Travelling the United States for 5 weeks – Murray and I helicoptering through the Grand Canyon
How did I do this?
What inspired me to become a property investor living a life of freedom and adventure?
Years ago at this time of day, I’d be looking out the kitchen window at the farm paddocks that were suffering from lack of rain and the dusty driveway. I was a farmer’s wife and I worked part time to being in some extra cash so the family could have a few treats.
Now, at this time in amazing Albany on the south-west of Western Australia, I’m sharing my thoughts about continually creating a life of freedom and adventure. I’d never have dreamed this would be my life….in a million years. (And, I’m not done with creating it yet!)
Back at the start of the old farming days I was:
- Ignorant of the property market’s earning potential
- Ignorant of the rules of smart investing
- Ignorant of all things finance and legal
- Ignorant of personal development
Yet here I am. How?
I became comfortable with being uncomfortable. Forget about all the traditional advice, of having a vision, or desiring a fuller life, or any of that good stuff.
I became comfortable with being nervous, or anxious, or worried….or with being frustrated, or jealous….or with being excited, or elated, or….with hand shaking and my stomach churning each time I found myself in an uncomfortable situation.
Yes, no matter how much you try to avoid these emotions, you need to face, embrace and release them, to create a life of freedom and adventure through smart property investing.
The trick is that managing your emotions is as much about what you won’t do as it is about what you will do.
So, I’ve spent a lot of time looking at the kinds of things that smart property investors are careful to avoid while building a solid property portfolio and living their ideal lifestyle. They consciously avoid these behaviours because they are tempting and easy to fall into if not careful.
They Won’t Let Anyone Limit Their Joy
Smart property investors don’t allow others to determine their level of happiness. When you seek pleasure and satisfaction by comparing yourself to others, you’re no longer the master of your own happiness. When smart property investors feel good about something that they’ve done, they won’t let anyone’s opinions or accomplishments take that away from them.
You don’t have to compare yourself to others, and you can always receive other people’s opinions as nothing more than a constructive comment. That way, no matter what other people are thinking or doing, your self-worth comes from within.
Regardless of what people think of you at any particular moment, one thing is certain—you’re never as good or bad as they say you are.
They Won’t Forget
Smart property investors are unwilling to be bogged down unnecessarily by others’ mistakes. They will let them go quickly. This doesn’t mean they will forget though. They will remember any wrong doings and protect themselves from being affected in the same way in the future. Learning from mistakes rather than dwelling on them.
They Won’t Die in the Fight
There are many situations where you would be wise to walk away and conserve your energy for more important matters. But – that doesn’t mean you lie down and give in all the time.
Almost anything you want to happen can happen. Changes in contracts, creative finance strategies, win-win outcomes for all parties involved in a deal can all be a reality if you keep on fighting to see one day after another.
Choose your battles wisely and stand your ground when the time is right
They Won’t Live in the Past
Failure can wear down your self confidence and make it hard to believe you can achieve a better result next time. Most of what people consider as failures are a result of taking risks or trying to achieve something that might not be easy. You can’t live in the past. You can’t allow these valuable experiences to stop you from believing in your ability to succeed.
[quote]Failure should be our teacher, not our undertaker. Failure is delay, not defeat. It is a temporary detour, not a dead end. Failure is something we can avoid only by saying nothing, doing nothing, and being nothing.”[/quote] – Denis Waitley
They Won’t Dwell on Problems
If you are investing in property – there are going to be problems! To create a life of freedom and adventure you need to be in a good emotional state. When you fixate on the problems that you’re facing, you create and prolong negative emotions and stress, which hinders performance.
When you’re faced with a problem, rather than dwell on it and drain your energy – focus more on how you can find an effective solution. Make strong decisions and then move on.
They Don’t Think They Will Get Rick Quick
There are many successful property investing strategies and each of them have the ability to put profits into your bank account to help you create financial freedom and live your ideal lifestyle. The amount of profit potential from each strategy is different, and usually in line with the risk factor. All of the will take either time, money or energy.
On some property buys you can make great profit, on others less. But sure as night follows day, very few deals will give you a ‘get rich quick’ result. Smart property investors know their numbers, do their due diligence and know there is no such thing as get rich quick. Sorry if that just burst your bubble
They Won’t Hang Around Negative People
Plenty of people will tell you all about bad new, their problems and wallow in self pity. You must resist joining their pity party! Travis Bradberry, Ph.D. says “People often feel pressure to listen to complainers because they don’t want to be seen as callous or rude, but there’s a fine line between lending a sympathetic ear and getting sucked into their negative emotional spiral.
You can avoid getting drawn in only by setting boundaries and limiting time with these people when necessary. Consider it this way: if there was a person smoking, would you sit there all afternoon inhaling the second-hand smoke? You’d distance yourself, and you should do the same with complainers.
A great way to set limits is to ask complainers how they intend to fix a problem. The complainer will then either quiet down or change the conversation in a more positive direction.”
They Won’t Misjudge Cash Flow
Looking at the numbers that make up a deal initially is good. Buyers fees, agents fees, settlement fees, bank fees along with rates and taxes to name just a few. Knowing these costs upfront and knowing affordability is a must.
The other part of this equation is to take into account a regular amount for maintenance on your property (regardless of its age), and a good allowance for time when there may be no tenant. If you happen to have a property that goes untenanted for a period of 30-45 days or more, your asset can quickly turn into a liability.
These are two types outgoings that smart property investors take into account on every property so they will never get caught short on cash flow unexpectedly.
They Don’t Play Lone Ranger
Smart property investors understand quickly that they don’t know everything! This means they will call on other smart professionals to ride alongside them with guidance. They will build a team of professionals who know their game as it relates to smart property investing. Solicitors, accountants, real estate agents and tradesman to name just a few.
[quote]It is much more rewarding to get to the top of the mountain and share your experience with others than to show up by yourself, exhausted.”[/quote]
― -Shandel Slaten
Heck, just look at someone like Dymphna Boholt. She has an incredible history of property investing, and even though she’s got loads of professional expertise herself, the lady has some serious team players around her.
She’s a champ.
The other part of a successful investors’ support crew will be networking with like minded individuals who are supportive of their goals; other investors to bounce ideas off and get feedback from. They will have people who keep them on the ball and give them a kick in the butt when they need it.
The Secret Sauce
Being a smart property investor has lots to do with the properties and the numbers for sure. But the secret sauce that brings it all together is what’s going on in your mind. I’m constantly working on several of these pointers I’ve mentioned all the time. After all, you don’t just ‘get done’ with this sort of stuff.
I hope this post reminded you of a few areas that could need working on for you too
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To all of my professional property investors, what tips would you add to this list?
Are you struggling to become a smart property investor?
What do you need to change so you can create a life of freedom and adventure?
Here’s to your success!