Property investors have wildly different opinions on what they want in a particular property when building a real estate portfolio – and this is a good thing, not a bad thing.
If you are new to property investing, you are probably just starting to realise how many opinions and biases you actually have when it comes to finding ‘the right property’ to invest in.
It is vitally important to do your research before you make the leap. Make sure you look at all the options and discuss property investing with those who know what they are doing.
There is an amazing phenomenon that occurs with successful people. You don’t have to look too far into their success stories before you identify a common denominator. Most successful people have a mentor. Whether it is a parent, an educator or another who has been successful before them, they commonly turn to someone more experienced for guidance.
Trying to build wealth without the guidance of a successful investor is not a wise choice.
When you are trying to work out what the right investment property is for you, we find it helpful to come up with a predetermined buying criteria. This criteria is designed by reviewing:Your financial situation Your personal circumstances Your ability to handle stress Your ability to negotiate your way through problems such as finance and tenants The advice from your team (i.e.: mentor, lender, buyers agent, financial planner etc) Other information related to the properties themselves including location, size, rental demand in the area and so on.
‘The right property’ is not the one that appeals to your emotional instincts. Decisions based on renovation potential, your friend’s experience or the one down the road will only distract from your predetermined buying criteria.
Finding ‘the right property’, especially when you are new to investing, should be a logical, unemotional decision; it is not a decision that should be rushed. My advice is to prepare your strategy in the early stages to set you up for long-term success.
The property that lines up most closely with your criteria and has been decided upon by working logically through the steps you have set up should win every time.
Why not get your hands on your very own Champion Property Investor Blueprint? We will prepare a report that is personally designed to your individual criteria and circumstances to get you on your way to property investing success.
Call 1800 600 890 and find out how we can help you buy ‘the right property’ today.