In property investment, as it is in life, one moves further toward their goals when they maintain a positive mental outlook. Having a positive mental attitude does not imply that one does not encounter challenges and difficulties. However, how one responds to challenging and negative events defines you as a property investor. There is anxiety associated with investing in real estate. It is vital to note that property investment can be challenging, stressful and at times frustrating. Your success as a property investor is all in your mindset. As a Senior Property Advisor of Investment Property Help, Id like to explore five proven ways that are prerequisites to you maintaining a positive mental outlook to achieve your property investment goals.
Perhaps you have come across stories of, say, a 24-year old earning an average salary and yet having several property investments, or a single mother working from home accumulating millions in property investment in a fews years having started from a single property that they purchased in a desperate move to lead a better life. Such people do not have any unfair advantage over their peers, but rather there a number of mindset aspects that helps turn them into successful investors. It is imperative to note that success or failure in any business is subject to mental attitude as opposed to intellectual capacities. As a property investor, you need to develop the ability to get rid of negative events and turning them around in your mental states. One needs not dwell on the negative events and occurrences, but rather seek to learn how to do things differently when faced with related circumstances and choices in the future.
It is reported by the Australian Tax Office, the number of people owning a property investment is in excess of 1.8 million. However, the number of people who own five property investments drops considerably to less than 14,000 individuals. As real estate agency buyers advocates, we at Investment Property Help have carried out surveys indicating that property investors have on average 1.2 investment properties. While it is believed that property investment is one of the best ways of earning passive income, the majority of investors have not been able to expand their portfolio beyond this.
Developing a Burning Desire and Passion
Having passion and desire is an interesting way of accentuating your ability to achieve success in investment. While having natural talents is fundamental, having a strong desire makes just about anything possible. While its possible for property investors to have experienced difficulties to easily develop cynical attitudes, it is developing a strong passion and desire for your investment that will ensure you do not get sucked into such pessimism. Having a strong passion to succeed is vital in aiding one to change their circumstances, and as the old saying goes necessity is the mother off all invention. The inverse is also very true. Being complacent in life due to the security that comes with having a steady job and life, will only make it difficult for one to develop a passion that is so strong to necessitate taking action.
The vast majority of individuals who have been successful in property investment have demonstrated the ability to develop a burning desire and passion for success. Such passion and desire may spring from a dire need to generate wealth with the ultimate goal of ensuring they lead a comfortable retirement, or it may even be due to a pressing yearning within them to buy a luxurious home to live in.
Determining what drives your desire is crucial in achieving your journey towards wealth creation. It is vital to clearly envision and define what success means to you and staying focused on that vision. The more powerful your emotional and mental attitude towards such a vision, the greater the possibilities there are to break through and achieve success.
Getting a Support Network
A good support network is instrumental to ensuring you develop stronger and better relationships with those who are aligned with your goals. It is not fun being around negative people. Negative people will invariably focus on the weak events, cracks, or the worst part of whatever they focus on and choose to talk about. Such people will always poke holes in your vision of success. Having a positive mindset ensures you attract more of the right people. Optimism is contagious and in-turn attracts other positive people. Having a positive mental outlook in regards to our property investments will make it easier to attract the right people on board such as lawyers, accountants, lenders and other interested individuals.
While there can be some sense of difficulty associated with looking for a good support network, it is evident that it is challenging to achieve all facets of success by your self. Engaging business coaches, buyers advocates, counsellors and associates will go a long way in helping you achieve your investment goals. Involving a professional property investment mentor ensures you get the right support and encouragement to keep the right focus and mindset essential in achieving your goals.
Developing an Investment Plan
Approaching your property investment with a plan and a positive mindset, 100% ensures that your mistakes and setbacks will not push you towards wanting to give up and quit. Instead you will view them as opportunities to learn as well as grow. It can be argued that the majority of property investors are indeed inadvertent investors due to the fact that they did not plan to own a property but rather took the leap due to various circumstances. While theres nothing wrong with being an inadvertent investor, since it can be a great onset of turning one investment to may portfolios, it is crucial to develop a plan to attain your investment goals in the event that you view your property as a channel of creating wealth.
Consider More Possibilities and Stimulate your Investment Strategy
Successful property investors with large portfolios are well known to follow and adhere to their investment strategy. While some prefer capital growth properties, others consider positive cash-flow properties. It is imperative to stick to ones approach. It is important for you to make a property purchase based on the numbers as opposed to emotions. Doing the maths on each property investment and their unique options available will help you to avoid investments that do not meet your criteria.
Do not make investments when you are feeling down or defeated. A positive mind-set will help you in seeing the possibilities. Stress and frustration may make things harder for you in terms of making clear decisions. A positive mental outlook will ensure you are more focused and calculating when it comes to your investment strategy.
If you would like to get started in the world of property investing, or if you would just like to discus the contents of this article, Id love to hear from you.