How good networking can help property investors succeed
While some property investors had the advantage of growing up in a family where financial matters are freely discussed, most people tend to reach high school or college without any knowledge on financial management—making it considerably harder for them to jump-start an investment journey.
Positive Real Estate's Sam Saggers grew up in a household where talking about money was a bit taboo.
"Every time I raised the idea of going to make money, I think my old man was like, 'Is he going to ask me for some? How do we avoid this?'" he shared.
This upbringing, according to him, has somehow lead to one of his earliest investment mistakes—purchasing his first property based on emotions and starting his property investment journey without specific goals and concrete plans.
After he has risen above these missteps, Sam started to learn the value of "getting out there and surrounding yourself with mentors".
According to him, if he was given the chance to restart his investment journey he would most certainly get himself acquainted with good property mentors as soon as possible.
"I'm a big believer in just creating a network around you and getting the job done," he said.
"There's great accountants out there, great property managers. A lot [of] people have fear about just even owning real estates.
"You can buy anything in the marketplace and it will get you the result. You've just got to get out there and crack on.
Even as a successful investor, Sam admits that he will never get to know everything he has to know about property investment, but being surrounded by field experts and professionals will help him fill in the gaps—a strategy that will lead to ultimately making the best, smartest decisions for creating wealth.
Sam concluded: "I have access because I built access around me, I've surrounded myself with great people to tell me when I'm in the wrong and also bring me good advice when I just don't know the answer."
Tune in to Sam Saggers' episode on The Smart Property Investment Show to know more about some lemons he bought when he first started investing that nearly stopped his journey before it began and how he worked to rise above these unfortunate circumstances.
More from this writer:
-
Why it’s still worth selling – even in lockdown
-
Over 200 Perth suburbs see winter price growth
-
Auction volumes on their way back up
-
Low interest rates drive record refinancing
-
Tassie’s own $20k HomeBuilder grant finds early success
-
Capital cities see stronger auction success
-
2020 vs 2021: How lockdowns have impacted the market