The Property Investor's Routine...what do YOU do?

Hi all,

I am sitting on my couch trying to move forward towards my first PI and a thought came across my mind: what do experienced property investors do on a regular day?

Aside from work, family commitments and hobbies, what is your routine and what do you recommend to a rookie to do on a day to day basis?

Thank you for your time and I hope you are all well,
MB

 

I'd say really successful property investors would be good at most other things they do too, so be good at life in general.
That's all it takes.
It would be pretty impossible to be a gun property investor and a loser in all other areas of life.
Property investing is easy, it don't take much work or maintenance, no need to over think it.

 

I like this thread and interested to see some responses.

I am not experienced, but i am planning on buying my first investment property in the next month or two.

I have implemented 2 things into my routine

1. Read for at least 30 minutes or more every single day. In the last 4 or so months, I have read 42 books (Mostly property investment focused). I cannot tell you how much I have learnt during this time.
   
2. Do at least one thing towards reaching my property investment goal every single week. I wrote up a fairly extensive action plan and goals for my property investing journey. Every week I will focus on one of these tasks to take me one step further to my goal.This has ranged from finding a suitable accountant to work with to researching loan structuring ect.

 

@Marco Bon hey dude i bought my first IP in april last year so im not far in front of your journey. So bloody goodluck mate ps go the panthers.
So im a truckie i work 60+ hours a week, my wife works in hr she works long hours as well.

So im bloody busy. Once you have your property dont stress so much. Thats what your property manager is for. I just update my statement and interest onto a spreadsheet and make sure rent has been debited into my account.

Hope this little bit helps

 

Today/tonight we are doing all our chores so we can spend tomorrow with our finger on the pulse checking out a few places in multiple areas.

Also speaking to lenders, reading PC, getting statements and stuff together etc. We are pretty hands on, so when not working on regular work, property related things take quite a bit of our time. You do not have to be so hands on, will depend on your income or if you can earn more doing other things.

 

Build a team of tried and trusted professionals to take care of most of it for you and focus in what you currently do to make money so the boat stays aflout and smooth sailing ensues.

 

Hi @Marco Bon

For those that have property, my advice would be "monitor". Don't take a complete hands off approach... things can change. Even the life circumstances of a PM who was amazing. It is a good idea to keep an eye on your property management statements to ensure things seem to be on track, and make a mental note if communication with your PM starts to faulter.

For those wishing to acquire property and also for those with property, pay attention to the markets. They too change. An area that was undesirable 10 years ago may now be about to fire. Similarly, a suburb that has served you well might be about to experience undesirable changes, and it might be an indication that considering selling is a good idea.

In other words, don't just turn off your awareness.

And as always, keep educating yourself. New ways of doing things crop up all the time. Pay attention to what others are doing and cherrypick ideas that you like.

 

Thank you Shaneo78, I am currently listening to the 'Property Couch' podcast while I am driving (I am on my car all day due to my job) and I try to be as active as possible online. I will follow your suggestions. Hope you are well,
MB

 

Cheers Ryno, I appreciate your honest post and it is encouraging to know that you don't consider yourself far away from me (cause it does seem far to me). You are working bloody long hours and you got my respect, please be safe out there,
MB

 

Thank you very much JacM for your response, I look forward to meeting you next week at the meet up in Footscray. Hope you are well,
MB

 

I'm a minnow but I'm finding regular exercise helps more than I could have ever imagined.

I find I simply make better decisions when I'm fit.

 

Develop your mindset. It leads all actions and determines your level of success, whether you like it or not.

 

If you have studied the basics and believe it can help,you, then Just do it, never over think it.
Build that team,,broker, accountant, etc who are involved in the same activity and stick to your guns.
Ups and downs occur just like in any part of ones life but you get over the downs and get to enjoy the ups.
In fact, focus on turning the downs into ups and see how you go.

After 10 years you will look back and thank heavens you did it.

So, every day....believe!

 

I am on the couch, if you do not mind.......

 

Great comments above.

Read, read, read - I like @Leo2413 's suggestion of mindset (which will carry you through), as well as learning from others, finance, markets. PC is a great start but if something sparks your curiosity, read other articles as well and understand the topic.

@Michael_X suggested a great book, the Slight Edge, which says (something along the lines of) it's the small insignificant things that will get you to where you need to get to.

 

Another newbie here...twice thought I'd landed the first IP and missed both.

Minimum effort is to review realestate.com in my chosen area (properties sold, how much for, new properties arising, which agents under-quote more than others etc) and review PropetyChat. Thursday night start planning the opens I'll be attending Saturday and comparable sales so I know what I will offer if the inspection goes well. And in any spare moments, try to read a few pages of a book on property investment.

 

@Marco Bon we are relatively new to property investment. Have 4 IP's and looking to our 5th later this year. To get started we read a few property investment books and property chat. We devised a strategy and a plan and chip away at it daily. We try to do something toward our property goals each day. You will find your own routine as long as you make it part of your daily life and work backwards from your goal. We have found that Research is key followed by action. Good luck!

 

Some of the first books I read was about strategy to determine which one fits me - time required, risk profile, suitable for the markets I'm looking in etc. Then as @Magnet says, refine that approach for yourself and test it.

I found Somersoft (forum prior to PC) also great to read.

 

I would say they're just like you and me but for one difference - they buy property.
And of course not just any property, but you gotta start somewhere.

 

Think big.
Ready daily.
Connect with and learn from people who have the results you want to achieve.