Most Important Skill to be Successful Property Investor

Discussion in 'Investor Psychology & Mindset' started by sash, 26th Jul, 2015.

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  1. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Haha....Well well.....we've built rapport in a hot market too. A property we bought 5% below market in August 2013, which is now worth 65% worth more...we connected with the agent well and shared a bit about our story. We are now friends :) Will help us in the down turn.
     
    Property Twins, 26th Jul, 2015
    #21
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  2. sash

    sash Well-Known Member

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    Can you teach an salty old seadog your tricks then? :p





     
    sash, 26th Jul, 2015
    #22
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  3. Random Username

    Random Username Well-Known Member

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    I'm not sure there are any secrets.

    Although brinkmanship works well, if you're not frightened of being bent over.........
     
    Random Username, 26th Jul, 2015
    #23
  4. sash

    sash Well-Known Member

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    I like brinkmanship...particularly where there are missiles involved off the coast of America...:)

     
    sash, 26th Jul, 2015
    #24
  5. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Actually let me add, we purchased a property in Sydney in Feb 2014, before it went online at 10pm on a Tuesday night. Now that means something :) Again rapport with the agent for the next downturn :D Proven buyers
     
    Property Twins, 26th Jul, 2015
    #25
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  6. Eric Wu

    Eric Wu Well-Known Member

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    you could use your charm buddy. :rolleyes:
     
    Eric Wu, 26th Jul, 2015
    #26
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  7. sash

    sash Well-Known Member

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    Nah...much more fun being the Mr Bean of investing with agents...:D

     
    sash, 26th Jul, 2015
    #27
  8. Natedog

    Natedog Well-Known Member

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    Old saying....

    There are 3 types of people.

    1. Those that make things happen

    2. Those that let things happen

    3. Those that wonder what the hell happened!!

    It's the number 1.'s that generally succeed in investing and life in general
     
    Natedog, 26th Jul, 2015
    #28
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  9. Phantom

    Phantom Well-Known Member

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    I too have a good friend who was earning good money. Young, very intelligent and excellent at his profession. Single and has very low expenses apart from car. Still lives with parents. He asked me about property in 2011 in Sydney. He had 200k in the bank. I said Sydney Sydney Sydney...NOW NOW NOW. So he started looking............But like a lot of people out there he had analysis paralysis and couldn't decide on anything. Fast forward 4 years the horse has bolted and he still hasn't done anything. Last week he said 'I just can't afford anything man. They're are too expensive'. I just shrugged my shoulders and said 'yeah I know'.

     
    Phantom, 26th Jul, 2015
    #29
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  10. 380

    380 Well-Known Member

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    @sash

    Capacity to buy and ability to sell at right time is a key to being successful investor.
     
    380, 27th Jul, 2015
    #30
  11. Redwing

    Redwing Well-Known Member

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    Employability :D
     
    Redwing, 27th Jul, 2015
    #31
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  12. Big Will

    Big Will Well-Known Member

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    mindset
     
    Big Will, 27th Jul, 2015
    #32
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  13. sammmeee

    sammmeee Well-Known Member

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    Agreed. I think Guts is often under rated. Your first IP is the hardest, after all the unknowns gutz is sometimes what is needed to take the first step.

    I think back at how worried I was on the first and now how easy it is. Analysis paralysis often stops a lot of first timers. Suck it up and go for it..have some gutz!
     
    sammmeee, 10th Aug, 2015
    #33
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  14. Bayview

    Bayview Well-Known Member

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    Nah; you're wrong;

    It's easy; all us greedy evil investors are swarming in and throwing down deposit cheques on everything and buying dozens of joints each.. :D
     
    Bayview, 10th Aug, 2015
    #34
  15. Ace in the Hole

    Ace in the Hole Well-Known Member

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    Mental toughness.
    Check out Darlinghurst Boy's current post on this topic.
     
    Ace in the Hole, 10th Aug, 2015
    #35
  16. Sackie

    Sackie Well-Known Member

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    As I've said before my opinion is that action needs to be 'informed action'. Otherwise you will get stuck on property 2 or 3 and your journey will come to an end.

    Lets say you take 2 people. Both people have no problem to take lots of action with investing.

    Uninformed action 1: Investor goes nuts taking action, poor loan structure, OTP in boom times, insane stratas, Paying too much, disaster with tenants, buying wrong type of place etc etc. How far you think he is gonna get in building his/her portfolio? maybe 1? 2? 3? I see this all the time.

    Informed action 2: Researches, learns how to do due diligence, learns how to build a team, correct structure, understands some investment strategy, understands how to balance purchases to get closer to his goals. This person is going to have a much better chance to get beyond ip3 and get their 4th, 5th 6th etc and expand their portfolio, than their uninformed counterpart, IMO.

    Just my take.
     
    Sackie, 10th Aug, 2015
    #36
  17. sash

    sash Well-Known Member

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    Yep....and I have some Ocean front property in Arizona to sell...;)

     
    sash, 10th Aug, 2015
    #37
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  18. Sackie

    Sackie Well-Known Member

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    Nice! Did you buy it few years ago when prices collapsed or quite some time ago?
     
    Sackie, 10th Aug, 2015
    #38
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  19. sash

    sash Well-Known Member

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    Errr........Arizona...is desert.....:oops:

     
    sash, 10th Aug, 2015
    #39
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  20. S.T

    S.T Well-Known Member

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    Probably around the time of the last ice age
     
    S.T, 10th Aug, 2015
    #40
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