If you are just starting out in property investment then you need to prepare yourself for a very bumpy ride. There are a whole host of things that can go wrong whatever property investment strategy you have chosen to follow.
Agents, solicitors, sellers, buyers, tenants and builders will all let you down or cause you problems. They will probably not do this deliberately but it will happen. Then there is the classic situation where you think that the property you have purchased is in good condition and then you discover it is a wreck.
It is a wonder that anybody of sane mind wants to be a property investor. The rewards drive most people of course but a high number of those that enter the business end up throwing in the towel because of the continuing amount of problems and obstacles that they face.
You Need A Strong “Why” To Drive You To Success
It is essential that you keep your motivation strong for your property investment business. You need a high personal drive to succeed and to learn from mistakes. You need to determine what your strategy will be and set financial goals. You must then commit to these goals.
You need to show a high degree of initiative and be ready to act quickly when an opportunity presents itself. You must remain optimistic at all times even when everything seems to be going against you and you can’t see a way out.
How then do you keep motivated and see your property investment projects through to a successful conclusion every time? You need a strong “Why”. This is something that will make you rise up and face any challenge even in the times of your deepest anguish with your business.
Having financial goals is a good start but they are usually not enough. Many people that set financial goals for their businesses have failed. It needs to be stronger than that and there needs to be a strong emotion linked to it.
This is called an emotional driver and is the driving force that will have you jumping out of bed in the mornings looking forward to the challenges that lie ahead. Having money is great, but the reason why you want it is far more important.
What Are The Real Reasons Why You Are Doing This?
Are you looking for financial freedom? If you are then what will this mean to you? Will you live your life travelling the world with your partner and family? Will you retire at an early age and do all of the things that you always wanted to do? What are those things?
People who do a mundane job 5 days a week for money to pay the bills do not have a strong “why”. You need a very strong “why” and the best way to do this is to work out the real reasons why you want to succeed in property investment.
Think about words like “power”, “status”, “achievement” and similar terms when writing your “why” statement (yes you need to write it down). Then consider what you will do with these things and how it will affect you and your loved ones. Make it emotionally strong and you will succeed.