It’s simple. Buy a property for investment, then sit back and collect the rents to fund your retirement!
Ahh…if only it were that easy.
Granted, investing in property is a simple concept…but the execution is another story.
So how can you be successful at property investing?
Here’s a good place to start:
1. Be persistent
Consistency is important if you expect to achieve your objectives.
The more offers you put out the better your chances of getting a good property at a good price, so set a goal of putting out a certain number of offers and do it…consistently…if you want results.
2. Understand your risk capacity
Buying property for investment is a risky endeavour, but there are ways to mitigate potential losses.
When you understand your own capacity for taking on risk you’ll know what kind of structures to set up, what types of properties to go after and what kind of strategy(ies) to execute that will deliver the results you need while letting you sleep at night.
3. Put together your “A” Team
Don’t go it alone when you buy a property for investment…put together a team of professionals you can count on to give you great, unbiased advice based on your particular situation.
Due diligence is as important in putting the right team together as it is when looking for the right investment property. Look for individuals who are investors themselves and who are experienced at helping others invest in property.
4. Plan for the worst…and the best
When you buy a property for investment, you increase financial risk to yourself, but you also increase the possibility of financial benefits as well.
As one investment property won’t provide financial freedom you’re going to need a plan for buying multiple properties. Part of those plans should consider what options you have should those properties grow or fall in value.
Plan for every possible contingency and you’ll make smart choices based on the numbers, not emotion.
5. Be patient
You’ve got to be patient not only in waiting for capital growth, but in selecting properties that will suit both your financial situation and your goals.
If property investing were fast and easy, everyone would be doing it.
It takes time to create wealth, but it’s well worth the struggle and the wait.
If you’re interested in investing in property, register to attend our next Property Investor Night.
At these FREE events held all across the country we discuss where the growth markets are right now, and share ways you can navigate your way to financial freedom through investing in property.
Seats fill up fast, so book yours now!
by Sam Saggers | Feb 1, 2017
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