The first step into property investing is by far the hardest. Once you buy that first property you learn so much and investing becomes much more easier. All of the fear of buying property falls away as knowledge and experience comes in to fill the gap.
By looking at and talking to many first time property investors I have noticed a few common motivators that have pushed them over the line and allowed them to step out and take the first step. We all need a strong motivator if we are going to do something courageous, such as purchase our first investment property. Which of the motivators are similar to your life, or which of them do you need to adopt into your life.
Sick Of Your Current Situation
This is by far the biggest motivator I see in new investors. They are sick of their current life and their current financial situation and they want to take some proactive steps in order to improve their financial future.
Psychologists tell us that as humans we look to avoid pain more than we look to seek pleasure. Often it needs to be more painful to remain in your current financial position than to move forward in order for you to actually take action.
The only problem with this motivator is that by the time people are sick of their current situation they are so deep in debt that saving to buy an investment property is near impossible. Credit card payments, personal loans, home loans, car loans and other expenses strip you of all your money before you get a chance to save anything.
Fear Of Running Out Of Money In The Future
When I was growing up my parents were very well off. My mum was earning 6 figures a year (and a good six figures too), and my dad was working one night a week and earning more than the average wage of most Australians. I never went without as a kid and financially we were very well off as a family.
We were comfortable and so my parents never thought about investing towards their financial future. It wasn’t until my parents got older that the fear of going without forced them to action.
My parents knew that their years of earning the big bucks would eventually come to a close, so they took action and bought a little investment property in their home town. It wasn’t the best property and it didn’t make them a lot of money, but it sure taught them a lot. Their next properties were much better purchases and have put them in a good position for retirement.
The Desire For A Better Life
I love this motivator. This is the motivator that will push you to action before you are deep in debt and before you are old and grey.
The desire for a better life funds our economy and keeps us growing as a human race. Businesses are started and inventions are made because as a people we are always striving for a better lives for ourselves and our family.
If you can get within you a strong desire for a better life then you have a strong motivator for investing in your first property. It might not even be a desire for more money, it could just be a desire for more time to spend with your family. By investing in positive cash flow property you could replace your income and have more time to do the things that you want.
Their Friends Are Doing It So It Seemed Like a Good Idea
This motivator, though seemingly silly, is something that is very common. People are often extremely driven to keep up with their friends and to keep face and look like everything is going ok.
If their friends buy a nice car, they need to have a nice car. If their friends go on a holiday they need to go on a holiday. If their friends by a investment property they want to buy an investment property.
If you want to fast track your investment portfolio and you tend to be a person who likes to do as their friends are doing then get friends who invest in property. Then you can learn from them and be pushed by them to begin investing yourself.
These are just a few of the many reasons people get motivated to buy an investment property. It is a good idea to take 3 minutes of your time right now to write down a list of the things that are motivating you to invest in property and the things you want to motivate you to invest in property.