Mindset of A Successful Property Investor
Do you know anyone who is quite successful in property investing? Perhaps you have heard one of your friends is doing pretty well in property investing. In today’s age, more and more people are becoming aware of the beauty of property investing.
Many are keeping abreast of latest property news, and investing time during weekends to look at different properties.
However, there is one missing link that separates successful property investors and those who are left frustrated, that is,
It is absolutely vital to have the right mindset from the start of your property investing journey.
Imagine, what will happen if you venture into property investing not having a clear mindset of your goals and vision?
Probably, the first property launch that you attend, your hand will start to feel ‘itchy’ hearing ‘how good’ an investment the property will be in 3-4 years time, and by the end of the session, you will ‘poke’ your finger and next thing you know.. you are legally binded to buy the unit!
Nothing wrong with that.. except, have you considered why are you buying it in the first place? what is your strategy? Buy to keep or buy to flip? how is the current supply and demand in the surrounding area?
As you can see, without a clear and proper mindset at the start, property investing can indeed be REALLY RISKY!
So, here are a few traits of a successful property investor’s mindset:
1) Property Investing is a marathon, not a 100m sprint!
A lot of people today are attracted to fast or instant gratification. You probably have heard of people making more than 100% gains in property since 2008 till now.
However, it is important to understand that investing in properties is one of the best long term investments, if you KEEP it long enough!
Ultimately, the goal is have properties that you hold long term that will also generate passive income for you, all the while appreciating while being paid off every month by your tenants! Doesn’t this sound wonderful?
2) Have a Clear, Defined, Gameplan!
Every Successful Property investor has a clear gameplan that they follow ,day in, day out. Once they have clearly defined their short term , medium term, and long term goals in property investing, they do not stray away from it, NO MATTER WHAT!
So, ask yourself, what is your ultimate goal in property investing?
Is it to retire in 10 years time with passive income of rm10000/month?
Or is it to have a networth of RM 1 MILLION in 5 years?
If you have not decided what is your current goal, it is a good time to spend some time defining it!
Once you are clear , you would not be tempted everytime a new ‘hot launch’ comes along or a friend tells you of a ‘super deal’ that he invites you to invest with him/her.
Instead, you will be calm and articulate, evaluating all relevant details, and see if the deal fits your gameplan before proceeding.
3) Stay Young, Stay Foolish!
In property investing, one of the golden rules to succeed is to always be open to new possibilities. Never stop yourself from taking action because of the little negative voice in your head.
Keep asking and learning from those who are already successful,
Do not be one of the cynics who are full of self-limiting beliefs,
‘ today’s property prices are way too high,
it is impossible to get 6 percent yield on any unit,
I’ll wait until the next property bubble burst before investing,
it is not possible to get below market value more than 10 percent deals today.
Truth is, you are only limiting yourself by thinking that way! In Property Fast Track Group, we already have 5 members who have found below market deals 15%, 20%, 21%, 26% and even 31%!
Once you have a clear gameplan, and take action consistenly, the deal of the week will come along once a week!
4) Spend more time with winners and model after successful mentors!
Spend as much time as possible who are already achieving the results that you desire.If you are currently spending a lot of time with people who will not uplift you, it is better to spend less time with them.
Connect with people who have the same mindset as you are and if possible, those who already achieved great success.
What better way to shorten your learning curve than learning from those who already achieved tremendous success!
So, those are four important traits of successful property investors’ mindset. To learn how you can network with people who are aspiring to be successful property investors, do check out Property Fast Track’s upcoming seminar on 20 &21st April 2013!