Sharing experiences with friends and professionals is one of the ways through which property investors learn several of the key lessons they need to be able to achieve their financial goals—but which of these advice are actually worth listening to?
For Smart Property Investment's Phil Tarrant, it is important to always talk about the realistic aspects of property investment. After all, creating wealth through property isn't always a smooth-sailing journey.
"Let's talk about property in its real sense. You don't get rich overnight by investing in property. If you do, you're being so risky that at some point in time you're going to fall on your face. We want to talk about the realistic aspects of investing property... It's a hard trudge. It takes time," he said.
While it definitely takes time and effort, finding success in property investment does not entail some "super secret strategy" or any special training. In fact, an important piece of advice for property investors is to simply avoid speaking to the naysayers and instead seek out knowledge and advice from field experts and professionals who have spent years of their lives engaged in the property market.
"I don't have any super-duper secret strategy. I don't have any tricks. What we do is very, very simple. We find under market value properties in areas which are affordable, [which] have prospects for growth, and are either neutrally geared or thereabouts [and] we look to manufacture equity," Phil said.
"It's not hard. It's not difficult. It's very simple what we do. The strategy is simple and if we run out of properties or the market has changed and we can't do it in one spot, we'll go somewhere else, and try and achieve the same thing.
"Speak to people about property. Speak to people who know what they're talking about. Don't speak to the naysayers."
Smart Property Investment's Vivienne Kelly agrees that talking to the right people can help property investors more than they ever think it could.
"What I find when I talk to some investors is that they do get a lot of negativity when they start investing. People say, 'You're making the wrong decision. You shouldn't be doing that...' What I often say to investors when they say that is, 'Look, maybe you're just sort of not hanging out with the right people,'" she explained
At the end of the day, it's all about finding the people who can help you learn the things you find hard to do—those who can help you move your journey further forward by adding value to your education through their advice.
"If you're hanging out with the wrong people, you're probably one of those wrong people as well. I'm time-poor, so I made a decision to use trusted advisers to help me build my portfolio. They can do it," said Phil.
"Buyer's agents, accountants, mortgage brokers—they can do what I need to do to invest in property more effectively than I can ever do, and they can keep focused and dedicated to it."
"Look for help. Associate with people who can inspire you, who can energise you, who can motivate you. If you do those things, and just keep your strategy simple, and don't go into too hard or over your head, you're going to do well in property. It's not a crazy secret... [There is no] magic bullet when investing in property. It's just about being smart," he concluded.
Tune in to Jo Vadillo's episode in The Smart Property Investment Show to know more about the challenges of building wealth while being self-employed, why she’s looking at doing “savvy subdivisions” next, and where her best-performing properties are located.