What's Better than One Revenue Stream? Two!
The more streams the greater the knowledge, diverse thinking, learning, experience. I believe this transfers to all aspects of our lives, not just property investing. If you keep the same company all your life and never venture into broadening your circle, then your life will be lived in this one stream. Once you start tapping into new streams, then you start tapping into new thought patterns. For example, your mix of friends grows to include property investors, and as a result this changes your thinking around property investing and you start looking at it as a serious option.
Property Investing is my main game, however I am increasingly looking at new revenue streams, to not only increase return flow and manage risk, but to also develop and grow myself, through new people and building new relationships.
The world has dramatically changed in the last 10 years. So the investor mindset of 10 years ago needs to also evolve. The sole property investor might not stay the sole property investor; they may look to diversify to other investment types, i.e. business.
My portfolio is structured in a way that combines ‘solid property investments’ with investments that might not be as solid, but I feel passionate about them. I always ensure that the people I’m working with on any investment are passionate about their field, and are spending a big chunk of their time involved in developing their skills.
When looking at any investment I follow this criteria (in this order):
- Look to build relationships. I prefer to work with people, rather than companies. I look to see how we both can get value out of the relationship in the future. Also how do I feel about the connection between us. Do I like this person? What’s my intuition telling me? This goes beyond the excitement of making money.
- Future Deals. Rather than focusing on the first deal, I focus on what is the potential of another 5, 10, 20 deals down the track.
- Profits from the Deal. This is number three for me. I think big picture first and always. Long term deals with people that I enjoy being around, that are good decent people, and that have a thirst for development and growth in who they are and what they do. This is what I look for. And then the numbers. Do the work around the numbers. If all goes smoothly, one deal will become two, will become three.
If you would like to talk about creating an additional revenue stream, or anything and everything property, let’s connect.
Or check out my First Time Property Investing Program.