Originally published on Smart Property Investment
As complicated as property investment seems, investor William Leung reveals that one of the most effective ways to achieve success in wealth creation is also the simplest – ”just don’t be stressed”.
Since beginning his journey more than a decade ago, Mr Leung has learned to take away any “emotional factor” when making any decision for his portfolio, ultimately treating it as a business instead of a mere hobby.
“You are the master of your own destiny when you’re a property investor,” he highlighted.
“The harder you work, the more you educate yourself, the more time and attention you spend on it, the more sophisticated your thoughts become, the better you become.
“The better investor you become, the greater the output you get.”
Mr Leung purchased his property in March 2007: A two-bedroom unit in Chatswood worth $500,000. After 10 years, the property was valued at over $1,000,000.
In the years that followed, the investor bought more properties across Australia, particularly in the suburbs of Bligh Park, St Mary’s, Runaway Bay in Queensland, Surfers Paradise, Berriedale, Ashmore, Kippa-Ring, and Bridgewater.
While some of his properties saw remarkable growth over the years, others remained stagnant in terms of equity, cash flow and capital growth.
However, this does not deter Mr Leung from continuing his wealth-creation journey.
“The portfolio goes through different stages. First of all, I have to be patient because it takes a while to increase in value,” according to him.
One of the things that helped him get through the tough times and ultimately thrive in the ever-changing property market is the help he got from his investment team, who guided him through the fluctuations in the market.
Mr Leung said: “It’s also important to buy a property with a professional.
‘Accumulate and cultivate’
Property investment, as a vehicle for wealth creation, gave Mr Leung the luxury of time, which ultimately allowed him to get back up on his feet after setbacks.
Like all investors, he has made a few mistakes that affected the overall position of his portfolio throughout the decade, but time helped him “smooth out the mistakes” and watch his “properties appreciate over time”.
“First stage of property investment is to accumulate, and the second stage is just to cultivate – let time do its magic,” he said.
His top three tips to fellow investors:
- Have a good mindset – “If your mindset is not correct, then you’ll get distracted along the way. Property investment is long term. It takes 20 years, at least, if not 30, depending on the property cycle.”
- Seek good education – “If you don’t learn about it, if you just rely on others, well, good luck.”
- Don’t be stressed – “The good thing about property investment is you don’t have to get up to date every day. A lot of times, you want to be in control, but you’re not in control. Time always works best with patience.”