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The Mindset and Skill Set Required as a Full Time Property Investor

I recently attended the Institute of Directors annual convention where, among others, Sir Richard Branson and Jack Welch, the former Chairman of General Electric, were interviewed and questioned about what it took to start and build a business. Not surprisingly both talked about the sheer hard work it took and the ability to constantly overcome obstacles and problems with an unwavering focus and vision to realise your dream. Successful full-time property investing is no different.

I meet lots of aspiring full-time investors, some just starting out and others who have been doing it a year or two, and what I seem to find quite common with these individuals is a lack of vision for the bigger picture. They are more focussed on doing a deal and quitting the day job rather than building a successful business.

If I was to start a new business in the retail sector, for example, I wouldn't be focussed on the first few sales I was going to hopefully make, I'd be more interested in my long-term strategy, how was I going to fund the business, did I have enough capital to see me through the first few years of growth; I may even plan to lose money for the first year or two followed by a year where I break even followed by profitable years. I would plan out who my suppliers would be, what segment of the retail sector I would specialise in and who my competition is within that space. I would identify the opportunities and the threats which could affect my business before entering the market. What I wouldn't necessarily be hung up about is the first six months of trading because if I am well funded, do my research, have the correct pricing and I have a robust plan in place which  I execute efficiently and diligently, that should take care of itself.

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