For accomplished property investors, building a portfolio from scratch means making mistakes and learning from them, as well as thriving and rising in the face of hurdles, but staying on top of the game only takes the right mindset.
Smart Property Investment’s Phil Tarrant and Yellow Brick Road’s Mark Bouris share their tips on how one can become – and stay – an empowered investor through and through:
One of the main advices given to investors is to continue learning, whether they have yet to buy their first property or are already looking into purchasing their 20th.
“Get on with it and get educated. You need to actually understand what you’re doing and what are you trying to achieve,” according to Phil.
He added: “Education is empowerment. If you’re not empowered to make the right decisions, you’re probably going to get it wrong.”
Get your head in the game
While there are undeniably so much risks in property investment, no investor can get anything done by sitting on the sidelines and waiting for the “right moment”.
Phil believes that growth can only be achieved if an investor is willing to take risks and learn from whatever the outcome is.
“Sitting on the sidelines, waiting for the right time, right moment, right property, right day of the month, whatever it is – if you’re not in the game, you’re not going to experience some of the growth that we’re going to see,” he said.
Seek the right advice
Finding the right people to take with you on your property investment journey is one of the fundamental guidelines in property investment.
How do you know the right advice for you? Phil explains: “You need to sort that out yourself. There [are] some exceptional people around in the marketplace right now, across accounting, financial planning – buyer’s agents and mortgage brokers, who can actually help you, steer you down the path of where you need to go.”
“Tap these people up. [Their] job is to help you out. If you can’t understand it, if you don’t even get the terms or even comprehend the terms, don’t touch it. If you’re not sure, ask someone about it,” he added.
Do your homework
While you’re out there seeking the best mentors, Mark encourages you to continue learning on your own and doing your best to understand the things that once baffle you.
After all, as in any business venture, the best person to rely upon is yourself.
“Do it yourself, too. Actually try and understand, why am I buying this property? Do I think that rent will equal the interest? How do I know what the rent is? Who’s telling me what the rent is? Who’s the person telling me what the rent is? Is it the developer, or is it someone in the street who’s got exactly the same house, telling me that they are getting $500 a week?” he said.
Mark added: “If it doesn’t sound right, smell right or look right, it usually isn’t. Just do a bit of homework. Put your boots on, walk around the street and have a look. Don’t buy anything unseen, don’t rely on anybody else.”
Tune in to Mark Bouris’ episode in The Smart Property Investment Show to know more about his secrets to success in property and how you can cut through the noise and doom and gloom to build a strong portfolio regardless of market conditions.