Getting Your Mindset Right

For those that are just starting out in property investment, there is usually a mental journey they must take before they achieve success. Below are just a few of the things we recognise they must come to terms with along the way. Some of our clients have now made some fantastic life choices thanks to their portfolios. Here are some of the reasons why people started their investment journeys with us. • Move abroad. • Take the summer out to follow your passion. • Travel the world. • Buy your dream home. • Go part time • Sack the boss. • Start your own business. • Grow a pension to retire on. • Leave a legacy. • Work for a charity. 1. Find your reason why It is all too easy to forget why you started out in property investment and become engrossed in the process of buying and staying on top of the investment's progress. If storms come like interest rate rises or boilers failing, thus draining your buffer, it can become a negative force on your intentions for investment. So it's important to be able to recall your reason why, at will, and hold it in the forefront of your mind so as not become overcome. So is it retiring early, being successful, leaving a legacy, getting your life back or getting more choices that motivates you? Then discover your reason - keep it there in front of you and remind yourself when times get tough. 2. Be disciplined You cannot be a property investor without have some basic discipline because the result is directly affected by your ability to stay focused and disciplined. For instance, your book keeping. We assist you with this with our online cloud software enabling you to produce an accurate tax return, which again we assist with. You will have to resist tapping into your buffer when temptations arise because one day your buffer will save you from trouble when the boiler goes or the mortgage rates rise. 3. Have high standards Your property needs to be in good order and will stay rentable and achieve the highest rents if you invest in new fixtures and fittings. Your property portfolio will also one day incur a cost which will knock you back financially without adequate insurance. So, don't cut corners and use the appropriate landlords insurance and accident cover to protect your investment and keep the income regular and consistent and maximised - speak to our lettings manager Andy Dillon for advice on this. 4. Begin with the end in mind Not having a goal is a common mistake made by landlords. Apart from knowing your reason why, you will also need to know how you intend to finish your investment plan. Is it a 10 year plan? Are you going for growth first and yield second? Are you looking to exit with a sale? Or are you going to live off the rent after a certain number of properties? 5. Have faith in the process Property investing sometimes is not for the faint hearted, because over ten years, the growth will be clear to all, but sometimes the market takes a breather and it may cause you concern. We always reassure our investors that their investment is a long term thing. Our founder Ian Clark often says "You don't plant a tomato seed and go outside the next day and expect to see your tomato plant?!"  It's a get rich slowly scheme and will take patience and faith in the process. For a free one to one consultation, please get in touch Wishing you every success. Robin Robin Campbell (Director @ Midas) ....helping people profit from property and design a life of choice 0117 9117590 | 077 6660 6662 | Website | robin.campbell@midasestates.com Watch our Online Property School >