Personally I have chosen to take on the Wheel of Wealth approach and before beginning session 9 on the Monopoly Theory I wasn't sure if I was going to get that much out of that session simply because thats not the path I want to take.
Not only did that session blow that idea out of the water but I certainly had my biggest a-Ha moment so far in this course. The idea of purchasing smart and buying parcels of land side by side is brilliant. You can still actively create potential value add without even taking on to much activity. I still plan on taking the Wheel of Wealth approach but this concept has opened up a whole new world of ideas to me.
Are there any investors out there currently taking on this monopoly theory approach or had any success in doing this? If so what was the outcome?
Cheers,
Dylan
Hi Dylan, I appear to be at the same point in this course as you as I have just watched Session 9 today and had a similar AHA moment - despite personally preferring the WOW approach too.. I have opted for a fusion of the two methods as I have a couple of properties under my belt and I want to achieve my financial freedom by 2022 (6.5 years). I have identified one property that we should definitely arrange an option / first right of refusal for the neighboring lot. Our property is a commercial lot on a corner and the neighbor is an elderly woman who has told me she is probably going to move to a nursing home soon. Her home is large and too much for an elderly lady to manage on her own. It would greatly enhance the value of the corner commercial lot to have the flanking residential lot next to it.
In regards to your question: "Are there any investors out there currently taking on this monopoly theory approach or had any success in doing this? If so what was the outcome?" I personally started this approach in 2009 with the intention to buy a property every two years (as I could not afford to do annually). I didn't quite achieve that (I got 3 out of 4 and instead of purchasing a property one year I invested in Steve's fund instead) and I didn't quite have the knowledge under my belt that I have now plus I also lost momentum between purchases, didn't keep an eye on the market and subsequently missed some 'sell now' flags.
I am also in a flat/tough market (Perth). I have achieved reasonably growth but if I could go back and do things a bit differently I would. I am now selling two of the three properties. One of them I have missed the high selling point (kicking myself) and the other is good to sell now.
Hence I now intend to maintain the momentum I achieved from Bootcamp in November and remain more active and involved!
I too am interested in hearing from people who have progressed through either of these methods and how that journey has been.