As we all stay at home and acclimate to the new normal, more of us are starting to wonder about the future and whether individually, we have what it takes
to weather the coming storm. The introspection invariably brings up the question What do I need to make it to the other end?
A month or so ago the APIA team asked me to share my thoughts on what goes on in the mind of a successful investor. In light of what has been happening,
I think this question is more timely than ever before. I have had a long career working with property investors. I’ve seen some great ones and some
not so great ones. When I think about the great ones out there I see a few common themes coming through in term of their personal qualities and outlook:
- Confidence – They have confidence in what they are doing, they are in the game for the long term and they understand there will be
some ups and downs along the way. They won’t get stressed or panic if unexpected events (much like now with COVID-19) occur, they will see that
as an opportunity to wait and buy more property when the time is right, in any downturn. They have confidence in the economy and the housing market
and have confidence in the property cycle. - Opportunities – They will always be ready for an opportunity and be in a situation to pounce on it when it occurs. They will have
an open mind to where that might come from and won’t necessarily be what they have planned for their portfolio, but sometimes a great deal will
come along. - Focused – The remain focused on what they are trying to achieve, they won’t let others (without the experience or with hidden agendas)
put them off or stop doing what they know is working. - Decision Maker – They aren’t afraid of making decisions, this is made easier as usually, they would have a great team around them,
solicitor, mortgage brokers, agents and others. - Basics – The basics of Property Investors are a given that a successful property investor doesn’t have to spend much time on, they
already understand the where to buy, when to buy, what they are looking for, how much to spend, what yield they require, how much debt to pay off,
how much cashflow to have, how to budget, how and when to do maintenance of their investment property, and finally they understand how important
the tenants are, the income of their property.
In sharing these qualities, I hope to drive home my central message to all investors: No one is born to be successful. All of these qualities can be learned. Challenge yourself. Shift your mindset. Be bold. Be cautious. Property investing is like many things in life, you get out of it what you put into it. Stay
safe and good luck to everyone!
ABOUT THE AUTHOR
Mark Honeybone
Mark is the director of Property Ventures, a property investor and podcaster. He has a deep connection with the PIA community and is a respected industry
commentator.
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