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Were you told from a very young age that if you want to succeed at something, you must put in time, hard work and importantly, practice. Successful property investors are not born with a \u201cHow to\u201d manual and they certainly don\u2019t rely on luck. Michael Yardney<\/strong> shares what he has learnt from working with these top people over the years.<\/p>\n <\/p>\n Kevin:\u00a0 <\/b>A question I\u2019ve always wanted to ask is are great property investors born or made? Well, let\u2019s ask one. Michael Yardney, who I consider to be a great property investor and an advisor joins me.<\/p>\n Good day, Michael.<\/b><\/p>\n Michael:\u00a0 <\/b>Hello, Kevin. That\u2019s an interesting question, isn\u2019t it?<\/b><\/p>\n Kevin:\u00a0 <\/b>Well, I know you were born, but were you born a great property investor?<\/b><\/p>\n Michael:\u00a0 <\/b>No one is born with a how-to manual about doing money or other things in life, either, but I found that there are some innate qualities in some people that make them more likely to be successful. But you see successful people in business, property, shares become that way from all sorts of backgrounds, so I believe anyone can be \u2013 if they follow the right rules and develop the right habits, Kevin.<\/b><\/p>\n Kevin:\u00a0 <\/b>I guess when you\u2019re successful in life, it means you\u2019re going to be successful at most things, but as you just alluded to there \u2013and I think it\u2019s a great point \u2013 there are common traits some of these people have, Michael. Is that what you\u2019re finding?<\/b><\/p>\n Michael:\u00a0 <\/b>I think that\u2019s right. But what you said is right; you will find it in any area \u2013 in business or property. A small group of people will do consistently well and the vast majority won\u2019t. Often, the way you do one thing is the way you do everything, so there are some underlying traits, Kevin.<\/p>\n I think one of them is that they have smart, rich thinking habits. It comes back in many ways to their mentality and how they think about things, but it also has a lot to do with your life\u2019s experiences along the way. Every property investor who\u2019s now successful who I\u2019ve come across has had lots of little failures along the way, but all they\u2019ve done is get up one more time and have another go at it.<\/b><\/p>\n Kevin:\u00a0 <\/b>I quite often think of great sportspeople or people who are fantastic at anything, whether it be as a surgeon or a mechanic, one thing that they do have in common is that they might not have been born that way but they certainly did a lot of training, put in a lot of hours.<\/b><\/p>\n Michael:\u00a0 <\/b>Sure. <\/b>I remember many years ago there was a famous book by Malcolm Gladwell called Outliers<\/i>, who noted that in most occupations where you needed complex cognitive and motor skills \u2013 whether it was performing surgery, whether it was being a musician, playing tennis \u2013 you needed a lot of training.<\/p>\n I think the key to that is over time, you learn to eliminate the noise. You need to be able to chunk down on information that\u2019s usable, because there\u2019s so much information out there, but you also need to know how to screen out the irrelevant options to you and only concentrate on the right things.<\/p>\n The way you do that is by doing it, and unfortunately, successful people will recognize that they have to fail to become successful, and that doesn\u2019t put them off, while some people are scared of failing and they don\u2019t have a go. That puts them off, and then they\u2019re right; they won\u2019t be successful.<\/b><\/p>\n Kevin:\u00a0 <\/b>I think that is the first roadblock, not doing it for the fear of maybe failing.<\/b><\/p>\n Michael:\u00a0 <\/b>That\u2019s definitely one of them. So how do you know what to do when there are so many strategies out there?<\/p>\n I think one of the other challenges I see is that people are in a real hurry to get there. They want to do it quickly, and they\u2019re lured by the things that are in my inbox and your inbox every day: \u201cYou can buy ten properties in ten years, you can buy five properties in three years, you can buy property with no money down.\u201d I guess it\u2019s our greed glands working overtime when you get those things.<\/p>\n One issue is understanding what\u2019s realistic, and the other is becoming good at things by doing them over again. Rather than jumping from one shiny toy to the next, like the average investor does, the successful investors I see do the same thing over again: they set their goals, they map their course, and they keep doing what\u2019s working, refining their skills along the way.<\/p>\n They stick to tried-and-true strategies, tested strategies. They know that way how to navigate the speedbumps along the way. And it means that their success then depends more on themselves, and on their skills that they\u2019ve refined through familiarity, by doing it over and over again, rather than the marketplace.<\/p>\n Successful investors seem to do well in good times, Kevin, and they do well in reasonably bad times, while the average investor does reasonable in good times and they don\u2019t do well in bad times. It seems to be that successful investors have something internal that makes them work, not the marketplace that drives them.<\/b><\/p>\n Kevin:\u00a0 <\/b>Yes, consistency. You touched on that. Consistency is the key, doing it over and over. The way to become an expert at anything is to do it 100 times, rather than 100 things once.<\/b><\/p>\n Michael:\u00a0 <\/b>That\u2019s exactly right. That\u2019s how you know when you are an expert, when you can repeat it, when you can do it over again, and when you get a consistent result. By doing it that way, it becomes boring, and that\u2019s why some people look for other excitement, Kevin. I often recommend they go bungee jumping or they go trail bike riding. They should make their property investment boring so that the rest of their life is exciting.<\/b><\/p>\n Kevin:\u00a0 <\/b>Very good advice. Michael Yardney, thank you so much for your time.<\/b><\/p>\n Michael:\u00a0 <\/b>My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":" Were you told from a very young age that if you want to succeed at something, you must put in time, hard work and importantly, practice. Successful property investors are not born with a \u201cHow to\u201d manual and they certainly don\u2019t rely on luck….<\/p>\n","protected":false},"author":176692473,"featured_media":9866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,36,17,25],"tags":[101],"class_list":["post-25317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nTranscript:<\/strong><\/h4>\n