Becoming a Successful Investor/Developer

Take action and make decisions quickly! 

The first and most important rule of becoming a successful investor is to take action and make decisions quickly! A success investor will analyse all the information presented to them and from there will make a quick 'yes' or 'no' decision. The term 'maybe' will not even enter their minds as they need to move on to the next opportunity before that one slips away as well.  

Now as a first time investor this part may not be that simple as even with all the proper information presented it will be hard to determine a good deal from a bad or average one due to lack of experience.  

Last week I was presented with a development opportunity that one of my friends was looking at and the property was almost 40% over priced! As he is only new to the world of development, he originally saw the deal in a different light. In actual fact the number of homes he thought he could put on the site had been exaggerated by the seller. In fact this property was offered to me personally to market some months ago at far less than its retail price with the same plan for development which would never get passed through council. 

Of course even seasoned investors and developers don't always make the right choices, however the number of correct decisions they make far outweigh the incorrect ones which makes them successful. As a first time investor it is always better to try out a small development of maybe 2 or 3 homes before risking everything on something major. 

Another good way of becoming a investor / developer is by joining a group of other likeminded people and completing a joint venture which should reduce the risk. Please note that if you choose this option, ensure that the facilitators have the experience required to be successful. . 

Why is taking action hard and scary for so many people? 

One of the big things that hold back so many potential investors is fear, especially the fear of making an incorrect decision or of failure.  

Currently we live in a world of uncertainty and unpredictability and for most it's easier to do nothing rather than taking any chance at all and they end up procrastinating and being unsure.  

However, if your potential retirement wealth doesn't seem like it's going to be enough for you when the day comes, then making no decision could lead to a greater fear; not having enough money to live on once you've stopped earning a regular income.  

How do successful investors manage to take decisive action?  

Successful investors will follow a plan and know exactly why they are investing in property. They will have put in place a property strategy, a finance strategy and a tax and asset protection strategy.  

The support group you need around you is extremely important and when it comes to making the decision to invest you will need to talk to them all.  

These people include your accountant, financial planner, insurance agent, property manager, conveyancer, and hopefully Total Investment Property Solutions who can bring all of these people together.  

Every time you have to make an investment decision, this group of professionals will help you evaluate your potential project and the potential consequences in light of your plans and goals. Investing with help from this group will take the emotional side of the project away and make the results more consistent.  

I have always said that when you start associating and planning your future with successful people, you begin to change without knowing it, as you will pick up small parts and remember them each time you act. You should also start to comprehend the process in a more knowledgeable light.  

The lessons from all this is to do your homework and surround yourself with people who have been there before and who will also give you the right advice along the journey.  

If you want to take the first step in investing in property why not give us a call today to make your free, no obligation appointment with one of our friendly property educators.


OTHER SERVICES FROM THE TIPS GROUP

Looking to invest in property from only $39 per week

Does your property need some maintenance? We can help.

Need a Property Manager to look after your investment?