Property investors are urged to consider how much of their lifestyle they are neglecting to chase the real estate dream.
Blogger: Kevin Lee, founder, Smart Property Adviser
I’ve got some bad news.
Real bad news.
You know that ‘heavenly perfect life’ you were seduced by, when you decided to become a property investor?
Well, I’m guessing the reality might not look exactly like that.
Let’s talk about it …
On paper, investing in property sounds cool. The ‘dream’ you were sold goes something like this:
- You can invest when you want and where you want
- You can amass a nice portfolio of properties that will set you up for life
- Create that retirement you dreamed of and so deserve to have
- Being a successful property investor means your life is flexible
When you decided to become a property investor, you were looking forward to the free time you would have down the track, to look after yourself…
- To work out
- Eat right
- Spend time with friends and family
Fast forward into real time, and you’ve managed to get how many properties in your portfolio? One, two, maybe three if you’ve been lucky?
And now you’re ‘stuck’ – with no idea what to do next, or who to trust to help you keep going. Not looking quite as good as you imagined, is it?
I know because I’ve been there.
You find yourself working 50 to 60-plus hours a week. You’re trying to learn more, attending all those ‘me too’ sales pitch seminars and grabbing information on the run.
It’s hard ‘keeping it all together’, juggling all those balls.
You’re neglecting your exercise routine, your education, even your family a little.
Every night you’re falling into bed, frustrated and exhausted because ‘the dream’ isn’t happening for you.
And you’re left wondering, scratching your head, why you believed ‘them’ in the first place.
What’s the best way to take control?
So this is the deal. As a successful property investor, you do have the potential for great flexibility in your life. You just have to learn 'what works' versus 'what’s speculating' and who to trust, so you can benefit from it.
Here are some ideas of how you can do that:
- Work at what you are good at (ie, what you do for a living!) and let other people do all the rest. Employ the magic word: Outsource. And before you say, “I don’t have the financial resources to outsource”, there are investment mentors and buyer's agents out there who can handle what you can’t and who will do the job for you.
- Start acquiring your financial education: Believe it or not, this is the biggest issue facing would-be property investors. Your financial education was not provided in school, university or the workplace – by design. Like tens of millions of people across the globe, you were kept in the dark. The good news is that there are lots of ways to fast track this missing piece.
- Get moving: Your physical health is paramount to your success. Investors are like opera singers; we need to take care of our bodies to be top performers. So build ‘self-care’ into your routine. Set a timer to remind you to get up out of your chair. Use a headset so you can walk around while you’re on the phone with clients. Or take a brief 10-minute walk between calls. Invest in a standing or adjustable height desk.
- Hire a mentor/coach: That’s right. Even the world’s best sports people have coaches. It’s only human that we need to be reminded and kept on track in this crazy world. You have priorities beyond just building a property portfolio – a property mentor can help keep you on track by making you accountable.
- The truth is that successful property investors often work upwards of 60 hours per week, juggling their job or career and their investment portfolio. But the good news is that it’s exciting and engaging and – in time – can afford you a flexible lifestyle if you just do a few simple things.
Don’t let ‘the ‘dream’ kill your chances.
Take control, set goals and find a way to hold yourself accountable to your whole life, not just your investment plans.
About the Blogger
Kevin Lee of Smart Property Adviser is regarded by many as Australia's most trusted property investment adviser. Since 1999, Kevin's been the go-to-guy for people when they need honest finance and property investment advice and guidance.