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How to get Started in Property Investing

How to get Started in Property Investing

4th October, 2017
  1. Build your savings base. How to do this?
  • Understand your value and look at how you will continue to increase this in both the short and long term. This will also help with future pay negotiations!
  • Do things that not everyone does. Go out on a limb. Make the effort for your life. People will notice this and want more of it. The domino effect will lead to an increase in your value.
  • Reduce your expenses. Not because you have to, but because you want to. Because you no longer see the value in spending a lot money on material things that return zippo to you or anyone around you.
  • Add another revenue stream. For example – Uber Driving, Airtasker, AirBNB, Part-time job.
  • Get creative – Open up the door on smaller investments to grow your property deposit quicker.

Drop me a post on Facebook on your ideas on building a saving base?  

  1. Open your eyes and ears
  • Don’t take what your parents said as gospel property speak. Go out and meet new people. Find people who you can work with that you trust. Ask questions. Ask for help. Get amongst it. People in property love talking about property. Spend time with them. They are in the property game every day of the week. They will offload all their learnings and keep you accountable to achieving your goal. Build relationships with people that you can see yourself still working with, in three to five year’s time – property experts, real-estate agents, accountants, brokers, etc.
  1. Manage your mindset
  • I believe, when you are first starting out in property investing it is about working 20% on your Property Knowledge, and 80% on your Mindset. All too often, investors struggle with taking that First step to buying that First investment property. They try to seek perfection on the investment or they hold themselves back with fear of losing what they have already acquired. I would recommend working on your mindset, and the motivation behind why you are investing. Have contingency plans in place to manage your fears.
  1. Have a Plan
  • Even if you write it on napkin, it doesn’t matter. What matters is putting pen to paper and articulating your plan. A crucial step to it eventuating. Post it on the wall that you look at each day.
  1. Take Action
  • Wait a life time or push the button today. Think about what you will tell yourself in twelve months’ time? if you are still in the same position as you are today. Still thinking about it. Still talking about it. Still procrastinating.

If you would like to talk more about how you can get started in property investing, or anything and everything property, let’s connect.

Or check out my First Time Property Investing Program.

by Luke Moroney

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