What did someone say? Property Investment and Easy Money!?
Do you know anyone who has said that investing in real estate is easy money? Well if you have you are lucky, or maybe unlucky, to have met someone who probably had ‘beginner’s luck’.
I am not saying that it is difficult to make easy money in property investing, although it is sometimes believe me, but like any other form of making above average profit, it takes some careful planning, some hard work and skillful decision making.
Who is attracted to property investing?
You would be surprised at the people from totally different backgrounds, educational knowledge, employment fields and intellectual levels that are interested in property investing.
And it is not only the most intellectual people that make money at it. In fact, often the most intellectual do not take the time to research properly and will take unwarranted risks causing them to either fail at property investing or not do very well at it.
The same goes for people with easy access to money.
The person who has had to slog away at saving their deposit, who has had to get as much free information as possible because they could not afford to pay a mentor, are often the ones who do very well and that is because they won’t take the risks and they take the time to research well before purchasing. These investors often start out very slowly because of the restriction on funds, but once they have started acquiring a few properties they have the basic skills mastered and they soon build a property portfolio others can only wish to do.
How to learn the tricks of property investing
There is no skill learned quicker than that learned through personal experience. There may be times that you falter but look at that as a learning curve and keep pushing forward.
Learn to trust no-one
Now doesn’t that sound harsh! But what I mean by that is even if you are given advice from someone you trust, check it again.
If you have tenants that appear to be the best of tenants, I say don’t trust them, not because they may change personality, but for some reason they may have to change their living arrangements and cannot stay committed to their lease.
Councils and local authorities will change their plans for the future just as quick as look out. You may buy a property thinking that a great new shopping complex is being built nearby, only to find out a year later that the development has been stopped by council.
In other words, play the property investment field from a cautious point of view. Trust your own instincts, research and make informed decisions. You will never get all the answers to everything and no two properties will be the same but be as informed as you can be at the time of commitment.