There are a lot of ways to fail at property investing.
However, did you realise that in many cases, an investor’s actions, not the property market, keep them from achieving their goals?
The following 7 mistakes are often seen among investment property owners, but they don’t have to happen. Simple awareness of these issues is often enough to help an investor make any necessary adjustments.
1. Lack of discipline
If all it took to gain financial freedom was to simply buy a single investment property, then discipline wouldn’t be an issue.
But it takes a number of properties to create a portfolio that will deliver the results you need.
Distractions…temptations…lots of things can get in the way of your goals, but disciplining yourself to stay focused on what needs to be done can help you avoid those problems.
2. Lack of persistence
Quitting is easy.
And while staying the course isn’t always easy, it’s certainly worth the effort.
To help yourself stay the course, focus on doing those things that must be done while avoiding distractions that will stand in the way of your efforts.
If you’ve used a method that defines exactly what you should do, such as the S.M.A.R.T. method of goal setting described above, you’ll find it much easier to be persistent.
Don’t be afraid to try something new if what you’re doing isn’t getting the results you need. Consult with a mentor or other investment property professional…sometimes a third party can see those little inefficiencies that we’re overlooking.
3. Lack of conviction
Do you really want to buy an investment property?
Anything worth doing is worth doing right, but if you don’t have a strong conviction that real estate investing is the tool for you, it will be much harder to move forward.
Strengthen your conviction to follow through by reminding yourself why you want financial freedom and why you chose investing in property as the vehicle for growing your wealth.
4. Ignoring past mistakes
Mistakes are just going to happen…without a doubt.
But, when we learn from our mistakes we give ourselves the gift of foresight to avoid making the same mistake again.
Make a mistake?
Think about what happened. What did you want to happen? What was your strategy? Why didn’t it work?
Are you seeing the real reason why you failed? Ask a trusted friend or advisor for their take on the situation. Maybe there’s something you’re missing.
Of course, when we learn from the mistakes that others have made we quickly gain knowledge and experience that would have taken us years to acquire.
5. Fatalistic mindset
People who think of themselves as someone who has no control over their life will find it difficult (if not downright impossible) to become a property investor.
Nobody has control over every aspect of their lives, but that doesn’t mean we throw our hands up in despair and do nothing.
If you’re the kind of person who takes control over your life, if you take responsibility for your actions and look for solutions instead of wringing your hands about problems, you’ll find investing in property to be a very satisfying…and profitable venture.
If you’re interested in investing in property, register to attend our next Property Investor Night.
At these FREE events held all across the country we discuss where the growth markets are right now, and share ways you can navigate your way to financial freedom through investing in property.
Seats fill up fast, so book yours now!
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