June 01, 2014
Yew Kong Lye
Everyone has a different definition to what success really is. People can set really high or low standards of what success means to them. A person may only consider himself successful if he becomes the prime minister of his country while another may say he’s successful in his job when he has remained employed by his company and has good reviews every year.
To be successful in real estate investment, like in everything in life, we need to define what is success in the pursuit of a property portfolio.To me, it must consist of what rate of annual rental return and capital growth that you’re happy with when you put your hard earned money into the investment. It needs to be realistic and not overly ambitious. Once you have defined that, I will share with you the secrets on how to achieve the success as you have defined in your property investment endeavour. The formula can be translated to any area of your lives if you are looking for peak performance.
The key word is being. We are all human in various form and state of being; being good, being bad, being constructive, being destructive, being an Olympic gold medallist, being a successful property investor and so on. Traditional goal setting focuses on the results and ignores what you need to ‘be’ to achieve the goals/results.
They start with the result which in my opinion is a flawed approach. When you are looking at performance or achieving results, you can’t ignore the psychology behind it and most importantly, what you need to 'be'. What you need to be plays a large part in peak performance and goals attainment. It will energise you to take action to reach your goals and the desired results.
What you need to ‘be’ is the first step in the formula towards success. Let’s take for example the desired result of the proud owner of a gold medal at the Olympics. What do you need to be to achieve that? I would suggest that you’ll need to be highly committed, be very disciplined, be very motivated, be regimented to a fixed routine and diet, be coachable, be open to education, be fiercely competitive, be at the forefront of modern training techniques, and so on. It’s only when you can picture totally of what you need to ‘be’ , will you be able to break down what you need to do in your master plan.
So, what do you think you need to ‘be’ to be a successful property investor? I have an idea but, it’s by no means exhaustive. I think firstly, you need to be honest with yourself. The major reason in wealth creation is to have a better life and to contribute to others to provide better lives . The honesty comes in accessing your current financial situation and asking yourself, “If I continue to do what I’ve always been doing, will it take me to where I want to go?” On top of that, to be a successful property investor, you need to:
- Be committed.
- Be courageous.
- Be open to learning.
- Be open to contribution from experts in different fields relating to property investment.
- Be organised because there’ll be paperwork and compliance issues.
- Be a team player. I’ll let you figure this one out as to who are members of your team who can help you achieve results faster compared to working on your own.
- Be proactive.
- Be open to opportunities.
- Be decisive-do not analyse till you paralyse.
- Be prepared to take action.
BE IN ACTION
Once you know what you need to be to achieve a certain result, the necessary actions needed will become clear. You will find that an action plan is easier to formulate. Taking action is the key to achieving results. No Actions = No Result, Massive Actions = Massive Results. Understanding what you need to be, will lead you to taking actions.
Some of the actions that you need to take to be a successful investor includes:
- Research your team members
- Educate yourself by reading books on property investment, wealth creation and attending seminars.
- Find out what you need to comply with to make the tax man happy
- Find opportunities by speaking with agents and checking out the net.
- Get your finance organised so as to seize the opportunity when it arises.
- Consult a financial planner or accountant to get advice on best structure for investment and tax implications
- See how you can leverage with your equity or other people’s money
- Check properties and crunch the figures all the time.
GET THE RESULTS THAT YOU WANT
The last part to the formula is the result. Though it starts with a thought of a goal/result, it is always a by-product of what you need to ‘be’ and the actions that you take that will deliver the results. So, to summarise it can be put into a simple formula:
BE + ACTION = RESULT
Success is many things to different people. Don’t get caught up in the outcome but rather live with your own standards and definition and enjoy the journey. What is good enough for you let no judgement of that bother you.
Start creating wealth through property investment today.
“Success is not final, failure is not fatal: it is the courage to continue that counts.” Winston Churchill. Be what you need to be and take action if you want to get what you wish for in life. Be open to an education and call me on 0413 871 888