By Neale Petersen
Most people buy the house they live in based on their emotions, their affordability, and purchasing power a bank assigns them on qualifying for a specific mortgage bond amount. There is less time, thought and effort put into the longer-term financial impact of the property transaction and the effect it could have on your personal finances going forward.
We naturally focus more on the touchy-feely things like location and lifestyle. Making money through property investing, however, can be an extremely tough game if you decide to tackle it alone.
Guiding you to your success
It’s a fact that all investors who are at the top of their game were either trained, coached or advised by an experienced professional to guide them, at some stage, in the right direction.
The biggest thing facing most investors is fear. A mentor or coach can be the difference in getting a student to take action or not. As Tony Robbins, leading international billionaire, self-help coach, and strategist says, “There are always two businesses you have got to manage: the business you’re in and the business you’re becoming.”
If you just continue to manage the business you’re in, you are going to get knocked out by a new technology or new competition. However, if you are managing these two businesses continuously, you won’t have to quit or pivot, because you are always doing something to innovate, change or improve.
Property investment is a business and must be managed and run as such. The mistake many first-time investors make is to approach it in the saem manner as buying a home to live in. All the focus is on capital gains and not on the cash flowing ability of the property. International property gurus and serial investors such as Robert Kiyosaki and Dolf de Roos have been teaching first-time and experienced investors for years on principles for investing through their seminars, books and coaching courses.
The first question you need to ask is what do you want to achieve or fix? There are a myriad of options. It’s important to understand that, as an entrepreneur, business owner, or real estate investor, you become a walking talking billboard for your business. Your communication, character, and reputation is measured by your interactions. Co-investors, mentees, clients, and venture capitalists are inspired to action by a mentor’s experience, knowledge and understanding. Knowing what you want to achieve from your investment is the first step in attracting the necessary support.