If you are like me, you were taught from a young age that practice is the best way to learn if you want success in any field, be it school, sport, or music. Property management for condos and co-ops located in New York City. Excellent service and cutting-edge technology that is designed to please. Daisy is an operating system for buildings that offers instant responses and is an excellent way to combine both. Applications for board members and residents keep everyone connected and up to date.
We learned our timetables by repeatedly repeating them – multiplication was the best way to learn this skill.
The same goes for property investments.
Property investors who are successful don’t come with a “How To” guide and certainly don’t depend on luck.
This is also true for property investors
Property investors who are successful understand the importance of learning the rules and getting experience through “doing it”, then improving their skills by refining what they do.
Investment success requires investment training
Malcolm Gladwell, in his book Outlier, noted that experts in many occupations that require complex cognitive and motor skills, such as playing the piano or performing complex surgery have an average of 10,000 hours training.
It is essential to be able break down all information into manageable pieces using a refined retrieval system that can quickly filter out irrelevant options.
This skill is a result of “doing it.”
It’s similar to top tennis players, who have learned from experience where the ball will be served. They also notice subtle differences in their opponent’s stance.
Or the champion cricketer who can predict where a ball is going to be bowled before it leaves the bowler’s hands.
Consistency is the key
Whatever investment strategy you choose, whether it’s capital growth, cash flow or renovations or property development, you will likely find that only 10% of investors do well and the rest struggle.
However, this is not the way most investors start.
They are determined to scale the ladder of property ownership to the top. Nothing will stop them.
They use the latest fads from a get rich fast seminar, webinar or podcast to invest their first money and then search for the next big opportunity to make millions. The cycle continues, jumping from one bandwagon onto the next.
We know that most investors will never be able to achieve financial freedom.
Most people never move beyond their second property.
They have not mastered their real estate strategy or taken the time to understand the rules. As a result, they fall at the first hurdle, and often give up before they make any progress.
This is why 20% of people who purchase an investment property in the first year sell it up and 50% of those involved in real estate investing sell it up within the first five years.
When will I be an expert?
Expertise is achieved by doing one thing 100 times rather than 100.
You can learn from your mistakes and make better investments by practicing.
Don’t be alarmed that you will need to invest 10,000 hours in property investment to become an expert. There are many ways to accelerate your learning curve in real estate.
It is best to find someone who has achieved the same goals as you and then let them help you.
It’s important to study how people think.
You can then learn from their successes and adopt their strategies to improve your skills.
What will you do if you are an expert?
What separates successful investors from wannabes? Their ability to consistently outperform averages.
Yes, it takes patience and practice to reach this level of expertise.
How to become an expert faster:
Learning from experts is the best way to accelerate your learning and avoid making mistakes.
Be careful! Only listen to those who have succeeded and maintained their wealth over a long time.