Eddie Tchigique says you can overcome the fear of property investing by building trust in the process through education and consistency, along with the right mentors and support.
Eddie is a highly driven athlete and investor who has worked with KnowHow founder Bushy Martin for over five years. During this time, Eddie has transitioned from a potential investor to a property investor with multiple properties.
On Property Hub’s Get Invested podcast, he joined Bushy to discuss how to comfortably take on risk and back yourself, with the help of the right support network.
Avoiding excuses and starting the process
Eddie said investors just need to get started and avoid holding off because of different excuses.
“If you’re looking for an excuse not to do anything, you’ve got lots of them every day. And even when you buy your first home, you know there’s always something. It could be pregnancy, a new job, waiting to feel secure in a job – you can sit idle for the rest of your life if you’re like this,” he said.
“So trust was the main thing. So we decided to jump in and try and get our first home, signing an enormous amount of documents.”
Teaming up with someone you trust
Finding the right mentors and network will help you build your trust for the process and be prepared to dive in. This was the case for Eddie, who sought out the help of Bushy.
“I heard about you [Bushy] through a podcast, which I trusted, so that was the first step. Then secondly, obviously I met with you and one of your colleagues. Now it’s hard because there are a lot of people out there, but sometimes you just sense when someone is genuine. I did a few things with someone else, but I never trusted that person. But there was just that trust with you and it was a feeling that you were there for your clients,” Eddie revealed.
It’s also about overcoming misconceptions.
“The first one is, if it’s that easy, why haven’t more people been doing it. But unfortunately that’s not how we work as humans. And the other thing is, if they’ve done it themselves and they’re really wealthy, why are they working and trying to get clients? But this question forgets that one of our biggest needs is purpose and compassion and growth and significance,” he said.
Educating yourself
Educating yourself will allow you to become more comfortable with taking on risk, and more open to opportunities and deals that arise.
“The more you learn and the more you educate yourself about investing, the more you realise how pretty simple it is really. If you’ve got time, that is right. If you’ve got a short window, then it’s going to be harder and you’re going to take more risk, and you’ve got to be either more educated or look for good mentors. But if you’ve got time, it’s pretty simple,” Eddie said.
“And the more you educate yourself, the more deals and opportunities just appear that you never thought of. So if you want to overcome that fear, then invest in knowledge.”
Ensuring your partner is on the same level
If entering property investing with a partner, it’s important they have the same outlook and risk profile.
“My partner Tash, she gets it. She knows enough to be dangerous, she understands what’s going on. She’s probably not as aggressive as I am, but she gets it. She knows what we trying to achieve. If she wasn’t, then it would be extremely hard to convince them about the big risk of borrowing money,” Eddie explained.
“Tash was engaged at key points on the journey, she tunes in and she’s part of that conversation, whereas I think this is where a lot of people are getting themselves into trouble. One of the parties is ready to go, and the other is either a bit unsure or disinterested.
“So it’s about the whole equation, because all that can sabotage the whole exercise, because it reaches a point where the other party says, no I’m not comfortable this.”
Maintaining consistency
Eddie said consistency is the key to successful investing.
“So investing is a hard one, because your goal might be ten, 20, 30, 40 years ahead of you sometimes. So you got to have consistency. You’ve got to have that constant goal reminder,” he said.
“But just to be a good investor, I think you got to be interested to some extent. You know, if securing their future doesn’t interest them that much, then maybe they shouldn’t secure their future. So you’ve got to be consistent in education. You’ve got to know enough, understand enough, and that’s going to be the motivation to keep going.”
Listen to the full interview here.
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