Makings of a successful property investor

In most state capitals 2021 was a stella year for property owners, predictions for 2022 however are bit of a hit and miss depending on where you are looking to buy.

Regardless of which stage the property market is in, there’ll always be buyers looking to enter the investment property market. So, what are the qualities that an investor needs to be successful no matter how the market is performing?

Firstly, it’s not all about how many investment properties you own, but more about the mindset you have towards success.

Mindset

Some people are property people, some are stockmarket people. Know where your heart lies, and if it’s the former your head will follow with a property mindset with a strong belief that will add to your ability to be successful.

Being a property or share person doesn’t meant that you cannot have a mixed portfolio, your preference will simply dictate which asset the bulk of your investment money is diverted towards.

Your goal

Some aim to retire with sufficient passive income to enables them to enjoy retirement full of travel and fun. Others it could be living a wealthy lifestyle and buying the ultra-dream home, security in retirement, owning fast cars, or creating generational wealth for their children.

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 your investment property will enable you to do in the future, not how many properties you have.

A plan

A plan to succeed 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.  

With anything in life, it is hard to be successful if you have no strategy in place to get through inevitable obstacles you will have in the process.

Without a plan your travel will be a lot more haphazard and you may not reach your destination.

Quick decisions

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.

Many successful investors have a mentor who is already successful that they trust to give them advice or keep them on track.

They build an expert team around them to help them build their dream. They do not get stuck in mastering every detail of the investment process so when the time comes to making decisions, they ask one of their associated experts to do their thing.

Finally, the wins

Success definitely breeds success and you compound what you learn along the way, about investment strategies, about financing options and most importantly about the property market.

When it comes to winning in property investment, you cannot be an armchair investor and expect success. If that’s what you want, engage a stock broker with portfolio management services and wait for your dividends to be credited.

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This article does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.