What defines a successful property investor? Is it the method the madness or the motivation?
What I've learnt is that there is always more than one method, more than one way to achieve a similar result. Some are more, or less, effective than the next but 'all roads lead to Rome' in the end! You still get there even if the journey takes a little longer...
Motivation only gets you to the starting blocks, or off the blocks and maybe through the gate if you're lucky...but is prone to wain quickly.
What I’ve learnt is that there are several other traits that all successful property investors have in common that may not seem so important at first blush.
The thing that stands out for me is mindset.
Successful property investors have the right mindset will have a focus and determination to stay with the task and to follow through with the plan. As my old high school rector used to call it, STICKABILITY. The ability to ‘keep at it’ until they succeed ... and they never ever give up!
It matters less what strategy you use or what plan you decide to follow, what matters is that you stay the course no matter the difficulties or obstacles.
Successful property investors have an ability to overcome failure. To get up and go again after a setback, rejection or disaster is the single most important characteristic in successful people, whether it be property investing or in life.
A study in the US carried out over many generations of wealthy families discovered a surprising finding. They found that in most cases the wealth in the family diminished over time so that many once wealthy families were no longer after a number of generations. They found the exception to this trend was when members of the family displayed an ability to overcome setbacks and failure. They found this single trait or ability far outweighed education, ( or where they went to school), intelligence, qualifications or connections. This trait seemed to be passed down from one generation to the next.
Until next time- good investing!
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YIP’s 2010 Investor of the Year, Patrick went from being broke, unemployed and struggling with a mountain of debt to becoming a multi-million dollar property tycoon in just eight years. Patrick got his start with just $22,000 of his own cash and leveraged the rest of the money from the banks to get him to where he is today. Having gone on to acquire a couple of commercial properties in Port Hedland, and with other projects on tap across NW Australia and abroad, Patrick has retired from his day-job as a pilot and achieved his goal of escaping the rat race.
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