In Today’s Episode I discuss with Terry Ryder the Number One Mistake that Property Investors Make, in fact it is from this mistake that all the other mistakes flow.
- Terry drills down in to the lack of willingness of “Wannabee Property Investors” to spend money on quality advice and the best information.
- We discuss the characteristics of the Wannabee Property Investor – Namely that they are unwilling to invest any serious time in doing the required research and they aren’t willing to spend any money other than the money they borrow for the property purchase.
- So what is the “thing” that distinguishes the successful investors from the unsuccessful or only moderately successful Investor?”
- The successful Investor treats Real Estate as a business unlike the majority of wannabee investors who treat it as a hobby.
- With any business you have to spend money to make money.
- The Successful Investor understands the need to engage with and access specialists – Surround yourself with your “Dream Team.” We all need a Coach – We talk about some of the Professionals that make up this Dream Team for the Successful Investor. These individuals understand you need to have access to a quality flow of information as all things worth having you need to pay for.
- The Successful Investor even before they begin investing knows what their End Goal looks like. They begin with the end in mind and work backwards from there breaking down their Long-Term Goal in to a series of Manageable Events and tasks.
- The Successful Investor is not worried by bumps in the road or short-term changes in the market because they like Warren Buffett are in it for the long-term.
- Terry makes reference to his own journey as an Investor and how he engages Buyers Advocates who are specialists in finding the right property at the right price at the right time.
- We contrast this with the average punter who is unwilling to really pay for anything. – Grab everything that’s free basically – The oldage you get what you pay for…
- We explore what are the consequences of this attitude for wannabee Investors?
– They don’t have enough knowledge
– They buy in the wrong place
-They buy at the wrong price
-They often buy at the wrong time
- Terry shares some real Case Studies of Successful Investors and what is it that they are doing that is separating them from “Joe Average.” – It’s about doing the fundamentals well.
- Finally we get in to one of the most important attributes of the Successful Investor and that is they take purposeful ACTION.