Fortune favors the bold.
We’ve seen this time and again, but we all know that there’s so much more going on behind the scenes. The mighty gears of the most successful property investors keep grinding, always inquisitive and hungry for the next estates to be acquired, and it’s only a matter of time before our portfolios (and even bank accounts for a lucky few) are bursting at the seams.
Take a step back and flesh out ideas of success in many ventures: What makes property investing so intriguing, yet seemingly so inaccessible? How does one translate the undeniable fire that fuels negotiations, successfully closed deals, and the enduring determination to enrich and diversify your portfolio?
The simple answer: It’s all in your mind.
The brain is the captain of your heart and many other faculties. From my many adventures in investing, I learned that your mindset contributes to 60% to 90% of your success. Think rich, then be rich!
How to attract and manifest that positivity in your mind in property investing?
- You can’t always be strong, but you can always be brave. Strength comes from experience—run every day and soon, you are toeing the line for your first marathon. Property investment is both an endurance sport and a mad sprint: Sustain that grit to follow through with your contacts and meetings, and tirelessly chase opportunities. When you do finally get to catch opportunities, it is still possible to commit the biggest mistakes. That is not weakness; that is life.
- Mindset matters most. If you can change your mindset and way of thinking to think like the rich, the battle to become a successful investor is nearing its last few kilometres and the finish line is in sight. Think about “How can I do it?”’ instead of “I cannot do it!”, and adjust your subconscious relationship with money. It’s all in your mind.
- Regain control of your faculties; suppress your emotions like fear, greed, hope, ignorance, and love in those times when you are making decisions on property investments. Understand your own personal ulterior motive on ‘why’ you are doing this. Develop the habits of successful people and make them your own. Work on resolving your challenges and set your goals in writing and you have significantly increased your chances of success.
- Being in debt is not a bad thing at all, as long it makes you money. I still remember the day when I bought my first property with a 10% down payment and took a 90% mortgage, with the amount many times my annual salary. I was scared! However, I buckled down and overcame that fear and when I sign for new mortgages today; it is just a thing I do. That’s because I know that I am doing the right thing and the bank loan is actually helping me make money.
- How does one summit a mountain? Take one step at a time, but always keep your head up to see the peak and move towards that goal. Divide your overall objective into smaller, more manageable milestones and take massive action to make them happen. A kilometre here and there turns each misstep into a lifelong adventure. This is where people mostly get stuck—they see the summit and procrastinate, waiting for the clouds to come and save them from the heat. When it rains, they wait for the sun to dry their path. While the summit never moves, your valuable time passes, and this is a golden resource that you can never get back.
- You are also your worst saboteur. Apart from managing your emotions, there will be some other psychological challenges that you might face as a property investor. Keep your discipline and stick to your plans, refresh and share your motivation for more deals, kick complacency out and move beyond your comfort zone. Meet new people and stay positive when things go wrong, even when you are the only who shines with enthusiasm as the day ends. Find solutions for these problems.
Again, it’s all in your mind! If you strongly believe in yourself and achieving your goals, you will succeed!
Keep on track: Have an accountability partner who regularly evaluates your progress against your plan, and have a Plan B for your milestones. In case something doesn’t exactly work the way you planned, reshift your gaze and be ﬂexible then proceed in a diﬀerent way.
One way or another, make it happen.