40 property investment lessons I learned in the last 40 years – Part 2

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Our current property boom is going to create a whole new generation of wealthy Australians.

But since most people who become involved in a property boom don’t become financially independent, last week I started this special series of podcasts discussing 40 lessons I learned in the last 40 years of property investment to hopefully help make sure that you’re one of the ones who does succeed.

Last week, I shared 20 property lessons, and today I’m going to share the other 20.

Last week, I asked, with the benefit of hindsight, would you have bought an investment property in 1980?

What if I warned you about the recessions, pandemics, and other challenges that were coming?

What I wanted to share with you in this two-part series are the lessons I learned in that time period that made me a better investor.

  1. No one really knows what’s going to happen to the property markets.
  2. Don’t listen to who most property investors listen to for investment advice.
  3. Timing the property market is just too hard. It’s much better to buy the best asset you can afford and hold it for the long term.
  4. Any property can become an investment property – just kick out the owner and put a tenant in place and it becomes an investment property. But not all properties currently on the market are “investment grade” and will deliver wealth-producing rates of returns.
  5. Don’t rely entirely on property data – it can be misleading and can be twisted to say almost anything.
  6. Property investment is part science and part art – you need to understand and interpret data (science) but you also need an on-the-ground perspective to employ that data (art.)
  7. There are 4 ways you make money out of property: Capital growth, rental income, tax benefits, and forced appreciation or manufactured capital growth through renovations or property development. But these streams of income are not all equal. Tax-free capital growth is the most important.
  8. Cash flow is important to keep you in the property game, but capital growth will get you out of the rat race.
  9. You will never get rich from earned income or savings.
  10. Location will do around 80% of the heavy lifting of your property’s capital growth.
  11. Be greedy when others are fearful and be fearful when others are greedy.
  12. Don’t do what most property investors do. The majority of property investors fail.
  13. Treat your property investments like a business
  14. Don’t look for fun or excitement in your investing.
  15. Diversification is for people who don’t know how to invest.
  16. Having the right mindset is critical to investment success.
  17. While knowledge is important, successful investors take action.
  18. There are always risks associated with investing. Don’t be afraid of failing, because the biggest risk is not doing anything to protect your financial future.
  19. Don’t waste your time worrying. Most things you fear will happen never do. They’re just monsters in your mind.
  20. Never give up. You will have failures along the way – in fact, I’m a real success at failure, but each time I’m knocked down I get up again. You need resilience to be successful.

Resources:

Shownotes plus more here: 40 property investment lessons I learned in the last 40 years – Part 2

Some of our favorite quotes from the show:

“There are too many enthusiastic amateurs out there at the moment offering investment advice.” –Michael Yardney

“You need to make your money work hard for you, even when you’re asleep.” – Michael Yardney

“Everyone does everything with money, no matter how silly it looks, because at the time it makes perfect sense to them.” – Michael Yardney

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