We’ve seen a lot of investors purchase through Property Friends and notice some common traits that set them apart from those who do not purchase or keep providing excuses why they “Can’t” invest.
Here’s a summary of the make-up of a successful property investor – how many points describe you?
Successful investors have a strong desire to achieve their goals and won’t settle for a mediocre life. They understand the importance of building wealth, not for the sake of having more money, but for the comfortable lifestyle, it presents.
Opportunities are always available. We’ve discussed this in previous articles, however, if you remain positive and optimistic you’ll be amazed at the deals that present themselves to you. If you miss an opportunity, it’s not the end of the world – another deal [or opportunity] is just around the corner.
Committed to a strategy
The biggest mistake new investors make is that they try to do too many different things at once. All good business owners and that is in effect what property investors are – business owners] will tell you that a strong, consistent focus produces better results. It’s this focus that also makes it easier to manage their business. Before you jump in, set yourself down, write a plan and stick to it. If you feel you are unable to write a plan, have an expert help you.
To get you started, we’ve asked our marketing expert to provide a “beginners guide to writing a property plan” and included it in our next article!
You’ve written your plan, set goals and are ready to make things happen. Don’t talk about it – do something about
it. The time to take action is now. Don’t wait for 6 months for some factor to improve, as other factors will have changed as well.
It’s a team sport
You can’t do it all on your own. Legals, management of your property [and tenants] all need the help of professionals. They can fix problems faster, find tenants easier and know all the rules and regulations. It’s worth
collecting a team you can trust and work with them.
Fall down, get back up again
You may experience unexpected hurdles along the way. We all know life is not meant to be easy – but if something goes wrong, remember you have your team to help and all you’ll need to do is dust yourself off and get back onto your strategic plan.
It’s important to know what’s happening in the Australian property market. Where are the new hot spots, what laws have changed, what are the predictions for the future? That’s where Property Friends also helps you – by providing you with the results of our independent research and wealth of knowledge!
Celebrate your success
Every business coach and a successful business owner will tell you to celebrate your wins. This process trains your mind to understand that all the hard work, stress and [maybe] disappointments you went through were worth it. Treat yourself to a nice bottle of red, weekend away or night at Gold Class cinemas! Success is an important part of your journey!