Finding Your Identity as a Real Estate Investor

Real estate investing is one of the most easily accessible methods to increase the wealth of ordinary Australians. Buying a property, renting it, retaining it and possibly selling it – it's apparently the most popular strategy to follow.

However, investing in real estate is not limited to buying a property but hoping that its value will increase, as Jane Slack-Smith, director of Your Property Success and Mortgage Investors explains. Choice in our latest podcast episode.

"In recent months, I have met my colleague John and we have discussed the question:" Why do we have so many people we are talking to and who are still wrong? "We began to question people to find out what we were missing. "

Based on the results of the investigation, Slack-Smith formulated a framework that categorizes investors according to how they make investment decisions. In a grid presentation, the top of the Y axis indicates wisdom and low, ignorance; meanwhile, the right of the X axis corresponds to the inaction while the left corresponds to the inaction.

"In the lower right corner we have what I affectionately call the players – these guys are all passionate about action. They can get some information and get in there, so they do not necessarily have the wisdom to make their decisions. Then, through the grid, we have the dreamers – they are almost like junkies who do not take much action. These are the two extremes on my frame. "

Players play high when they succeed, but can also collapse and burn when they reach their borrowing capacity and are unable to move, or when they invest in poor properties.

"For an actor, not acting becomes really frustrating. And so, the process for them comes back sometimes and makes a portfolio review. Is there a wallet killer in the mix that they need to get rid of? And if they get rid of that, can they use this borrowing ability to propel them forward, now with a little understanding and education? Says Slack-Smith.

There are also inevitably cynics in the pack, who lack knowledge and action, but must be pessimistic when an error is made. This is where it is crucial to have a clear vision of the direction you want to take in your investment journey.

"Often, the cynics of our lives are the ones who love us the most – our parents, our spouses, our brothers and sisters or our best friends. But being able to admit that you are drunk is also a recognition of the learning experience and the path you followed, and what you did wrong. "

Having the right companion and the right support is a big step forward to becoming a savvy investor.

"Most investors in our community are investors in loneliness. It is therefore very nice to find the person who is related to them – they allow themselves to move in the upper right quadrant, which is the performer. That's where I want people to be, "says Slack-Smith.

"[Achievers] have clarity and trust – they understand what they must do with the wisdom and education they have, and they take effective action in the right direction . Sometimes it's about finding a like-minded group, someone who will hold you accountable or who will pay for mentoring. "

For more information, listen to our conversation with Jane Slack-Smith in episode 5 of the YIP Talk Podcast

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