Over two million Australians currently invest in real estate. However, the average investor only owns one property, highlighting the difficulty most individuals have when it comes to successfully building a portfolio and generating wealth.
Investment real estate expert, author and Dream Design Property (DDP Property) Founder Zaki Ameer says, “The number of property investors has grown significantly over the past few years, and given the current climate it’s likely this figure will continue to rise.
“Like any form of investment, there are risks associated with buying real estate. However, if done properly, the rewards far exceed the risks. Although each individual varies in terms of how they operate, there are a few practices that all leading property investors follow to ensure they receive the best return.”
Below Zaki shares his expertise in what all successful property investors have in common:
- They actually thrive on taking risks. Instead of insisting on viewing all potential properties, they aren’t intimidated by purchasing sites they haven’t viewed, as long as the facts and figures add up. While a lot of people would consider this approach risky, it not only eliminates the time and cost associated with travelling, but also removes any emotions from influencing their decision.
- They acknowledge that they don’t know everything. Enlisting the help of experts is a crucial part of any property investor’s success. Having a wide network of professionals to enlist assistance from (such as accountants, buyers agents, solicitors, and/or property managers for example) means they are able to streamline the entire process. As daunting as this may sound, companies such as Dream Design Property make enlisting expert help simple, by providing a service that assists with every stage of the purchasing process.
- They don’t have analysis paralysis. When an opportunity arises many investors spend excessive amounts of time contemplating and researching whether or not to purchase. The key however, is to know what is happening in each market constantly to be able to capitalise on opportunities quickly.
- They never pay off their mortgage. Often people believe they should purchase one property, and pay that investment off entirely before purchasing another. Instead, successful real estate investors have loans that are interest only (to avoid paying down principle) so they can continue purchasing sites and increase their portfolio growth.
- They’re not delusional about success. Practice makes perfect is their motto. Their obsessive attention to detail motivates them to analyse, learn and accumulate skills they can over and over again, so they achieve better results each time. Putting in the hard yards is not for everybody. Shortcuts and reaching the destination as fast as possible is what most of us desire and it’s this mindset that the ‘get-rich-quick’ scammers prey on. Successful investors know that property is a long term plan that won’t make you a millionaire overnight.