We’ve all heard it from someone before; there is a lot of money to be made in property investment. Perhaps you’ve heard it from family or friends, describing property investment as if it’s a drug addiction… once you get a taste of one property, you can’t wait to get the next! Of course, if it were that easy to get into property investment, everyone would be doing it. So the question remains: how do I start?
Asking Experienced Investors
As with most things, knowledge is power. So don’t be afraid to seek out help from those with experience in property investment. Find someone who has already been successful at what you are trying to do. Pick their brains for advice and experiences for when they were just starting out. Whether it’s telling you what kinds of properties are best for first-time investors, or how to raise the finances needed to make that first investment, understanding what you need to do first is important.
Asking Financial Planners
Sit down with a financial planner. They will help you understand your financial situation and what steps you need to take to get into a position to make a practical, well-informed first property investment. Having this advice will help you set realistic goals as you trudge along in your path to being a successful property investor.
Figure out where you want to be in one year, then three years, then five years, and then ten years. Make a list of things you want to accomplish in weeks, months, and years. Consistently crossing items off this list will give you a sense of accomplishment and increase your motivation. Often the first investment is the most difficult one to make. After that, the “addiction” will take hold and you’ll be on your way to real estate investment success.
Managing your risks
Understand what you can afford to risk and what you can gain. This comes down to developing the right team around you. The person you are seeking advice from, your financial advisor, and doing research will help you take the good risks which have the potential to pay off in the long run but not cripple you immediately.
With all this being said, you are the controller of your decisions. Use your own measured judgment when making a decision. Accumulate as much information as possible, mark your progress, even throw in an inspirational quote or two on the white board, and with a little fortune, you may be on your way to property investment success.
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