I was trying to find who actually said this. Believe me or not, it was said by Bruce Lee.
I’d like to share one secret with you – I have a rare and mysterious skill that allows me to detect who has more than 2 investment properties or not. How? The one who seem to have an extensive knowledge RE: current economic climate and hosing prices in Australia, and speak like an economist, is the one who either has recently purchased his/her very first investment property or have none.
I have met many young successfully property investors (most of them under 35 years old) and they seem to share one common denominator (in three parts). Please allow me to elaborate.
a) Pre-purchase stage – Analyze logically and scientifically. Block out any emotions that may cloud your judgement.
b) Purchasing stage – Proceed decisively without hesitation.
c) Post-purchase stage – Hindsight may haunt you to regret the buying decision. Face and mitigate risk proactively if any.
For a) they seem to take a lot of hours to analyze every aspect of the property they intent to buy. They have the ‘matrix’ of their own – every box needs to be rigorously examined and checked. They look for every reason to support the buying decision but if the property fails to meet the prime conditions of the ‘matrix’, they discard the property and look for a new one.
For b) They proceed with the purchase decisively. There is no room to hesitate for them. The choice is in a binary form – 0 or 1, yes or no, now or never.
For c) If the investment goes south for any reason, they bravely face and proactively mitigate risks. They reserve no space to haunt themselves with endless ‘what if-s’. They accept the consequences of the decision that they have made and move on. They learn from their mistakes and learn not to make the same mistakes again.
“Empty vessels make the most sound” – this is a common expression that describes those who have a little knowledge/experience usually talk the most and make the greatest fuss. I have come across too many empty vessels who want to give me an advice RE: property investment, and I have developed the most effective method of suppressing the ‘noise’ – asking them this question. “How many investment properties do you currently have?” If the number is less than what I have, then I politely withdraw myself to prevent from engaging any further conversation with the ’empty vessels’. Wouldn’t it be wise to seek one’s counsel who is wiser, better and have more than you? I certainly would.