Hi forum Just looking on some general advice and if anyone's gone through a similar phase. To start, I'm fairly new to property investing. Found a passion in it and it's something Ive lived and breathed over the last year (literally). Bought 2 IPs in my first year but I've noticed the last few months I've lost a bit of motivation and drive and have gotten bit complacent about it all. I'm guessing it's a combination of still being a 24 year old and a few other things. But if anyone has any ideas to share on ways they keep them self motivated and focused, I would love to hear them! Thanks
All good! Read the forum and go to meetups. It will help keep you on track . Ps. You're very young... congrats on the early start! May I ask whereabout and what kinds of properties you bought? (Ok to be very general, it doesn't need be super specific).
The hunger will come back. Take a break and get some other interests in the meantime, but stay updated with property. Pace yourself. I'm a bit the same, as in going hard and focusing only in one specifica area at a time. Haven't bought a property for about 6 years now, but will likely get something later this year or next. I guess motivation will come back once you make some clear goals to achieve, short and medium term are best in my opinion.
Ensure you have a well documented plan so that you can see that you are remaining on track. Im guessing that after the first 2, you are now in a stage of having to slow up/stop buying, due to low available funds/borrowing? Sitting back watching properties, can be a bit like watching the grass grow. There really isnt anything to do. Which I found hard, I was alway trying to find the 'next purchase' even though I had no funds to purchase with (and still do that now from time to time). Just chill. Its a long game. Be patient and be happy to sit back and do nothing for a bit. Squirrel away at savings etc. Take a second job to increase savings and improve servicability so you can hit the next purchase the little bit quicker. Keep watching the market, just so you have your finger on the pulse. But dont waste too much time on it. Blacky
There is nothing to be motivated about. Keep it as boring as possible that's how you make money. It's exciting for a while, it gets predictable and boring after a while. Persistence through that stage is the key to wealth - not only for property investing but for anything. If you need to keep things exciting then you would be jumping from one thing to another and never really give anything a chance to work (this is most people btw )
maybe you have become too comfortable? I don't know, only you know that but if you have then you need to get out of your comfort zone for a bit. I have been struggling financially lately but a few years ago I had several IP's, new car and was traveling the world and I lost my motivation for more investing. I just got back on track with a property sale and now I feel more motivated and excited than ever after been down about my finances in recent months. When you are at a low point then you get very motivated believe me.. Elvis, Madonna etc were all very poor but were extremely motivated to change that. Take a trip abroad to a 3rd world country or even around Aus. Go somewhere different and have a good think about your life. Get away from the remote, tv, xbox (if you do that) etc and go see the real world for awhile. Work out your long term dreams and find that motivation. You are on the right path as you have realised it and are making steps now.
I have been through times like this in the past 9 years. There's nothing wrong with having a break to consolidate, save up (I put my surplus funds in offset accounts) and rebuild your energy. You can't go hard all the time or you will burn out, go broke or both!
