What do successful investors have in common?
Ask any accomplished property investor and they’ll always be able to tell you about the first investment property they purchased. However, there’s also another trait that successful investors have in common.
Buying your first investment property is a big step, to say the least, and a moment that you will remember forever – hopefully for the better if you’ve done adequate research.
Despite this momentous occasion that you’ve taken to help build your personal wealth, a fact which is often forgotten by new investors is that they’re still just at the start of their investment journey.
While you should stop, recollect and celebrate the work you’ve done to get to this point, there’s still plenty more work to be done in order to reach your financial goals.
Accomplished investors, even if they’ve purchased 10, 20 or 30-plus properties in their time, will be able to tell you about their first acquisition.
However, they will also tell you that they didn’t stop after buying their first investment property, which is part of the reason for their success.
These investors realised that they needed to build a large portfolio of high-performing properties in order to reach their financial goals and live the lifestyle they desire.
The facts are that less than 10% of property investors will go on to buy 3 or more investment properties, according to figures from the Australian Tax Office.
The reasons that the large majority of investors fail to get past their first and second investment properties are varied.
However, it’s evident that many investors will take the very large step of buying their first investment property, only to stop their investment journey before it’s barely begun.
On the other hand, successful investors will begin planning their next acquisition immediately and start making the necessary moves for this to come to fruition.
This drive and planning; the vision to see the bigger picture; and ability to stay the course is what separates successful and accomplished investors from those who only ever buy one or two properties.