After meeting a handful of successful real estate investors, I see similar traits in all of them and I have picked out three to share with you such that you and I can learn from them.
1.Ever expanding network
They have a good network of investors, bankers and real estate agents.
They hang out frequently with other like-minded investors and make friends with estate agents and bankers etc.
Being in such network, there is active sharing of exclusive first-hand information leading to collaboration focusing on mutual growth in wealth, for example; undervalued property from distressed sellers whom they know .
Furthermore, such strong bond comes with many fun-filled gathering sessions and celebration of their successes together.
2. Very well read and critically insightful
They read and talk about real estate and other financial products every day.
They watch the market and knows which districts are showing a buy signal.
They understand how to critically view the property price index (PPI) and look at specific district (and estate) to hunt for opportunities.
They are watching other financial products for a good portfolio mix. Although a few of my clients are cashing out their already profitable property investment to channel the proceeds to other investment products, real estate is undoubtedly still viewed as a safe haven with high potential growth in current times of global uncertainty.
3. High financial awareness
They always know how much In-Principle Approval (IPA) they can command at their finger tip.
They do projections and make plans for future cash flow needs so as to fully utilise their cash to work for them because being under-leveraged is actually a kind of liability.
They may not know the technical calculation of time value of money, mortgage and debt ratios but they understand the difference between good debt (leverage) and bad debts (liability).
Well, these are just three simple habits that anyone can practise and become the next successful real estate investor.
Let me know your views!