Many property investors start their journey through education and mentorship, but nothing could prepare them enough for the unique challenges they will come to face from their first purchase onward. As in most cases, experience is the best teacher in the vast and complicated landscape of property investment.
Smart Property Investment’s Phil Tarrant and property investors Eric Brown and Jack Chen believe that learning must be continuous for all investors who want to achieve success.
“There’s no such thing as a mistake. It’s an opportunity to learn,” Eric said.
Jack shared that education has always been part of his “investment strategy”. Ten years since his first purchase, the Sydney-based investor and his wife have already built a nine-property strong portfolio worth more than $5 million.
Aside from consistently reading about property investment, he has also made it a habit to spend time sharing stories with like-minded people.
According to him: “I’ve been pretty much following the same strategy from day one – I wanted to expand my horizons. I wanted to see what other property investors were doing with their property journey, what strategies they were employing. So I’ve been investing for 10 years now. I’m pretty much a passive buy-and-hold investor, but starting to come to property meetups, starting to connect with people on forums like Property Chat, listening to this kind of podcast – it’s really opened my mind to new possibilities.”
“[Some things] I’ve not done is property development, subdivision, manufacturing equity. I’ve done some basic cosmetic renovations but I haven’t really done anything to actively manufacture equity. By coming out, speaking to others, they can learn from me, I can learn from them,” Jack added.
Jack and his wife are still planning to add value to their portfolio by progressing their strategy based on the learnings they have acquired through the years.
Despite the changes they have adapted to, education continues to be an integral part of moving their property investment journey forward.
Phil concluded: “Things that you can't control – don't sweat the stuff too much. Investing in properties [has] a lot of stuff you can’t control. You can’t control that stuff but you got to play the game. [Concentrate] on stuff you can control – future-proof your portfolio.”
Tune in to Jack Chen’s episode in The Smart Property Investment to know more about the investment strategy that could allow him to retire today, as well as the drivers behind his wealth creation success.