Real Estate Investor Magazine South Africa Real Estate Investor Magazine - June 2017 | Page 66

Periodically check your progress to make sure you’re
on track to achieving those goals and expect a year-
end profit. Minding your own business can be simple
when you think of keeping expenses low, reducing
your liabilities, and diligently building a base of solid
assets that does not require your personal presence. A
better way is to find employees or partners who can
run it for you, so that you can spend time on more
high value activities, such as finding investments,
doing deals, marketing and networking. Another way
is to find technology that can automate many of the
functions that you need.
Lesson eleven – expand your network (and
your business)
There is a saying that your net worth is equal to your
network. Jim Rohn says that you are the sum of the
people that you have in your life and who you spend
your time with. Do they have a mindset of abundance
and prosperity or a mentality of lack and limitation?
You need to determine what knowledge gap you
have and who can help you out to close that gap. Find
how you can connect with other investors where you
could get access to a large network, where you find
future partners, referrals for building your professional
team, find increasing amounts of investments and
having sources of inspiration. Develop a system that
will free up more of your time for focusing on your
personal development. Reading, attending seminars,
networking and generally staying informed are
necessary for investing invest in yourself.
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Lesson twelve – get a mentor or coach to
guide you
Lastly, you need a property mentor or coach to keep
you on the right growth path ‒ especially if you are
still unsure about getting the results and are uncertain
about your skills and knowledge gap. Since it is such
an important member of the team, I have separated
the mentor/coach as a key person in your team. This is
critical, especially at the outset of moving into a new
area of investment ‒ such as investing into commercial
property or investing offshore, which both require a
new set of skills and disciplines.
There are numerous benefits to having somebody
who can give you good guidance and perspectives on
practical issues, and who can be a sounding board and
help you minimize costly mistakes. This is so much
better than going it alone. Your mentor might be a
buyers’ advocate who has invested successfully in
his or her own property portfolio and has purchased
hundreds of properties for clients.
Remember, not everybody wants you to be a
success. People will try to discourage or criticize your
investment decisions. Even if they mean well, don’t
allow these people to persuade you to give up on your
dreams. Part of having a mentor is having someone
who will support you all the way. As de Roos says: you
either win or learn but never learn less.