An investor explains the most important questions in property investing
“Dream big” is David Shih’s philosophy when it comes to property investing. Since he started his investment journey, he has acquired six properties in different parts of Australia, including Sydney, Granville, Hornsby, Woodridge and Eagleby.
Like many others, David made mistakes along the way and had to move from one strategy to another before he eventually found his niche.
His secret? Ask the right questions and know that you alone cannot provide all the answers.
According to him: “The mindset has to be, you have to dream big, but you also need to know where you need to end up, because really, that’s what’s going to drive you. If the ‘why’ is strong enough and it’s clear enough, then the ‘how’ will come.”
“At the moment, due to lending conditions, they may not be able to go to 10 immediately. But you know, keep working on it, keep building up the knowledge and don’t procrastinate. Keep working on it everyday, then eventually you will get there,” he added.
Be open to learning by utilising different resources such as books, podcasts, magazines and investment websites to familiarise yourself with the market. Take the time to listen to the stories of other investors and professionals in the field to broaden your knowledge and experience.
An investor must also consider building a reliable team to manage his assets and make the most out of his properties.
“I would try to educate myself ... constantly learn from other people as well. That’s one of the reasons why I go to different meetups – to share different experiences and learn all the strategies as well. That sort of just broadened my experience and my knowledge,” David said.
Actively engaging in the property markets does not only require the money to invest, but more importantly, it demands the time and dedication to learn strategies and keep up with the ever-changing landscape.
Are you up for the challenge?
Tune in to David Shih’s episode in The Smart Property Investment Show to find out how he’s better preparing himself for loan serviceability, and why he believes being a property investor means having more choices than ever before.
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