PART 2 (CONTINUE)

To watch video and to read PART 1 – click here

Alla: What are the 3 main tips you would give to people who are starting out in property investing?

Vicki: OK. I think it’s important to be very aware of what you expect a property to do for you? Know what you want to get out of it in terms of financial goals and determine the lifestyle you want to create? It’s very easy to think you want the money but I don’t know if the money is a good motivator –that is a long lasting motivator. You have to know what are you going to do with your money. Is it going to buy you time? Is it going to buy you a holiday? You know, I love my scuba diving! And if you actually can do something with your money then that really provides you with clear focus about what are you doing. So, know WHY you want to invest in property and then find a strategy that will deliver it as an outcome. Be very clear on what you want. For cash-flow strategies you need Buy-to-Let properties; you don’t want to be doing capital flipping. If what you want is a lump sum of money, then obviously – buying lots of little houses with your cash is not going to give it to you.

The third thing is FOCUS! Pick your strategy and do it! Don’t be all successful in one thing and suddenly decide to switch to the stock market instead. If you got something that works keep it going and get money out of it.

Alla: It’s not easy to keep motivated in property investing. It’s a tough business. How did you keep motivated? What was your reason to carry on?

Vicki: I think it’s what I was saying before –what I was going to do with the money. I realised I always wanted to travel the world! I love holidays! But it’s not just about holidays and lying on the beach, it’s about meeting people from different countries and learning things. When I was a university lecturer I found out that one of the great perks about being a teacher or lecturer of any kind is that you get lots of holidays. You may not get as much money as you want to travel exotic places, but you do get a lot of holidays.

I wanted the life style of business if you like. That was going to give me the time to  go on more holidays and the money to buy them. And that I realised that properly can do that for me, rather than having to work 24 hours a day, 7 days a week. What I could actually was to get my tenants to live in the house 24 hours a day, 7 days a week, and pay me the rent. And I could be out of country going scuba diving.

So, I knew what I wanted a property to do for me. And every time I got a holiday that reinforced for  me that I was doing the right thing. It’s about time! For me it’s about wanting more time. I don’t want to work really, really hard and not see my family. I don’t want to work all the time so I can’t have a time for a holiday. So, know what you wanted it to do for you!

Alla: Alright. One last question – What is Vicki Wusche’s one piece of Wisdom?

Vicki: I will use of Richard Branson’s sayings when he talks about business, but I am going to change it for houses. Houses are like a double Decker buses – there is always another one coming along. What I mean by that? If the deal does not work, if something is not quite right for you, then don’t go into a deal that you feel uncomfortable with! If there is a deal that I feel uncomfortable with it must  be for a  good reason, even if I might not see it at the time. So, just remember there is always another house, another bus coming around the corner. Be prepared to let one go and wait for another one. That’s ok!

Alla: Thank you very much Vicki for your time and for your wisdoms. We are looking forward to reading your second book soon. See you again.

Vicki: Thank you.

Related Posts:

• Interview with Property Mermaid – Vicki Wusche (PART 1)
• Vicki Wusche share her story at Berkshire Property Meet
• The Property Mermaid
• 7 steps to buy your first property (transcription)
• How to Choose the Area – Rob Moore November 2011 Interview