Property Strategy For Seriously Motivated Landlords

Many strategies these days involve purchasing properties from Motivated Sellers in order to buy property below the real market value.  The potential Landlord makes sure to check their reason for selling, that they are in danger of having their property repossessed and that they are able and willing to move quickly.  The seller knows exactly why they are selling, and that’s the reason they are motivated.

Yvonne Emery CoachingSo, in order to be a Seriously Motivated Landlord you will need to know exactly why you are investing in property, why that specific type of property and why that strategy works at this particular time.  Motivation comes from knowing why you are doing something, and the clearer you are about why then the more motivated you will be.

We don’t often take time to consider our actions.  We know that adding property to our portfolios is going to increase our net worth overall, and we aim for the type of property that brings in a monthly income, but that doesn’t really answer the question of why we are investing.

What are your reasons? Make a list of them and put the list somewhere prominent, like on the fridge door.  Remind yourself constantly of the reasons behind your investments in order to stay motivated and focused.

Reasons don’t have to be positive. You can just as easily be motivated by what you don’t want as what you do want.  For example, you may not want to live in the poverty that your parents had to when they retired, or you may not want to be still paying off your mortgage when you retire.

Positive motivation works for most of us. You may just want to provide your family with a holiday every year, or buy the fast sports car.  You may want an alternative pension, financial or mortgage freedom, a University property for your children or just funding their education.

Do you want a particular style of living, financial security or the freedom to leave your job?

Whatever you want to achieve in 3, 5 or even 10 years’ time, make yourself a list of the benefits you will get as a result of making these investments.  Then make yourself a list of the consequences of not investing.  Which list provides your greatest motivation?

There is very little point in accumulating property for the sake of it.  It’s not going to make you happier, or give you the lifestyle you desire unless you plan your investments to match these reasons for investing.  Without understanding your reasons, you may find that it becomes a burden, a chore or even a frustration.  You won’t concentrate on filling the voids, or collecting the rents because you have lost the focus on why you are investing.

If you know WHY you are investing then it is 10 times easier to work out HOW and WHEN you are going to invest and that keeps you motivated.  Try it and see how you become a Seriously Motivated Landlord.

Kick-start your motivation yet again and propel yourself forward to greater achievements – come along to the Landlord Show and hear how to advance your portfolio through coaching.

(Yvonne Emery – March 2008)