Hi, I’m new here. Not sure if asked before and if it’s appropriate to post here…
I’m curious to know what is/are the motivations that keep you guys on the path of property investing (PI)? Especially for those who have been through alot hard times and knock back in PI, what keeps motivating you guys to get through all the hassles or even just reading through heaps and heaps of info in due diligent which you may not have single interest to glance in the past.
Please not general answers like you want to make lots money, or want to be rich etc, coz I realised these (at least for me) are often not enough to keep ones outside their comfort zone for a long term.
Anyone cares for sharing this? Thanks in advance!
From FUNRobbie BMember@robbie-bJoin Date: 2004Post Count: 2,493Nigel KibelParticipant@nigel-kibelJoin Date: 2005Post Count: 1,425
I have worked in the Property Industry most of my life. I find that when you study the market in Australia and New Zealand it is an all consuming beast. The more you think you kmow the more you need to study. I have made mistakes, however mistakes are how we learn. To me proerty is the best and safest invest. That is my view and my stratagy. I know other people who do well from shares. Personally I will only spend my money once I fully understand what I am doing.
Australian and New Zealand Buyers advocate
service and seminarszenergyMember@zenergyJoin Date: 2004Post Count: 11
This is my first post here, although I have been reading you guys for over a year. Although I haven’t started my PI career I have my own business that is now 15 months old, and I must say that the motivation to me is the same.
I’ll often look at people older then me in the same dead end job, complaining about their life but never prepared to do anything about it.
Whether you invest in property, set up a business, invest in shares – to me it’s all about becoming financially independent, being my own boss but also taking on challenges!! I never did like working for anyone else, it just didn’t feel right.
It’s never easy, if you want big things you have to be prepared to bust your gutts continually, and take knock back after knock back…Accept right now that being out of your comfort zone is the best thing you could feel, as if you aren’t uncomfortable, then you aren’t growing.
Life is just game, decide what part you want to play in it and just do it.
Jo.Fast LaneMember@fast-laneJoin Date: 2004Post Count: 527
The thrill of the chase (finding a good deal) is motivation for plenty of people.
With due diligence you dont have to sift through tonnes of it, you usually find a property then start this process. Or you select an area or type of investment that you’re interested in and then start your due diligence.
But like The Mortgage Adviser said if you dont enjoy the process of RE investing and hunting down deals you’re more than likely investing in the wrong area. I’ve heard there are 2 types of people, those who love RE and those who hate it.
You would be doing yourself a favour, I believe, by looking at other forms of investment and then making some decisions about your preferred direction.
Hope this helps…G7neo25x5Member@neo25x5Join Date: 2005Post Count: 166
I am motivated by a passion I have for property, which I believe has come from my parents and their eagerness to buy, sell and hold property while I was growing up. To withstand all the doom and gloom of investing in property, long-term, you need to have something more than an acute understanding of the financial aspects. Like any business, to be truly successful a passion for what you are doing is essential.
Hi guys, thanks for the replise.
Not that I don’t like property investing, as an analogy, some people like jogging, swimming or anything, but they don’t necessarily do that regularly or diligently. Not because they don’t have time, more than often is that they are not motivated or driven. I certainly heard people who are interested in PI and started but also dropped out rather quickly.
I think people who have passion for PI have the advantage of finding the motivation to keep going. But people who have less passion but still interested in PI (probably like me) will need to get some other motivations or friends who can motivate each other to go through this path.
I hope you guys understood what I was talking about and hope anyone will share their stories.
From FUNDazzlingMember@dazzlingJoin Date: 2005Post Count: 1,150
My wife reckons to be reasonably successful you need to have a steely determination and be slightly compulsive and obsessive.
I sort of agree with her – depending on your definition of ‘reasonably successful’ of course.
Paying off your PPOR and retiring happy on the pension was the old definition….I think most of society has moved on since then and would now consider that not too successful. Having said that, I’ve lived in suburbs where even that modest goal (in todays terms) is so far out of reach and not even on the radar…to be laughable – what’s a goal right ??
What motivates me the most ?? Well, seeing as though ‘the game’, if played at a reasonably high level, is a bit of a long haul time wise – it’s the satisfaction knowing that you are breaking new ground within your immediate sphere of influence…that is, no-one you personally know is doing what you are doing, or doing it at the same level…and because of that…people come to you for advice. That is very humbling when approached by a far senior member of your family or close associate.
I reckon it’s the elevated plateau that you should be shooting for, rather than the infrequent dizzy peaks to keep you motivated for the long haul.
“No point having a cake if you can’t eat it.”Phoenix63Member@phoenix63Join Date: 2003Post Count: 4
What motivates you to get up in the morning and go to work? Is it the money, the job you love, the people???? Could that not also be said of being a property investor? I love the money, the job of researching and finding the deals, and I love the people I deal with.
If you are in a comfort zone then you need to get out and try something different, and everytime you go into that comfort zone again do something completely different to challenge you. You live once and when you are 95 what would you like to remember of your life, not much to tell the grandkids if you’ve never done anything huh?????
Don’t waste your time wondering just get out there and DO IT!!!
There are no mistakes only learning curves.
SH WAkay henryMember@kay-henryJoin Date: 2003Post Count: 2,737
Yep, along with others, I have a love of property- an inherited love of it (not inherited money from property- just an inherited love of property).
I also really enjoy economics, and I am a bit of a compulsive reader about demographics and trends. All in all, property interests me- academically, and practically. Also, because I am committed to social justice, I engage in ongoing self-scrutiny about how I play the property game (it’s easier to work for social justice than to buy private property, when you’re me!)
I also look forward to one day being able to have my own home- when I’m older- and until then, being satisfied about what I have now.
For me, there’s a lot of personal satisfaction in property- not just counting money… but other things too. I see investing like education- it’s an achievement, and prepares me for the future.
The motivation is not using some arbitrary figure as “success” or something- it’s just another interest- like golf, politics, or any other thing I’m passionate about. The goal is just living it.
Thanks for the reply guys!
I think what Dazzling said is very true, it should be the elevated plateau rather than the infrequent peak that we should be motivated for the long run.
From FUNgatsbyMember@gatsbyJoin Date: 2003Post Count: 708
I loved your post (especially re: comfort zones). For me personally I agree with your openning comment, but in reverse. What I love (and am searching for) is, ‘the people, loving your job, the money and I believe this is what motivates people (property investors or not) to getting up in the morning.
“Sometimes the hardest thing to do in life is often the best thing to do.”kay henryMember@kay-henryJoin Date: 2003Post Count: 2,737
hehe- yeah, we’re all so noble. [biggrin] Why is it today that I feel like it’s all about the moolah? But to make money from something one loves, is a good thing! I doubt I’d do it if I didn’t make money from it- I love cars too, but I only have one, because they are such a dud investment.
Hey Gats- when are you coming to sydney?
kay henrygatsbyMember@gatsbyJoin Date: 2003Post Count: 708
Bloody soon I hope Kay!
“Sometimes the hardest thing to do in life is often the best thing to do.”jonasMember@jonasJoin Date: 2004Post Count: 13
Qoute “We are what we repeatedly do. Excellence, then, is not an act but a habit” Aristotle
I fully believe that you really need to want something so bad that you cannot accept not having it in order to be able to keep motivated. For some that may be money, for others something else. Also, after you have gotten used to constantly being outside your comfort zone then that becomes the habit and you will actually become uncofortable if you aren’t constantly challanging yourself. I believe this is one of the reasons that many successfull people never fully retire because even if they could they would get bored.
A really good read on this whole topic is “Think and Grow Rich” By Napoleon Hill. After having read that well then you will know if you are willing to do what it takes to become passionate enough to be able to stay motivated.
Bst of luck
jbEndless SummerMember@endless-summerJoin Date: 2005Post Count: 62
Hi Fun, try this:
think about all the things that you really really love to do, have and enjoy. Don’t worry about how much they cost – just do a really long brainstorming type of list.
coffee in cafe overlooking the bay
playing footy with mates in park
ride on an air balloon
2 hour spa treatment
day rental of sports car
day off walking in national park
etc etc etc – what ever it is that really enlivens your heart and enthusiasm – what ever is specific to you.
Make it a long list.
Then – Take out a callendar and depending on what you can afford to do – start to ‘book in’ some rewards for yourself on a regular basis. daily – weekly – monthly – quarterly and yearly rewards. Fill up your callendar with special treats that are specific to you – that will really make you happy over a period of time.
Make sure that you block time out of your callendar for these things and don’t let other people’s requests change your plans. Be ‘busy’ if you have been requested elsewhere (as much as practicable) and make them change their plans for you – make your needs a priority.
This is the most important part – make sure that you reward yourself with these things even if you make really tiny steps in moving forward with your property investment. This is about changing your behaviour and making property investing followed by doing things that fullfil you personally a HABIT.
It is this habit that will keep you motivated to keep investing to keep gettin these ‘rewards’ that suit you.
This is the way I believe you may be able to break out of that innertia that is stopping you from getting to that next ‘plateau’.
So don’t hold back – start with your list tonight – make it long – don’t worry about the cost of things because the things that don’t cost money will get you motivated and then you will be able to achieve the things you want that do cost money. So don’t focus on the money yet as it does not seam to motivate you as it does others.
Go for the things you love and the Property Investing will get you to them
Let us know over the next couple of days how you go.
Mind you I think I’ll start on my list now!!
Thanks Endless Summer! Will try that out!
From FUNJKMMember@jkmJoin Date: 2005Post Count: 82
Fun, I suppose I am no different to the answers already given as to what keeps me motivated. On the flip side though, what takes the motivation out very quickly is when people around me start to put me down & make me think what I am doing is wrong. Once I realised this, my circle of friends changed & although you can’t get rid of family, I just stopped telling them what I was up to. Now my answers to their questions are too broad for them to take me down eg. my properties are fine! I found it hard at first because you expect family to support you but when it is something strange to them or out of their comfort zone then it must be wrong. I find getting together with friends with like goals to be very motivating when we share ideas etc.
What you said is very true from my experience as well, I mean it’s one of the great drive that we have friend the like and keep ourselves motivated and checked. Not just friends having same interest over something, but together have the desire to improve on that subject.
From FUNJetDollarsParticipant@jetdollarsJoin Date: 2003Post Count: 2,435
If you have GOAL POST in front of you at all time, then this will keep you motivated. I hate to work for someone therefore investing in property is part of my goal.
“The road of some-day lead to the town of nowhere”