The mindset of a property millionaire

Report from The Star/Asia News Network dated Tue, Jun 29, 2010

The mindset of a property millionaire By Sherry Koh 19 properties in Malaysia. 1 property in Singapore. Properties worth more than RM22 million (S$9.4 million). Five-figure positive cash flow. Those figures belong to Milan Doshi, a property and stock investment guru who have made his millions over a course of more than 20 years. In his recent Property Intensive workshop, Doshi posted an interesting question, "Which would you rather be? A debt-free beggar or a financially free billionaire?" For most people, the answer would be the latter but they might be doing the opposite, which is to earn as much as possible to pay off debts. Doshi highlighted that the old school of thinking is to not borrow money or borrow as little as possible and return it soonest possible. His thinking is, "The more you borrow, the richer you get." He also advises investors to analyse the advisor before analysing the advice. For example, one might make the mistake of taking financial advice from people who sell investment products rather from successful investors. He also said that it is likened to getting advice from university professors who might not have personally put the theories they teach to the test in the real life situations. He also said not to be deceived by looks as some people who are poorly dressed are rich and vice versa, which explains why Doshi was simply dressed in a t-shirt and pants. These are some highlights from a handout that Doshi shared in his property intensive preview.