Real Estate Investor Magazine South Africa Real Estate Investor Magazine - July 2017 | Page 56

ATLANTA Times Are Changing Don’t get left out in the cold BY RJ PALANO A mature investor makes rational decisions based on their overall game plan. However, outside forces and new information require critical thinking while adapting to a changing market. None of us are immune to a more dangerous world, disruptive forces, and the cost of being stagnant. We all must adapt. Of course, there are more tips for being a successful entrepreneur. As a promoter of turnkey properties in the US with over 300 investors on five continents, I am privy to issues surrounding ownership outside one’s homeland. This has lead me to the realization that, sometimes, a change is needed. SOME OF THE KEYS TO AN ENTREPRENEUR’S SUCCESS ARE BOILED DOWN TO THIS: 1 Plan your work and work your plan 2 Identify market conditions to enter and exit specific markets 3 Don’t get caught up in hype 4 Don’t follow the crowd, follow your instincts 5 Have clear goals to stay on to track for your end game 6 It’s okay to change strategies based on new information 7 Keep an eye on new technologies and how it will impact markets 8 Politics and religion are big influencers for how you navigate the marketplace 54 JULY 2017 SA Real Estate Investor The cost of doing business The cost of proper accounting is often not worth the cost of doing business, unless you have enough investments to offset this expense. The faith placed in others to manage your affairs could slowly erode if issues occur and they are not dealt with swiftly and ethically. I’ve witnessed unrealistic investor expectations, as some expect issues to never arise. Let’s face it: all of us in business have to overcome challenges. That’s what life is - a series of challenges that have to be met. And none of us are immune to that. It’s hard for me to wrap my head around what I am about to say to you. You see, my goal for more than 35 years was to have enough single-family houses to produce predictable income for me and my family, thus enabling me to work out of choice, not need. I’ve had goals every year for 35 years to arrive at this destination. Yes, it was 35 years, and should have probably been much shorter, but I was derailed more than once by external influences of a political nature and market conditions. There are two really important points to make here. One, I’ve stayed the course, overcame obstacles, and I arrived. Was it easy? Is any prize in this world easy with the competition that’s out there? Just like in www.reimag.co.za