I believe that mind-set is the defining factor between success and failure in property – and in any other area of life.
I meet people in property all the time and the people I meet are at every stage of the property journey from the ‘thinking-about-it’, through the ‘just-getting-started’ and ‘property-as-a-sideline’ to the professional property investors that you see on the TV.
Those who are full-time professional property investors have cracked the mind-set issue. Most others are still on the journey and have to deal with the rest of the world trying to convince them that it’s a bad idea to get into property.
Landlords are often portrayed as evil money-grabbers and investors who buy and sell properties as sharks trying to rip people off. Of course, there are people in property who fit these profiles, but they’re a tiny minority.
Most landlords want to keep their houses in good shape, because it’s in their interests to have tenants who are longer term and who will look after the property.
Property dealers are out to make a profit – like any business – and they want a good deal, but that doesn’t make them dishonest.
You become the landlord or investor you want to be. You decide whether you want to look after your tenants or do ethical deals, nobody else.
If your friends and family are not in property, they’ll have read all the bad press too and will probably try to persuade you that it’s crazy to put your hard-earned cash in property.
The latest tax changes have thrown a curve ball into the property pool and made a bit of a splash. That doesn’t mean that property is no longer a profitable option, it just means you need to set up your property investments sensibly.
Many would-be property investors take the line of least resistance and give up their dreams. Even some existing landlords decide it’s all going to be too much trouble to continue and sell off their portfolios.
But some people haven’t missed a step and continue to prosper from property. They see the pool getting smaller as a big opportunity. Rental properties for sale is an opportunity, not a reason to join in the exodus.
They have programmed themselves for success and they look at things differently.
You decide on your approach – and you’ll find success or failure in relation to the decision you’ve made.
You will find people who are ‘thinking about it’ at every property event throughout the country, but they don’t know where to get started. You’ll meet plenty of people who have ‘dabbled’ and then got out, had tenant problems and lost money, there are plenty of horror stories. But you don’t have to join that band. You decide whether you want to beat them or join them.
Fear stops people taking action, so the antidote is to do something. It doesn’t have to be a big something, just something that moves you forward a step. If you keep taking action, you’ll find that you’ve travelled quite a distance without realising it.
Reposition ‘fear’ as:
Feeling Excited Anticipating Rewards
The physical manifestation of fear is similar to excitement – shortness of breath, racing heart, clammy hands. Programme that inner voice to translate this to excitement instead of fear! You decide.
So your strategy for success is to choose to see the positive side, then take action – do something – anything, but move things on. The only person who can do that is you – you decide.
To increase your rate of success, learn how to use strategies others don’t – then put them into action.