15 Rules for Successful Property Investors
I've been doing this property thing for a while and I've been fortunate to interact with a LOT of very successful investors and call them friends.
Along the way I meet many people who desire to be successful and are working towards it in their own way. It's inspiring to see people make steady meaningful progress towards life-changing outcomes.
I come across many more who say the same things, however are sabotaging their chances... even if they don't realize it.
Recently I've been thinking about what the happy and successful people do and think differently that sets them apart. We all have access to the same markets, the same information, the same handful of banks and the same industry professionals.
EVERY successful investor I know acts like a pro. They understand that they are providing a service for their tenants, seek to create value and are action-focused. They focus on finding opportunities. They are not reckless, yet they always look for a reason to take action. Optimists trust but verify.
I don't know a single happy and successful investor who first runs through a list of all the problems with the world and seek to spend the least amount possible in any deal.... yet still consistently finds great opportunities where they create and receive significant value over time. Pessimists mistrust and validate.
Part of thinking big is first you have to stop thinking small.
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Here are the rules for successful property investors...
- Successful investors have a very clear plan, know where they are on the plan, consider each property deal in the context of the plan and do not get distracted from the plan.
- Successful investors do not believe in luck they believe in persistency. They create their own good fortune day by day, week by week.
- Successful investors delay their own gratification for the good of their goals, yet still live content lives as they work towards them because they enjoy the process.
- Successful investors intrinsically enjoy property investment and want to be good at it. They outsource the areas that they don't want to (or cannot) put time into doing at a professional standard.
- Successful investors have an expansive mindset that is oriented towards growth and potential.
- At the same time successful investors understand risk and manage their projects and finances accordingly.
- Successful investors understand what each person in their team brings to the table and make it easy for those professionals to in turn help them succeed. They don’t expect people to work for cheap or free and they seek to work with the best and not the cheapest.
- Successful investors can filter out negative “noise” in the media, family and friends to focus on what is important. In fact, they simpy don’t associate with negative people. Successful people are usually so optimistic and outgoing that negative folks stand out like a sore thumb and are quickly moved on from.
- Successful investors usually focus on a single simple property investment style or strategy that works for them and become good at it. That strategy can change over time.
- Successful investors celebrate others successes and look to learn from successful people. They don’t gloat over others failures and they certainly don't see someone's else's success as something to be resentful of.
- Successful investors understand how the banks operate and work to make it easy to get the lending they need when they need it. They look ahead at what is coming in the lending space and adjust what they can to remain "bankable".
- Successful investors believe in karma. Provide good housing and your tenants will thank you. Respect your team and pay them on time, and they will reward you with outstanding work or an introduction that in turn leads you to the next great deal. Be a slumlord and your tenants will treat your property like a slum. Pinch pennies with your team and they will do the minimum job that you hired them for and not be available when you need them. One of my best deals was recommended to me by my property manager.
- Successful investors rarely complain because it is a waste of time and turns you into a victim. Either something can be improved or it can’t, so they mitigate what they can and move forward.
- Successful investors seek out mentors, look for opportunities to learn, and they take action.
- Successful investors can come from all sorts of backgrounds and can become successful at any stage of life - it’s never too late change your situation.
Business Owner & Operations Manager