Expert Advice with Lindy Lear. 18/2/2016
This month’s Your Investment Property magazine is announcing the 2016 Investor of the Year and there certainly have been many worthy winners in the past. So what are the qualities that an investor needs to be successful? I have added my list of top 7 qualities that represent how investors have become successful. It’s not all about how many properties you have, but more about the mindset you have towards success.
Having a property mindset
If you really believe in property as a way to create wealth you are more likely to succeed than if you hedge your bets and jump in and out of the share or property market trying to make quick gains. Some people are property people, some are share people. Know where your heart lies, and your head will follow with a property mindset and strong belief that will add to your ability to be successful.
Big goals, big dreams, and big plans are the hallmark of success. Without inspiration and a focus on achieving your goals it is unlikely you will make it in any field. With property, it’s all about what property will enable you to do in the future, not how many properties you have. My goals are to retire with a passive income for a retirement of travel and fun. For others it could be a wealthy lifestyle, buying the ultra-dream home, security in retirement, owning fast cars, or giving to their children, or charities. Whatever you do, think big goals and dreams as it will be the fuel to keep you on the road to success, while others give up along the way.
With anything in life, it is hard to be successful if you have no staying power through inevitable obstacles you will have in the process. Giving up is just not in the vocabulary of successful investors, nor is the word “no”. If you hit speed bumps when buying or financing property you need to have the commitment to drive right over or around the bump so you can reach your goals.
Stick to the Plan
A roadmap to success is essential. Where are you going and when do you want to get there? Have a plan, and stick to the plan. There are many ways to be successful with property so you need to know which strategy plan will suit your circumstances and get you to your goals sooner. Without a plan your travel will be a lot more haphazard and you may not reach your destination.
Some investors know a good opportunity when they see one. They grab it with both hands and pursue it, driven by their goals. They make decisions easily with confidence , and trust themselves and the advice of the experts. They do not get buyer’s remorse, do not agonise over their decisions, procrastinate over “to buy or not to buy”, or go into endless research until they feel like an expert.
Listening to the right people
Most of all successful investors have a mentor who is already successful that they trust to give them advice or keep them on track. They do not listen to negative people with negative opinions and no experience to back them up. They build an expert team around them to help them build their dream. They do not get stuck in the detail and want to know it all and try and reinvent the wheel. Their time is precious and as soon as they have bought a property, they are already thinking about how to get the next property.
Reaping the rewards
How do you know you are a successful investor? Is it only when you have reached your goals? To me you can reap the rewards of your efforts anywhere along the journey by the increase in confidence you get after buying property 1 or 2 or 3. Success definitely breeds success and you compound what you learn along the way, about life, about yourself as well as about the property market. You cannot be a successful armchair investor.
Successful investors not only reap the rewards, they have an abundance mindset and share the love around. They share their expertise, their time and their efforts into helping others become successful too. I consider myself a successful investor and I definitely had a great mentor. If you need some mentoring to get you on the path to success, just contact me by phone or email through the website below. It would be my pleasure to assist you.
Lindy Lear is a successful property investor who had a late start into investing, yet she built a portfolio of eight properties in just three years. She is a qualified property advisor and general manager of Rocket Property Group, and she won the Reader’s Choice Award in 2009, 2012 & 2013 for Property Investment Advisor of the Year. Lindy is passionate about helping others realise their goals through investing in property, and can be contacted on Ph: 1300 850 038 or visit www.rocketpropertygroup.com.au
To read more Expert Advice articles by Lindy, click here
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.