- Successful property investors do not rush.
- Property investing is a long-term game.
- A "dream team" can provide great value for money.
One of the biggest traits of successful property investors, is that they dream big and aim for the top. Making big goals is a great way to turn your property investment dreams into reality, because aiming high and tracking your achievements will ensure you are on the right path to reaching your goals.
Most successful property investors aren’t risk-averse, but they aren’t really risk-takers either. It may appear that they take large risks to reap large returns, but really, it is more a matter of fact that they are meticulous and obsessive with their research and due diligence that the investment risk has declined and they are confident with their decisions, regardless if they are going against what other investors are doing in the market.
The reality is that although most people would like to be financially independent, living from their property investment portfolio, the majority of investors struggle to get past that first investment property. So, keeping this in mind, the best way to get different results from everyone else is to go against the grain and do things differently.
Remember this important rule for investing – if everyone is running to a “boom” town to invest, then run the other way. This is because it is already too late to jump on board once the prices start rising and there is a high risk that you will overcapitalise and end up paying too much.
Successful property investors also do not rush. They certainly know that property investing is a long-term game, and they don’t fall for any of the “get rich quick” schemes – they just don’t work, especially when it comes to property investing. There are ways to boost your equity and improve your serviceability in the short-term but the ultimate goal is long term and that’s what successful property investors focus on.
When it comes to taking risks, all the risks that are taken can be carefully calculated.
With a long-term goal in place, successful investors keep their eyes on this vision and are able to plan and calculate the ways they can get there.
This can be done by diversifying their portfolio and risk across different types of investment properties, different investment locations, and between cashflow and capital growth investments to balance the risk.
Setting property investing goals
When it comes to goal-making, successful investors will have both short-term and long-term goals and constantly evaluate whether these goals need to be realigned because the property markets and personal situations are constantly changing.
Property investors will have investment goals, personal goals, and lifestyle goals. When they achieve these short-term goals they give themselves some kudos and celebrate the small wins along the way, as this keeps the motivation along the way to achieve the big long-term dream.
In fact, a lot of highly successful people have what is called a ‘BHAG’; this stands for a Big Hairy Audacious Goal.
Selecting your dream team
Successful investors also realise that they are unable to be an expert in everything. That is why they create their “dream team” and surround themselves with professionals who can share their vision and help them achieve their long-term goals.
Although these professionals may come at a price, they understand that their knowledge is invaluable and is actually great value for money when you consider they may prevent you from making a wrong decision that may cost you hundreds of thousands of dollars.
The typical dream team will consist of a mortgage broker, a financial advisor, an accountant, a solicitor/conveyancer, and a buyer’s agent. This team need to understand your goals and be on the same page with what you are trying to achieve.
You are the key to your success and achieving your dreams
Lastly, it is important to realise that successful investors know that it is really up to them to make their dreams happen. No one else can do this for them.
They take responsibility for their decisions and don’t blame anyone else if things go wrong. Instead, they take the opportunity to really understand what went wrong and why and take it as another opportunity for constant improvement. They will always try to do better on the next deal, purchase and learn as much as they can along the way.
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