Having the right mindset is essential for succeeding with property investment. It is not just about making money, but being happy with what you have achieved as well. There are plenty of people that are wealthy and miserable and you don’t want to be one of them.
There is an old expression which is “plan your work and work your plan”. This should be something that you live by each day otherwise the opposite will be true which is “those that fail to plan are planning to fail”. There is so much to consider when you set out into the world of property investment and a plan (which you can change as you go along) is essential. No plan will be perfect but if you don’t have one then you are heading for disaster.
Consider this – if you have a plan that indicates the minimum return on investment that you want to make on a property then you should stick to it and wait until that ideal property presents itself. The alternative is that you will become embroiled in looking at far too many properties and may decide on one that provides a very low return on investment.
Goals and plans go together. First is the establishment of a goal and then the plan to make it happen. Neither of these tasks are difficult to do but you would be surprised just how many budding property investors have no goals and no plans. OK some may get lucky but do you really want to chance your success to luck?
Your Plan Will Never Be Perfect
Think of your plans as fluid and that they can, and need to be, changed when the situation demands this. You may have a plan to source a property in a very specific area but there may not be any suitable properties on the market there. What do you do? Scrap your plans? No you would need to think about another area where you can make the same or similar returns where properties are available. A plan should never make you stop you in your tracks.
What About Happiness?
Some people will tell you that just the achievement of a property investment success should make you happy. Achievement can make you happy but often it is not enough. If you just buy a new house and flip it then it is just a transaction. If you purchase an old house and renovate it into a spectacular property then you can be really proud of this and it is likely to make you happier.
The following are six essentials for wealth and happiness that were inspired by this post:
- Create a plan to evaluate and rearrange your goals
- Create a plan to continuously learn more and develop new skills
- Create a plan to manage the resources you have at your disposal
- Create a plan to use your time more effectively
- Create a plan to develop a more extensive network of fellow property investors
- Create a plan to be happy with what you have now while you work for what you want to have
Apply these mindset changes and you should get more done and be happier in the process.
If you want to become involved in property investment without all of the hard work then at CPI we can offer you a “hands off” partnership where we do all of the work. To find out more and arrange a no obligation meeting with us please contact us here.