When you work in real estate, investing in property eventually becomes second nature. Early on in my career, I was incredibly fortunate to have some very savvy mentors who pushed me to build my own property portfolio and guide me through those first few purchases. I bought my first home in 2001 and like many first home buyers, I was incredibly proud to have achieved this milestone, all on my own. It wasn’t long before I purchased my first investment property and starting building my portfolio. Over time, I had acquired numerous investments.
Throughout the years, I have built my own home, renovated, developed and even partnered with other investors in joint venture projects. Many of the lessons I’ve taken away from my journey so far are what NOT to do when it comes to investing. I share some of these in my book – BUYING BLIND – The 10 Biggest Mistakes Made By Property Investors.
But most of all, I’ve come to realise that to be a successful property investor, you must have a plan, understand WHY you’re investing, and lastly, you need to be in it for the long haul. Think LONG TERM. Short term is just a gamble in my eyes. When it comes to your Plan – it should be one that underpins your personal values, goals and risk appetite. Because investing in any property is just that – a risk. You need to understand the risks and be prepared to put your own money (and likely the bank’s) on the line. As the saying goes, investors who fail to plan, plan to fail, and this is exactly where I went wrong in the beginning.