Success is not something we’re born with, but rather a simple set of behaviours that define our actions and hence results. If you can manage your willpower, you too can achieve the great successes had by the most profitable real estate investors.
Tip the odds in your favour by employing these behaviours:
1. Surround yourself with good advice. Investing in real estate can be tricky, and so you need the right advisors on your team helping you along the way. An accountant, lawyer, banker, and mentors are just the standard set of people you’ll need. Contractors, business partners, and property managers might also be required.
2. Keep a narrow focus. Find a niche and stick with it. If residentials are what you know, you should stick with them. They use the same principles no matter where the city or the country they may be located. They have the same basic rules, so it’s best to stick with what you know. Become an expert in your field by learning all you can about your niche.
3. Stay with the numbers. Finding good deals is easy, but it takes time. Stick with the numbers you can work with, and don’t be tempted to strike a deal that’s less-than-favorable simply because you’re frustrated. Lowering your standards will lower your profitability.
4. Never stop looking, even if you’re not planning to invest yet. You might have a great portfolio, but because it can take time to find a good deal, it’s wise to never stop looking for more. It keeps you sharp and allows you to stay on top of the market. Besides, you could always earn a consulting fee for the good deals that you’ve identified. There’s how we first met our partner Tong who’s now our friend.
5. Have a long-term goal. Do you know where you hope to be in 5 years? 15? Is it to retire and be able to enjoy a comfortable lifestyle? Or is it to save enough for your children’s overseas education? You might want to align your property investments with your long-term goal. It is easier to make decisions if you know your end goals.
Keep your short-term goals in line with what your long-term goals are.
6. Keep an active network. In my experience, the best deals are never listed nor advertised. Figure out who the big players are in your field, and make sure they know who you are as well. If a good deal comes across their plate, they will be more willing to keep you informed if they know what you’re after. Return the favour, and pass along deals you know to those who might be interested. This isn’t a solitary game. Property investing is a community investment.
7. Remember that property investing is a business. What I mean by that is that a business requires constant attention. Grow and nurture your business, and it will keep you in good standing.
Investing in real estate has many lucrative advantages over other investment vehicles. It can be both highly profitable and generate lucrative cashflow at the same time. Those profits and cashflow can only come if you make the right decisions and maintain good behaviours. Success is not a destination, but a result of consistent effort.
I’ll be sharing more about my own strategies in my upcoming Show Me The Money Workshop. If you’re in Kuala Lumpur on 22nd October, join me on this one day program. More details here: http://showmethemoney22oct16.eventbrite.sg/.
Feel free to share this article and inspire someone else. Thanks for reading and have a great week ahead!
