FIRST TIME PROPERTY INVESTORS - YOUR PLAN OF ATTACK
For those who are keen to make a property investment as part of your 2018, then this is the second best time to start. The best time was yesterday!!. Here are my tips on how to get started and/or keep going not just to, but past the finish line.
- Deposit – What is your anticipated spend? What is the deposit require? Do you have this? How can you get this? And when by? Explore new and different means of generating income and reduces your expenses.
- Education – Attend the seminars, watch the property shows (E.g. Your Money Your Call Foxtel), read the books, YouTube, First Time Property Videos – most of them are for free. And there is a lot of quality knowledge to be gained. Be the keenest person in the room. First to arrive. Last to leave. Ask all your questions. Build rapport. Make yourself known as someone who is interested in learning more.
- Keep it Simple – Start small and learn. Don’t complicate your first investment or even your second or third with large renovations and developments.
- Team – Who is keeping you accountability and educating your along the way. Property Mentor, Mortgage Broker, Solicitor, Accountant, Buyers Agent.
- Stay Strong – Don’t become one of the statistics that started the year keen and ready to go and then fell off two months in. There is a lot more competition in the early part of the year (people are on holidays and have a bit more time on their hands), however it can be smokes and mirrors when it comes to following through.
- Get a Head Start – Before the year even begins. Gather your financial details from your mortgage broker and work through your direction and plans with your property mentor.
- One Property at a Time – Even if you would like to move faster we are currently experiencing a tightening lending environment.
- Mindset Alteration – Be prepared. Once you get involved in property investment your mindset will change from working for life to life working for you.