Why commitment is a hard requirement in property investment
Many budding property investors equip themselves with different types of preparations — from savings to education — before starting their own business of creating wealth through property, but former Olympian and property developer Ed Fernon believes that the most important value that one needs to acquire as an investor is commitment.
Years after he represented Australia at the 2012 London Olympics, Ed has brought the discipline he has learned as an athlete when he transitioned to becoming a property developer. According to him, like learning through the different stages of the pentathlon, navigating one's way through a property investment journey is also a constant process.
"I think I try and get so much knowledge out of more people. I don't try and stop learning, still do regular property courses, listen to your podcast, and [read] magazines," he told Smart Property Investment.
More important than pooling reading materials and other resource items is getting to know people who have found success in the field you are exploring, Ed said.
"Try and keep engaged, meet new people... The more success you have, the more amazing people come into your life, and the next step you take, suddenly, you reach a different level and there's another group of people who are on a completely different ball game," he explained.
"[You could be] able to get information off them, [or] in some instances, do joint ventures or partner with them in some ways. Certainly, I think, every deal's different... But I think having good supportive people is absolutely the key.
"I've been through three different solicitors to find the one I've got now [and] I've had about eight different mortgage brokers to find the one I use now."
While this "trial by fire" may seem exhausting for some, Ed credits his athletic training for developing his dedication and commitment towards reaching a goal. This kind of discipline, according to Ed, has also helped him leverage relationships as a property developer.
"People just want to know that they're dealing, I think," he said, "with someone with substance... I always like to think of it like a bacon and egg sandwich — are you the pig or the chicken? The chicken's involved but the pig's committed."
"So, in that stage, I like to think [that the] matter of going to the Olympics is just one thing that [can let] people say, 'Oh, okay, well, he's been committed to that and he'll be committed to this.'"
After all, as in the case of winning a gold medal, the reward in property investment is always worth it in the end.
Tune in to Ed Fernon's episode in The Smart Property Investment Show to know more about his whirlwind journey from a university dorm room to the 2012 London Olympics, and on to a successful career in property development.
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