A good property investor, like a business owner or athlete, should always be looking at how they can improve. What can you do to go to the next level?
If you get stuck somewhere along your investment journey, for example, you will need to figure out how to get around the roadblock and keep moving forward.
No one wakes up and suddenly has 10 properties. There is always some kind of hurdle or issue to overcome.
The Warren Buffetts of the world didn’t just wake up as a billionaire one day. They faced all kinds of adversity on their road to eventual success. They did the best they could do to get even better at what they do.
Tiger Woods and Michael Jordan weren’t suddenly the greatest to play their sports, they spent thousands of hours practising their skills and finding an edge wherever possible.
What can you do?
If you want to be a successful investor in 2023, you need to be knowledgeable, have the skill sets required, use the right resources and be agile enough to adapt. A great way to do this is to become methodical. Get a clean notebook and start scribbling ideas. Go to the back of the book and then write down where you want to be, or what your end goal is and then start flipping back the pages thinking about what you need to do to get there.
Break it down and you will find you have formulated a strategy to get to where you want to be. This is your form of practice. You are thinking things over, refining your strategy, coming up with new ideas to advance your position.
Get a team around you
The next thing is that you can’t do it alone. Every great success story has a support network in the background helping it all happen.
If you want to engage the right people to help you, you need to ask certain questions. Why do you use the broker you do? How many investors have they helped get to 10 or more properties? You need to make sure you have someone who is capable of doing what you need them to do. Just because they are a good person, or you like hanging out with them, or they are a friend of the family, doesn’t necessarily mean they are the right person for the job.
The same goes for lawyers, accountants, financial planners, buyer’s agents and property managers. Any of the people who are important members of your team, you want to know what their mindsets are, their belief systems, their abilities and expertise in helping other people.
If they have never helped anyone else reach those goals, how will they help you? Keep remembering these points and you will find yourself off to a good start in 2023.