How to become a super investor
by Rich Harvey, Managing Director, www.propertybuyer.com.au
Many property investors get stuck on two or three properties and fail to progress up the property ladder. You know in your heart that you need to build up a portfolio of properties if you really want financial freedom. Buying just one or two investment properties is not going to cut it. You need a bunch of quality properties to generate the cashflow you need for your lifestyle.
You’ve read several property books or magazines and been to a few seminars to get the basics, but it’s still not happening. You start to feel like there are some missing pieces to this property jigsaw puzzle. You’ve seen stories about some really successful investors buying 5, 10 or even 20 properties and start to think- “Is that really possible?” You might feel like a bit of a failure and get worried that things will never come together.
Your friends and family might be saying “now is not the time to invest”, or “things are just too uncertain”, or you’ve read some articles saying the resources boom is over. Then several bills come in, you find the hot water system in your investment property has just blown up and that the tenants in the other one are leaving.
Whatever your circumstances, the super investor takes a different approach to the herd.
Here are five things that super investors do to make it happen:
1. Value time
The super investor understands the value of time. They realise time is much more valuable than money. You can’t get time back. Super investors use property investment to “buy” more time. By investing in property now, you are investing in your own financial future that will give you more choices about work and lifestyle. They also leverage other people’s time as this is finite.
2. Set goals
Super investors love setting and achieving goals. It gives them a sense of purpose and destiny. They are not constrained by small level thinking – they are motivated and energized to achieve worthwhile goals. Most of the people on the BWR Rich 200 list are people who worked hard, saved and invested in growth assets long enough to enjoy the benefits of goal setting.
3. Strategic Mindset
How you think about yourself and others plays a significant role in how things turn out. Are you a glass half full or empty person? I say plan for the worst but expect the best. You do need both types of thinking to be a super investor, but it doesn’t mean you need
to mope around the house with a worried expression all the time. The super investor engages in strategic thinking, researches extensively and considers the long term.
4. Take action
To be successful in property investment, you not only need the knowledge, you need the courage to take action. Knowledge is not power unless you use it. Most people that go to seminars and read books do not do anything. They gain the theoretical knowledge, but very few use it themselves
5. A system
Abraham Lincoln said “If I had 8 hours to cut down a tree, I’d spend the first 6 hours sharpening the saw.” The same applies to property investors – getting the right systems and strategies. Super investors repeat what works and refine what doesn’t.
6. Use a team of experts
The super investor has quickly discovered the power of leverage via other experts. Trying to do everything yourself will tie you up in knots! A critical person on your team is a licensed Buyers Agent. They can help you develop a strategy, perfect for your personal situation. The Buyers’ agent can quickly shortlist the top suburbs for growth or yield using sophisticated research tools. They can uncover off market deals, new listings and hot properties via their established network. To understand a local property market can take the average investor months- but using a Buyers’ agent can take days. They can help you negotiate and appraise the property for the lowest possible price and protect you from making bad property decisions.
To be a super investor is not a pipe dream – it just takes courage and the ability to choose your team of advisors wisely. To fast track your property goals or develop a strategy call propertybuyer on 1300 655 615 or visit our website www.propertybuyer.com.au
This article was written by Rich Harvey, an economist, investor, CEO and founder of Propertybuyer, Australia’s most Awarded Buyers Agents.
Visit www.propertybuyer.com.au or call 1300 655 615
Copyright © 2012 propertybuyer ®
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