Here are six skills that you can cultivate if you want to be up there with the best property investors.
- Acquiring and nurturing a great team. To get where you need to be, you cannot do everything yourself – and nor should you. Surround yourself with expert advisers – professionals that know their stuff on law, tax, finance and property – and make sure that you regularly evaluate how your property investments and your team are performing for you.
- Understanding the lingo. If you want your property investment portfolio to make you wealthy, you need to be financially fluent. There is plenty of material available to help you here. Don’t make the mistake of those who never achieve financial independence because they don’t understand how to treat their investments as a business and take advantage of ‘the system’ rather than having it work against them.
- Being decisive. Savvy property investors can see the big picture and are able to act swiftly and decisively when necessary. From snapping up distressed and below market value properties to other great opportunities, you need to be able to act confidently and decisively and know that you are making the right move.
- Investing in yourself. Apart from building up that property portfolio, you also have to build up your personal development portfolio. Successful people never stop honing their skills through networking, reading, attending seminars and learning from mentors and other successful people. Keep that quest for knowledge and growth alive, and grow the skills that will serve you well, such as in negotiation, communication and marketing.
- Growing your assets. Don’t sit on your laurels. Successful property investors are always looking to grow their asset base and add value. This includes leveraging the capital in your appreciating assets, such as taking equity out of properties and buying more properties, renovating and developing in order to add and increase value. Another way of adding value is by choosing and negotiating the best deal in the first place.
- Transforming capital into passive income. Once you have built a substantial asset base, the next step is to reorganise things so that a substantial portion of your cash flow comes from passive income, such as rentals from your investment properties. Invest well, and make sure your assets are owned within the right structures. Passive income frees you up to spend more time on the things you actually enjoy – which is what true wealth is all about.
Obviously there are other factors involved in the whole equation, such as having a detailed plan and a vision of where you want to be, but these skills will go a long way to setting you on the path to success.