Cruising through life and living on a ‘need to know basis’ is something that many have managed to do and some even do quite well at their cruising, but cruising through property investing is not a strategy that bodes well for success.
It is no secret that to do well at what you want to achieve you do ‘need to know’ what you are doing.
Property investing has so many different aspects to it that an investor cannot live in the haze of not knowing what they are doing. It is recommended that they have a good knowledge base before they even buy their first property.
What Is Different Than Owning A Home
- you are buying an investment property to make money
- therefore it needs different criteria
- the state of the property is important
- the area is important as it needs to be a strong rental area
- all financial aspects of the property needs careful calculation
- rental income related to expenses, related to personal income needs calculation
- property management is done within the law and therefore knowledge is required
- knowing the different strategies needs to be understood
- a decision as to which strategy to use for your circumstances is important
- knowing whether to hold or sell also needs to understood
- an understanding of the property market in general is essential
Is that list long enough? I hope it has not put you off. The purpose behind making this list is to bring to your attention that when you are property investing you need to have a good overall knowledge of what you are getting into and what is the best strategy for you.
There are coaching groups, property advisers, books, online forums and seminars being offered to property investors. Avail yourself of as much information as you can before purchasing. Be aware of seminars being held by property sellers, although they offer good information, it is best not to be pushed into buying until you have done all your homework.