Do you find that time, or lack of, is a roadblock to many of your plans and ambitions?
How often do you hear people say… if only I had the time?
Property investing is a tool that can create that time. Through the accumulation of income generating assets such as rental properties, it can be possible earn a monthly wage without working nine to five, thus making your time more freely available and flexible. However, it will take time to turn that corner. If you wish to know more about how time relates to property investing plus some useful time-related success mindset tips, this will be five minutes well spent.
The long-term plan
A misconception about property investing is that it is a pathway for achieving rapid wealth. The get-rich-quick promise has been used as a sales tool in the past, however this notion is a far cry from reality. Property investing is a long game where patient and persistent effort is the best route to success. If you have a mindset for quick and easy profits, look elsewhere.
The strategy of having income generating properties will involve growing a portfolio of commercial or residential properties that earn rent. Each rental property may only generate a modest income, so ten or more properties may be required to pay your bills, depending on your monthly living costs. It could therefore take three to five years to accumulate your portfolio. However, time brings with it benefits.
Along with earning rental income, if the right investments have been made, your properties will grow in value over time. During uncertainty and economic downturn, an untrained mindset can be tempted to panic-sell and potentially be left out of pocket. However, a success mindset will hold fast in the understanding that over the long-term, property prices steadily rise. This has certainly been the case over the last 40 years.
To learn about how property investing can succeed through times of uncertainty, you may be interested to read our blog post: Long Term Wealth Creation During Uncertainty.
The success mindset is a dedicated mindset
The road to establishing a portfolio that generates adequate income to pay your living costs will take time and dedication. Consistent effort over a long period will need to be in your mind from the outset. Educating yourself on how to safely earn money from property is a time-intensive task in its own right. Skipping steps in a bid to reach the summit ahead of schedule can lead to costly mistakes, so be prepared.
Property investing itself is far more than searching online. Success will require feet on the ground in your carefully researched investment area, creating relationships, searching for properties and building your power team. Property investing is a people business and will involve plenty of time investment in having conversations and being in the right place. So what is the best way to start.
At the beginning of your property investing journey be realistic with how much time you can dedicate to it. Whether it’s one hour a week or one day every three weeks, it does not matter. The important word is dedication. If you want to make this work, dedicate the time to it, put it in the diary and stick to it. Doing this from the beginning whilst you are still studying the theory will build the habits that will serve you well later on.
A smart use of time
Are you easily distracted? That ping of the phone, the message in your inbox and that feeling of unrest until you know who it’s from. Time is a prized commodity yet we all have the same amount of it in each day. How it is used is the choice of the individual and some people use it smarter than others. As a limited resource what can you do to fit property investing into a busy schedule?
If you know that your time dedicated for property investing is precious, we have a simple method for prioritising your tasks and making sure you achieve results. At the start of each week it is useful to list the tasks that you wish to complete that week. Perhaps you do this already only to be filled with apprehension and dread from considering what lays ahead.
From your list, pick one task, only one. But this task must be singled out because it is the one task that will have the biggest impact on moving closer towards your goals. Whichever of your other property investing tasks you complete that week will be a bonus. Just be dedicated to getting the one task signed off. The same principle can also be applied to each month and even each year. Try it and see.
Time for implementation
Whether you have discovered that property investing is a long-term plan, or it is important to dedicate regular time to investing, or how you can be smarter with your time, all of it is pointless. It is pointless unless you make something happen… implementation. And this will be entirely in your hands.
How you use your time is your choice but unless you implement your learnings, success will be a rainbow you can never grasp. The more you learn and the more you implement, the better chances of success you will have. We look forward to hearing how you have forged your own path and achieved the outcomes you desire.
