Want to know a secret?
When it comes to making money as a property investor, one thing is true: almost everyone can do it.
The reality is, anyone who sets their mind to it and has a clear budget, strategy and purpose can be a successful property investor.
That said, there are definitely some qualities that the most successful investors all have in common:
Story: Michael Yarney – propertyupdate.com.au
1. They’re committed
Lack of commitment is one of the biggest roadblocks I see in property investors.
People want to invest… but they don’t want to do anything about it.
Your success won’t come if you just sit around reading investing magazines and browsing real estate listings all day.
You have to be committed to investing if you want to get anywhere.
To commit means to move past your fears and become sure of yourself and your purpose for investing, and one of the best ways to do this is to take a look at your motivation.
Are you chasing passive income? Do you want to build a diversified portfolio? Increase your cash flow?
Whatever your reason, get clear on it.
Understand how owning a portfolio of investment grade properties could change your life and give you more options because you’ll have financial freedom.
That way, you can use it as motivation to get (and stay!) committed.
2. They set goals
Okay, so you’ve got the commitment.
Commitment isn’t worth beans without goals to put it towards.
A successful property investor will begin setting goals and that means defining and prioritising short, medium and long term goals.
Next, they’ll create actions for each of those goals.
These should be specific, measurable, actionable, relevant and time-based (SMART) actions too.
They’ll track their goals too, so they can stay accountable.
3. They surround themselves with the best
You’re only as good as the team around you.
Don’t make the mistake that many rookies do, which is thinking you can go it alone.
It might seem like hiring property professionals is an expense you’re not willing to make, but trust me – it’s one of the only non-negotiable aspects of a successful investment.
Gathering great professionals around you for support and advice, such as a mortgage broker, a financial advisor, a solicitor and a property advisor, can make all the difference between starting off a successful and profitable property journey… and investing your hard-earned funds into a money pit.
4. They learn from their mistakes
It’s not guarantee, but the chances are high that you’ll make plenty of mistakes in your run as a property investor.
Other investors can tell you about the numerous mistakes they’ve made over the years, but only the successful ones will tell you what they learned from them.
If you make a mistake, don’t get disheartened.
Figure out the lesson that it has taught you, and improve from there.
The next time you come up against making the same potential error, you’ll be able to recognise where you went wrong and work out a smarter way around it.
5. They never make excuses
“I’ll do it tomorrow.”
“I’m not ready right now.”
“I’m not knowledgeable enough yet.”
“I need to do more research…”
Do any of these sound familiar?
These “excuses”, and many more, are some of the more common stories that so many property investors tell to themselves, and it stops them from making any sort of progress towards their real estate goals.
I get it: investing can be a very intimidating prospect.
It’s certainly not for the faint-hearted.
But these excuses are just that – excuses.
They’re your inner doubts manifesting in ways that are intent on sabotaging your goals, and the worst part is, they’re often successful.
A savvy property investor knows when it’s just their doubts talking, and they know not to pay those doubts any attention.
The next time you hear your inner voice (or even an external one!) telling you that you shouldn’t be doing this for whatever reason, take a look at your goals, your inspiration and your game plan, and recognise that you are ready.
The best part about all of the above qualities in that nothing in this list is just “natural”… they are all attributes that can be learned.
So, if you’re a hopeful investor and you’ve been reading this thinking, “Oh… that doesn’t sound like me at all” – then don’t be disheartened.
Use this post as a checklist to change your mindset, and start achieving your property goals!