Success is not a miracle. Nor is it a matter of luck.
Everything happens for a reason, good or bad, positive or negative.
And it’s the same with success in property investment.
While real estate is generally considered a sound investment, only a small number of those who get involved eventually develop financial independence.
It probably won’t come as a surprise that when you study those who have achieved financial freedom through property investment, you will find they come from a variety of backgrounds, walks of life and educational standards, but there are certain traits shared by all these successful property investors.
If you want to join the ranks of these investors you need to model them - you need to copy those who have achieved the success you desire.
So, in this week's show I am going to discuss the habits these wealthy investors share in common.
- Successful investors have a strategy. Defined goals and a wealth creation plan help investors see the big picture, maintain focus on their goals, and make purchases based on proven criteria rather than emotions.
- Successful investors treat their investments like a business. Investors who approach their property investments with a business plan are able to identify their objectives and define strategies to meet those objectives while successful navigating financial, tax, and legal systems.
- Successful investors keep educating themselves. Learning by making mistakes is a slow and demoralizing process. Investors who invest time and effort into their continuing education and into learning from mentors and mastermind groups can achieve more in a shorter period of time.
- Successful investors think big. Financial freedom is a big goal. Successful investors aren’t satisfied with small achievements and aren’t afraid to paint a bigger picture for themselves
- Successful investors know their markets. Sound investment decisions are based on facts, not feelings. A greater understanding of a particular market allows the investor to make smart decisions within that market.
- Successful investors develop a focus or niche. There are many ways to invest in real estate. The most successful investors don’t try to do all of them, they learn everything about a certain type of investment and focus on becoming an expert in that niche.
- Successful investors understand the risks. The business of property investment comes with fluctuating interest rates, changing property cycles, and various “X factors” that can derail otherwise good plans. Successful investors understand these risks and take precautions to mitigate them.
- Successful investors take full responsibility for their lives. Blaming others for your circumstances leaves you feeling out of control. Taking responsibility for yourself allows you to take control over your circumstances and reduce the number of bad situations you encounter while increasing the good.
- Successful investors are decisive. Indecision leads to inaction. It’s impossible to make good decisions one hundred percent of the time, but you should make the best decisions you can at the time and stick by them. Successful investors deal with problems when they arise and move on from them, rather than beating themselves up over bad decisions.
- Successful investors find opportunities where others see problems. Instead of focusing on the problems with an opportunity, look for ways to make the situation work. Successful investors are those who find hidden opportunities that other buyers don’t see.
- Successful investors embrace change. Change is inevitable. Successful investors find ways to take advantage of the opportunities presented by change, even when it means moving out of their comfort zone.
- Successful investors invest, they don’t speculate. Speculation is based on hoping that you correctly pick out the next hot spot or big trend. Investment is based on known facts. Investment may be less exciting than speculation, but it’s also considerably less risky.
- Successful investors build a competent team around themselves. No one can be an expert in everything. Successful investors surround themselves with trustworthy people who know more than they do, so they can focus on their own areas of expertise.
- Successful investors have learned to use debt wisely. Learning how to use other people’s money to grow a substantial property portfolio is a hallmark of successful investing.
- Successful investors belong to a mastermind group. When you surround yourself with like-minded people who are successful, you’ll learn from them. Successful investors surround themselves with winners and copy their habits.
- Successful investors act with integrity. Standing by your claims helps you stand out from the crowd. Successful investors make commitments and stick to them.
- Successful investors see the big picture. Property values can take time to increase. Successful investors have the patience to see the end goal and wait for it, rather than trying to cash out fast for a quick payout.
- Successful investors think very differently to average investors. The vast majority of property investors are not successful. Successful investors are often those who look at what average investors are doing, and do the opposite.
“I know I have made more by saying “no” to so-called opportunities than by saying “yes” to them.“ – Michael Yardney
“Successful investors realize that it’s not how much money they make that matters, it’s how hard that money works for them and how much they keep that counts.” – Michael Yardney
“People create their own luck by putting themselves in the right frame of mind to accept success.” – Michael Yardney
Never miss an episode and keep up with all the good things going on at the Michael Yardney podcast by subscribing on iTunes.
You can also subscribe to MichaelYardneyPodcast.com to keep up with the latest information including bonus material that comes out between the podcasts.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.