Whether you are buying your first investment property or buying your tenth property, we all need to have GOALS! Sam Saggers is a one of Australia’s most successful property investors and he attributes it all to setting manageable goals. Of course when we are talking goals, one of the most important ingredients is that it has to be “achievable”, setting yourself up for failure does not do you any favors and often leaves you worse off than if you had of not even started. You will more than likely become discouraged and not want to try it again. If you are new to investing, Sam says “Setting a goal of having a property portfolio of $5 million in ten years is wonderful, but can be overwhelming and might lead to inaction rather than action”.
Make 2015 a year of action, set manageable and achievable goals, Jason Penna interviewed Sam and finds out just how to set goals successfully and where the property hotspots will be in 2015.
1) Sam you have many years of experience investing in property in all states across Australia, what is on your mind going into 2015 as your biggest concerns/expectations around property prices?
“the Sydney market is at the fear of missing out stage” – Sam Saggers
The low rates are certainly driving sales. I am concerned for a lot of home buyers and investors whom are buying at the worst time in many markets. Sydney is at the top of its cycle and still so many people are running in blind paying top dollar for properties – the market is at the fear of missing out stage and it’s trapping many.
2) Are there any areas of the Australian Property Market that you think may out-perform or under-perform?
“The stand out markets will be Brisbane, Newcastle, Wollongong and the Sunshine Coast” – Sam Saggers
The stand out markets will be Brisbane, Newcastle, Wollongong and the Sunshine Coast. Poor performers will be mining markets and surrounding areas.
3) If people are setting goals for 2015 what is the best place for them to start without it being “all encompassing”?
I like simple goals, like reading a book. Learning a new habit. Buying the Financial Review as apposed to the Telegraph. Goals that break bad financial habits and spark knowledge and passion and belief.
4) Are there any progress tricks you use when you are setting goals that help you stay motivated along the way to achieving them?
“Don’t fall into the trap of creating BIG goals that you won’t be able to deliver on” – Sam Saggers
In order to set goals for the future you need to develop habits. Good habits allow you to breakdown an unsuccessful routine and reroute yourself to what you should be focusing on. My habits that I continually seek to improve are:
- Spending Habits
- Health and Travel
Goals define and measure success and are a huge driver behind successful property investors, however, many people fail due to setting unattainable expectations on themselves. Don’t fall into the trap of creating BIG goals that you won’t be able to deliver on. Instead, have goals that can be broken up into short-term, bite-size chunks. Setting a goal of having a property portfolio of $5 million in ten years is wonderful, but can be overwhelming and might lead to inaction rather than action. A simple tip with property is to create impact goals that strive to keep it simple. Below are a few examples:
- Sort out your finances so you are ready to buy
- Get your first property revalued to release equity
- Speak to your property manager to increase your rental
- Save 10% of your wage to invest in real estate
- Get your tax return lodged with the ATO
You can learn more about Goal setting by watching our interview the Sam Saggers;
5) Can you describe the perfect investment property for you at the present time, are you looking for Income, Capital Growth or a both?
“Invest in Brisbane while the opportunity is there” – Sam Saggers
I’m all about a balancing both but right now, there are some great opportunities to seize some capital growth. You have to sometime play the cards the market deals. Right now it’s never been better to get growth fast. The fact that the masses are buying real estate on low rates is driving growth in the bigger cities. Reflecting on Sydney, looking at the past success of owning 3 properties in that market in good suburbs over the last 4 years, you would have made over $500,000 in growth from the properties if you had bought back then. That’s a lot of money. Now do that in Brisbane, while the opportunity is there.
6) Can you tell us about Positive Real Estate, the services it offers and how it may be able to help investors in 2015?
“Our Brand is the Volvo of real estate” – Sam Saggers
Positive Real Estate‘s mission is to free people to live the life they want, we do this buy coaching, offering limited advice around property, finding cracking deals for clients by analyzing and assessing opportunities and risk. We take the weekend warrior hunt and hard work out of the day to day for people and point them in the right direction both for property and financial management. Our Brand is the Volvo of real estate. We are methodical and safe. We have a 112 staff spread across, coaching, property, finance and limited financial planning and work every day for 1000s of small investors helping them to small wins for large success.
DISCLAIMER: Information here is for general use only and should not be relied upon. One should see an accountant/financial advisor for their own personal circumstances which will be unique to their circumstances, please refer to our full legal disclaimer for more details.