3 Valuable Tips For Property Investor Start - Ups
Getting involved in property can be a daunting task without the right guidance. Starting off on the right foot is essential if you’re looking to build a solid future in property investment.
So, here are 3 of the most valuable fundamentals to help you get started:
I’m often surprised by the number of people I sit down with who tell me of their intentions to buy into a development site or a complex property investment only to find out they’ve never owned property before.
You can get as sophisticated as you like, but property is not without its risks. Start small and keep it simple. Understand how a contract is put together, get familiar with the standard industry terms and take the time to build some relationships in the industry. You may want to build an empire, but you don’t need to do it by tomorrow lunchtime. As they say, a fool and his money are easily parted.
Focus on a single outcome
There are so many strategies for making money in property that it’s an industry unto itself. Buy and hold, options, renovate and flip, development deals – the list goes on. The sheer number of strategies can be enough to make your head spin, and for first-time investors who are keen to get involved, it can become so overwhelming that it often results in paralysis.
The truth is, any of these strategies when done well will yield great results. The key is to pick one and forget the rest. Focus all your efforts on becoming an expert in that area and the amount of knowledge required suddenly turns from being very wide to very deep. This is where the real wealth is found as you will soon uncover opportunities that most others will miss as they haven’t grasped the detail.
Only settle for the best
Unless you pursue a strategy that involves the accumulation of hundreds of small value assets, your portfolio will mostly be built by key properties that perform extremely well over time. All the more reason to ensure that the purchases you do make are the very best they can be. There’s no point settling for second best if you’re intending to spend the next decade or two focusing on their performance. Buy well, be selective and never purchase for fear of missing out. These are the tools that will build your future quality of life, so choose wisely.
These concepts are deceivingly simple but can be extremely effective if undertaken properly. Don’t bite off more than you can chew, and if you stay focused and approach your investment with a selective eye, you will reap the rewards for years to come.