What Is Your Motivation For Investing In Your Property?

People often refer to this as “What is your why?” In other words, what is the reason you are wanting to invest? Is it to help fund your retirement? Is it to get out of your day job before the age of 65? Is it to help your children financially? Or something else entirely? Whatever your reason or motivation is, this can help you to stay focused on the big picture, rather than getting distracted by the “noise” of uncertainty.

Set Goals And Get A Strategic Plan In Place To Help You To Achieve Them

When you know your reason for investing, it will help you to set your goals, and also your timeframe for achieving them. Then you need to work out what you need to do in order to achieve those goals. This is a great time to involve an independent financial adviser. They can help you to work out what is possible to achieve with your starting financial position, how to improve this over time, and how to maximise your financial potential. However, be aware that not all financial advice is created equal. Some financial advisers will recommend investing in the sharemarket (because that is how they get paid). Other financial advisers will recommend that you purchase a new build property (because they get paid by the developers to sell them). Independent financial advisers don’t offer their services for free, but you will reap the rewards of getting the best possible advice without any conflict of interest.

Reduce Your Risk By Increasing Your Knowledge

Learn as much as you can about property investing, as this will not only reduce the risk of making a mistake (often due to something that you didn’t even know that you didn’t know), but it will also help to increase your confidence when it comes to investing. You will learn something from every investor you speak to, and every professional you have on your team of advisers (mortgage adviser, financial adviser, lawyer, accountant, property manager, etc), and you will also learn something from every book you read. However, ensure that you are listening to people who actually understand property investment. For example, someone who has never bought a property other than the home that they live in, may not have the required knowledge to help you to achieve the results you are looking for. Also, books written by overseas investors are often very motivational, but the rules of investing can vary significantly from country to country. One other tip about increasing your knowledge: don’t wait until you think you know “everything” about investing, or you will never get started. You will quite simply never know everything there is to know, because the rules change almost as frequently as the property market itself.

Don't Get Distracted From Your Plan

In order to achieve success with property investing, it is important not to let yourself get distracted by chasing the latest “secret for success”. Property investment is not a get rich quick scheme. It is a long-term investment strategy, which when done well can often actually be a little bit boring as well as very rewarding. Learning about which property investment strategy (or strategies) are best for your individual situation and the long-term goals that you are striving to achieve, enables you to focus on doing that to the best of your ability. Another top tip for you: don’t try to “time the market” unless you have a crystal ball that actually works, as I’ve lost count of how many times I’ve spoken to people who were waiting for prices to fall, or waiting for the time to be right, that ended up living with regret that they didn’t take action sooner.

Surround Yourself With Like-Minded People

This is not only a great way to continue increasing your knowledge, provide networking opportunities, and recommendations for professionals and tradies, etc but it also has the benefit of providing you with moral support from others who will understand the challenges that you may face along your investment journey.

Finally, take action. The best plans in the world won’t result in success if you fail to implement them.

Property Apprentice is 100% NZ owned and operated, and is NZ’s leading property and real estate investment coaching program. With their lifetime coaching support program, and no vested financial interest in any property you purchase, they are there to help you to reach your property investment goals.