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Inside the mind of a successful property investor

Thursday, April 16, 2020

IMAGE CREDIT: UNSPLASH

 

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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The Tenancy Practice Service and TPS Credit Control work closely with the Auckland Property Investors' Association. Our vision of bringing helpful resources, documents and high quality services to Auckland Property Investors and Property Managers is shared by APIA, so its a partnership that works well. 

The Auckland Property Investors' Association is a great organisation for those who want access to advice and information from a range of industry experts and partners. 



Mathieu Holt- Managing Director, The Tenancy Practice Service & TPS Credit Control
Through the Association I found the channels and methods to fund the purchase of property I never dreamed about. Grant Brown

All round it has been one of those things Neil and I felt was really worthwhile belonging to. We have learned so much it has just built our confidence in what we are doing.

Janice Bieleski
I read two articles in the monthly magazine that saved me over $5,000. That is my membership fee for the next 26 years and I am sure I will learn a whole lot more! John Duncan
Fantastic organisation. The networking opportunities are brilliant and provide us with information and opportunities that cannot be obtained anywhere else. We learn something new at every meeting and we've been in this game for nearly 20 years. Pauline and Gyanen Kumar

I find the information obtained from various APIA meetings very useful in guiding my own property investment and rental management.  I also enjoy the networking opportunities with like-minded investors.  I am inspired by other investors’ success and find the more experiences and knowledge that I share with others, the more confident I become.  

Thanks to all APIA event organizers and administrators for your brilliant work. 

Stella Shao

I like talking to people and learning from their experience because it gives me the confidence to invest well. I think it is a knowledge thing. I now know I am doing things the right way.

Stephen Weatherall

My APIA membership has become a total success.

Every time I attend a monthly or regional meeting I come away with so many useful and positive tips that have added value to my property investments and management.

Not only that, the website is a great place for practical advice and useful information. It has now evolved into an important resource for my business.

Talk about value for money! The discounts I have been getting at Bunnings when I present my APIA membership card have more than paid for my annual subscription!

Tim Duffett, Plan A Investments Limited