Ever wondered what the secret sauce is that makes top property investors successful? Well, if I knew that I would have bottled it and be flogging it on the Internet. But, the fact is, there isn’t just one thing common to all success stories.
This was something that was bought out in my recent conversation with Tyrone Shum on the Get Invested podcast. As host of a hugely popular podcast himself – Property Investory – Tyrone has interviewed dozens of top property investors. What he’s found is that there is a myriad of strategies, points of view, mindsets and tips that have helped shape these top investors. However, there are a few strategies that are common to almost all of them. Let’s take a look:
Lifelong Learning and a Focus on Action
As Tyrone says, after interviewing so many top property investors, his key learning is, well, learning – continual learning. “A lot of my guests have said that the reason they are successful is because they are continually learning and investing in their education and their mindset, and because of that they are able to grow in substantial leaps and bounds,” he says.
But there’s an important caveat to this. It’s not knowledge purely for knowledge sake. The real key is putting that knowledge into action.
Seeing the Opportunity in the Property
As I often say, when it comes to investing, a house is essentially just a moneybox in the shape of a house. It’s the tool that enables you to do other things long-term, to secure your future and, ultimately, replace your income.
Many of Tyrone’s success stories have a similar philosophy. Property is actually just a building; it’s what you do with it that counts. It’s is how you perceive it and how you can bring an opportunity to the table using that physical asset. How can you turn it into something that could be valuable to you?
Buy and Hold for Long-Term Wealth
Although all of Tyrone’s property success stories have different interests, passions and strategies, the underlying message is invest for the long-term to secure your wealth. A majority of these investors take a buy and hold approach – buy quality property and hold it for long-term growth.
Take it to the Next Level with Property Development
What Tyrone has noticed about the most successful investors – those who have grown massive wealth – is that they have taken it to the next level with property development. That might be renovations, subdivision or whatever.
“Usually what happens is once you’ve got a foundational portfolio, and you’ve built it up enough so that you’re financially free, the next step is to delve into property development,” Tyrone says.
“And through property development, instead of buying the property to just hold you actually add value, or create additional value, and then you’re pretty much printing money in your own backyard,” he says.
Printing money in your own backyard: It’s a great quote and a great way of thinking for property investors who want to take it to the next level.
To hear more about these tips and strategies, the Property Investory podcast, and Tyrone’s own fascinating journey from real estate agent to digital marketing guru, nomad entrepreneur to top podcast host and budding property developer, have a listen to the entire episode here.