Whether you are setting out to buy just one property, or you want to own a bigger portfolio than any other property investor in the country, there is one thing that above all else you must know in order to be successful and that is your WHY. Your why is the reason you get into investing but more than that, it’s the reason you get out of bed on a cold winter weekend to go through a multitude of open homes, or attend auctions while the majority are at the beach or sleeping in. It’s what inspires you to spend your lunch breaks searching the Internet for the latest listings while others are reading Facebook and catching up on gossip.
The WHY, otherwise known as your purpose, will be different for everyone and could be as simple as a dream for a stable passive income to enable you to stop working and spend more time doing the things you enjoy or it could be as big as owning your own island and private jet. It doesn’t matter how big or small it is, but without the why, property investing will forever be a half pie good idea that you never got around to or never immersed yourself into. And this is the difference between winning and losing.
If people are not laughing at your goals, your goals are too small.
I strongly believe that it is essential you identify the deeper more meaningful reason for why you chose this game. I can almost guarantee you it was not about money itself and more about the difference you can make when you get money or the freedom of choices you will then be able to make for you, your family and whatever you define as your community. For me, the difference between those who are good and those who are great is that the ones who are great have a purpose for what they are doing which is so much more than money. What gets them out of bed is the difference that they can create in their communities when they achieve their vision and their mission. Community can range from anywhere between the people in your four walls to the people in your suburb or your country or your world. This will vary from person to person, but what’s important is getting to the effect you want to achieve and following it. That is not to say that money is a bad thing, because it is most certainly not. But it should not be the driver.
Knowing your why gives you ability to invest in a way that I aligned to you. If you’re looking for a more secure future or retirement, then you can align your strategy towards capital gains. If your why is more centered around passive income to leave your 9-5 job then you can look towards higher yielding properties and therefore different suburbs or cities. These are vital questions that can only be answered once you understand your purpose. What is it that the money would do for your world and the people in it? Get completely clear on that, write it down and then make it happen. Robin Sharma said that “if people are not laughing at your goals, your goals are too small”. So don’t sell yourself short.