrow is Saturday. On Saturday, you will find a very thick property advertisement section in a newspaper. If you have subscribed to it, it will come to your house if not please by the Straits Times more and randomly call any agent that sells a property. Not rental, not HDB but either condo or lended asked some reason Simple intelligent questions about the property, like the location, the surroundings, the condition of the property. And then if it's not already mentioned in the ad as for the price and then after the agent has mentioned the price, you take 30% of that. So let's say he says 1 million and say okay, how about 700,000 and just see you take 30% of the price, not 30% off the price 30% off so if he says a million you offer 700 he says 1.5 million or four maybe 1.2 or something like that, okay.

They say obviously won't accept but what I want you to buy I wanted to do this is firstly, to get used to giving low offers. Secondly, to overcome From your fear of actually calling ation to give such a ridiculous offer, because that's what later you will be doing. You just give ridiculous offers all the time, but eventually one of them accepted. Maybe not at 30. But if you get 25% It's okay. Right.

The first time I did this, I called somebody for a very big landed property. I think 15,000 square feet or so. And they wanted 3.9 million in the attic was already mentioned. So I called him and said, I'll offer to one four. And people have the fear of you know, Talking Dead and maybe they get a score there or they get the agent just hangs up on them. If so, what so what, nothing happens, right?

You can do nothing. So I said 2.4 million. Then he said, How about 3 million? Just like that in one minute. I got $9,000 So, so do the exercise tomorrow, if you can't be the first agent, or the don't want to mention the price, you know, seeing in person and just say thank you for the next one, then it takes another five minutes. So then you have 10 minutes, but in 10 minutes you're done.

And just see how they rate and give me a feedback. Sounds fun. It is fun. Yeah, but when I do this in my class and all the people sit there, you know, going through all the ads and really call this on Should I call that Oh, no, maybe takes 1015 minutes, even just make the call with a little bit of encouragement in mind. So also, if you're watching this, please do it. Call your local estate agent.

You'll be surprised how well this goes. And this also helps you to overcome your fear of giving such offers, which you can do later this quarter alone. One can make you a lot of money. Like just now my example $9,000 is and so I'm sure you know the majority of offers get like that get rejected but at 30% down some will get accepted. So, then you can go on to more detailed due diligence on a property if it's really 30%. Is and be mindful is 30% below is asking price asking price is not 30% necessarily low market value, which then you have to evaluate but it's really that 30% is he agreed to because he asked for way too much.

And 30% less is still a high price or whether it's a really good offer because that's what we're looking for really good offers people who want to sell the property cheaply how to find those little discussing them later To module, but that's what we want, right? So we are the investors, right? So we follow the process and the flow office. Sounds great. Okay? So that's the mindset you have to be in.

So then it's very important as an investor to know yourself. And I see a lot of people that don't, that's why in this particular next few slides, which you will also find a new workbook then you can circle that in your workbook later on. So that's on a high level for different types of investors and you need to know who you are. So first type is conservative, so they focus mainly on preserving capital. Not willing to take on big risk. So only very low risk strategies they will do.

Typically those people like to invest in the home markets. So in case you will, Singapore will probably only invest in Singapore, or perhaps Malaysia, but that's about it. So then there's the balance type. Most people sort of they have some a balance between capital preservation, preserve what you have, and growing your money so that your assets gets bigger unit gets higher, they're willing to take on bit more moderate risks. And they might invest also in overseas markets, but only in mature or cool markets like Australia, UK, US that kind of thing. Gross investor, their main concern is on capital growth.

Therefore, the obvious need to and are willing to take higher risks and expect obviously higher return which is precisely the same in any form of investment and stock exchange that was the same way. In property, they're willing to invest in roles in new markets that that have high price appreciation potential, I must highlight its potential. It's not for sure, it might or might not happen. That's where the risk comes from. It could also go wrong, it could also go down but are willing to take it with. So those people they might invest in close markets, we talk about Asia, we're talking about Cambodia, Myanmar, Vietnam, all these are relatively new for for investors.

And for me a very different time. We had experienced these markets. Of course, the price has gone Because the economies are doing well, but it might change quickly. And we have countries like Myanmar, the military comes back one day, you don't know what's going to happen. So these are not true markets like UK, US, Australia, these are new markets that these people might invest at least partially in. And then of course, you have to speculators.

They just want to make a quick buck anyway, I also can really take on very high risks, and invest anywhere where they see opportunity to make a quick buck. And there's no right or wrong. There's only having to know yourself and things will change over time. But right now, I would like you, as well as the audience here so we can hit the pause button after my instruction from us scale from one to 10 one being extremely low risk up to 10 to speculator Where do you see yourself? So, you see self, you know, conservative one or two or balance months, almost three or four or you can hold tight that as relative to taking high risk for free back then the nine or 10 so think about it 10 circles in a workbook so that you know where you stand at this point in time.

Okay, so, which number did you choose? I chose six out of 10 six. The balanced investor description somewhat appeals to me but I quickly tired That over time, I do look for more aggressive opportunities than I think the typical balanced investor, I do want growth and even some small degree of speculation. So I think on average across everything that I do, the growth category is the right one for me. Yeah. Okay, cool.

And as I mentioned, there's no right or wrong, you just have to know yourself. So you know, you're on the probably the lower end of the growth, investor type, slightly nearing to the balance but be more focused on growth than isolation. So why is that important? Because later when we discuss the different strategies, you will be able to then pick those that are suitable for you. And don't take the ones that are not suitable for us in terms of strategy. And in terms of market that I was mentioning, just know whether you Bought a four proven or four new market.

And of course you can balance those out as well as different investments in different markets in taneous Lee, look at this periodically, because we change periodically, I don't mean every other week, but maybe once a year at least because your age changes your job situation will change your family situation will change. And then this might change as well. People be my life class usually asked me Hey, how about you? When I was younger, I was probably more on the age or so. But now that I live off my passive income, I'm a bit more conservative. So probably now I'm on a five.

So let's say I so you can circle that in the workbook. So for you, that will be the number six Then one very important thing to be successful we discussed it in the introduction early on already setting goals. Right. If you don't have a goal you cannot achieve it and you have to work clear define it and then break it down into basically smaller actionable items that pursuit to taking action, how to take action to do a three step process to do your research, then represent the property and read the rewards in terms of what are the specific things you need to do. Then you would select the strategy that supportive goals based on your investor type that you have chosen does know and then executed strategy, right? exit execute the action items that we have defined and very important that is Stick to your plan.

What we mentioned earlier focus on the goals stick to a plan, because if you don't plan, then I need to stick to a plan. It doesn't mean hundred percent plans can change, that's okay. But then you have to have a reason for that. Otherwise stick to a plan. Keep learning and keep doing. So, when we define goals, I'm sure many of you have heard this before in corporate seminars.

So it's not exactly new or rocket science. In property. It's exactly the same when you define goals that have to be smart. Or if you just say I want to make some money with poverty. That's not a good goal. Why not?

Because it's not specific. Good example of a goal that You can set for yourself would be you want to achieve $1,000 Singapore a month additional passive income within one year and see thousand dollar additional within? Yes. So it's very specific we have a number it's measurable because it has $1 denomination here and the currency it's probably realistically achievable or many people thousand dollar it's violent revolts and it has a time element but these five things you need to take into consideration when setting up goals. Okay? So I give you if you're on the video training of course if you hit the pause button take as much time as you need or Want to fill in that yours also in your workbook?

What is he on this particular slide? So what is your goal? Maybe you want to get capital, maybe you want to get passive income. How much by when? By doing what and because of what your wife that you have already defined yesterday. So maybe so we don't have to sit around.

Do nothing for a while Adrian, would it be okay? If you feel this in after this call? Sure, then you can share with me next time. So I'm just about done anyway. Okay. Okay.

Do not wait. If you're almost done, it's okay. Right. So maybe involve to the audience. Make it really something that you can achieve, but don't set it too low. Also, if you want to achieve $50 additional income is not worth your time.

And you can achieve a lot more as property but don't make it like, I want to earn $10 million a year. It's not unless you already have. Okay, so now middle aged. Okay, excellent. Are you comfortable to share tea or otherwise you can do it privately with me later. Sure.

So my main goal is to achieve an additional 5000 per month additional passive income by 30th of may 2017. That's about five months away by investing cash flow properties to support my lifestyle with less risk and volatility than my current investment income. Okay, excellent. Good, thank you. So then, let's see how we can make that happen.