“A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.”
If you want to be a successful property investor, you need to be bold, determined and fearless. More importantly, you need to take ACTION!
Stacey attended a 3 day training course with me in 2015 and like me, signed up for the big budget additional training to learn to invest in the UK. She flew over to London to attend the course then travelled across the country viewing properties and meeting people who would form part of her team. Once back in SA, she analysed deal after deal, spoke to sourcing agents and banks but she would never commit. What if she got it wrong? What if she lost bucket loads of cash? What if there is a better deal out there? Now two years later, Stacey has nothing to show for all her efforts.
Fear will paralyse you. Fear prevents you from chasing your dream.Fear comes at you in many forms:
• fear of failure
• fear of getting it wrong
• fear of losing lots of money
• fear of what others might think
These fears will creep into your dreams and turn them into nightmares.
So how do you overcome fear as an investor? Follow these 5 steps and feel your bravery grow:
1. Do your research. Knowledge is power and if you do the ground work, it will be easy to determine whether a property is worth investing it.
2. Run the numbers. Do your calculations to make sure the property will be cashflow positive. Remember we make money when we BUY! Make sure you collect all the figures for this exercise.
• Bond repayment
• Water and lights
• Rates and taxes
• Gardening service
• Pool service
• Security fees
• Management fees @ 10%
• Repairs and maintenance @ 12%
• Any other costs
3. Take emotion out of the equation. Do NOT get attached to a property, you need to buy based on the numbers, not based on how much you love that landscaped garden, that designer kitchen or those classic crystalchandeliers!
4. Surround yourself with experts. Read blogs (well done, you are already ahead of the curve J), go to networking events to spend time with likeminded people. As a bonus, you’ll receive encouragement from other investors, learn from their mistakes and grow your property knowledge.
5. Be brave! When you find a property that works, just do it. Sure there might be a better deal on the table tomorrow but waiting for the perfect deal will see the weeks slip into months and the months slip into years. The best way to learn is through action. Courses can only teach you so much, actually going out there, buying an investment property and running it as a rental property will teach you priceless lessons.
6. Unless you take bold action, nothing changes. In 5 years from now you’ll look back on your life and ask yourself what did I achieve? Make sure you have a great answer for that question and remember – nothing moves until you do.