Sometimes a research throughout your bookshelf is like a treasure hunt. As I plucked Stephen Covey’s 1989 Seven Habits of Highly Effective People from my shelf, I believe I discovered some long lost gold.
Flipping through the yellowed pages, I soaked in a number of the long forgotten golden nuggets the book contains, and I pondered what the seven habits of a highly effective property investor would be.
I genuinely believe that none of the habits of a fruitful property investor are particularly extraordinary. Quite simply – anyone could be a highly effective property investor should they desired to be. Of course, that is only my opinion, and without scientific study. But here’s what I believe comprises the seven habits:
Habit One: Know Your Goals
“If you do not change direction, you may find yourself where you are heading.” – Lao Tzu
All of the property investors I am aware lay out with a goal. Someone I am aware began by just selling his home to buy two lots alongside and built an 8 unit townhouse complex. He has turned that project right into a company that sells and builds hundreds of homes in Toronto every year. Some goals are simple, but lead to big things. Other goals are big and real estate agent in bow bowing need to be broken on to simpler shorter term goals.
Your goal doesn’t need to be big (although I like in the first place my five year goal and make smaller goals for every year to greatly help me reach my five year goal). But I believe if you do not have any notion of what you need to accomplish your first step is going to be difficult to determine. And, you can’t just say I wish to be rich. A target by my definition must be as specific that you can, measurable and with a time frame.
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