As a property investor, being a landlord essentially classifies you as the person in charge. You are in control of all income and expenses, therefore you call the shots. Being in control allows you to determine how well you do in the property game. This is how successful property investors escape the rat race! Property entrepreneurs choose real estate for the following reasons; cash flow, capital appreciation, depreciation, tax and leverage.
Real estate investing has become quite popular in recent years due to rising property values and low interest rates. There is no better time to be in the market other than now. Opportunities are harder to come by, but for those that insist on playing an active role and are willing to do the work, are benefiting from the big profits that property is producing. An experienced property entrepreneur will be able to purchase real estate under market value, be able to add value i.e. through renovations and also know where the best locations are for growth.
At Luxland we concentrate on five main contributing factors that heavily influence one’s success at achieving boss status.
Mindset – We were all taught self-limiting beliefs from an early age usually from our parents. If you want success in property, you have to define your purpose and goals. To some it might be a $10M portfolio, to others, the opportunity to own your own home, a healthy family and enough cashflow to support your lifestyle.
Education – Educate yourself and learn from other experts in the industry through engagement. This means surrounding yourself with a team that is going to help you learn how to achieve your goals. Networking with others who are on the same path as you can have it’s benefits. Read books, find a mentor, create a powerful team and use your shift in mindset to conquer property investing.
Execution – Once you have some solid education and a positive mindset in place it’s time to come up with a strategy plan. With this well constructed plan cusotmised to your goals and purpose, you need to take action and execute on it. This is looked at as the most important factor as many can follow the other four factors however if the plan is not executed then there is no progress!
Lifestyle – Its important to keep in shape and also to lead a healthy lifestyle. It is important to exercise and to follow a healthy diet to ensure a long extended life. It’s not expensive or hard to follow a good routine and diet. We have access to exercise programs online and being educated about what to put in your body is easy these days. The better our bodies are fuelled, the better our minds perform.
Sacrifice – Saving money now to invest is critical for financial freedom in the future. Cutting back on life’s little luxuries today will mean a better outcome for tomorrow. Cancel the daily coffee and bring your meals to work and see how much you save – money that can go towards your education, property investing or gym membership. It is empowering to be in control of your finances, working on building wealth rather than clearing consumer debt.
Words like FEAR, RISK, FAILURE and TAX are all just common words property entrepreneurs deal with throughout their journey to success. These types of words do not phase them, as they are confident on their mission to learn from their mistakes in order to achieve greatness. Experience and time in the market is critical to the understanding of property.
Like any successful BOSS, property entrepreneurs surround themselves with a strong team of experts. Industry professionals include finance brokers, legal experts, property inspectors, property managers and property consultants. Just like football, property investment is a team sport, and everyone must play their role to help you achieve BOSS STATUS.