Just last week I had lunch with Gary Lin.
Gary Lin is a successful and passionate investor in the Auckland property market. He started with $200,000 in 2010 and now has a multi million real estate portfolio.
Over lunch with Gary, I found out what it takes to be a property millionaire.
Here are the five key take-aways I got from talking to Gary and I would like to share it with you
- One thing separates successful investors from the unsuccessful investors. And that is the investor’s mindset. How you think and how you make decisions will determine your investment success. This is more important than the number of houses you have or how much money you started with. It’s true. Think back to five years ago. What was your financial position like? Now compare that to your financial position now. What changed and How is it different? You’ll realise a lot of it has to do with the choices you made.
- Find a mentor early on. This applies to any area of life. Firstly, you gotta know what you want. Then find someone who has already achieved what you want and follow them. Mentors help point out your weaknesses and share with you their experiences. They offer you a new perspective. For Gary, his mentor broaden Gary’s perspective and taught him the value of taking one bedroom homes and turning then into two-bedroom homes. This was a game-changer and opened up Gary Lin’s mind to new opportunities (Remember the first point, it’s more about the mindset and how you think that determines your success).
- Focus on your strengths and build a network of people who can make up for your weaknesses. For Gary, he is a big picture person. From an engineering background, he understands the numbers and financing side of the property investment decision. He concentrates on what he’s good at: identifying investment opportunities, arranging the finance and decding how to add value to the property. He does not want to get involved with the nitty gritty day-to-day property management of his properties. As a result, he outsources it to a property management company and his accounts are done by a CA accountant. Sure with a bit of effort, he could do his own accounts and property management but it’s not the best use of his time. As the portfolio grows, he is much better off by paying other people in his network to do those tasks and focus on what he is good at.
- Success leads to more success. When you start investing and make money, you gain confidence. When you gain confidence, you will set bigger goals. When you achieve those bigger goals, you have more confidence to take your goals to a bigger level.
- When you are successful, pass your knowledge to those who seek it. Gary Lin is now a property coach in his spare time. His day job used to be a senior asset manager at Auckland Transport. Later he became a full time property coach and owned a renovation business Grande Lusso. He mentors students and walks them through the investment process. Gary can be contacted at Gary@Garylin.co. Orgary@grandelusso.co.nz find him on facebook or wechat. Just google his name and you’ll find it. He’s been featured in the NZ Herald for at least 10 times.
Above all, property investment is a learning process. It’s not something you master at once but something you get better at over time if you are willing to work at it. For those of you who are interested, I am writing a book about successful property investing. Sign up with your email address and I will personally let you know when it’s finished.
For other thoughts and suggestions you can email me at firstname.lastname@example.org.