Most people would think it’s crazy to consider participating in a marathon without some preparation. If you wanted to do well, you would most likely put lots of focus into getting ready for the big day.
If you want to maximise your success as a property investor, I urge you first to get ‘Buyer Ready’ before you even consider starting the search for a property to purchase. If you’re excited to uncover the best opportunities created by COVID-19, please first ensure you have these items fully prepared and clearly understood. This will give you laser focus when targeting the most suitable properties.
I’m a big believer that your wealth will never exceed your personal development. Judging by the fact you are even reading this information tells me that it’s highly likely you are very aware of the value that comes with investing time towards this requirement. You may, however, have a ‘significant other’ who will be required to support you on your investment path. If this is the case, please don’t underestimate the need to encourage them to open their mind to the many small lessons that can ‘release the handbrake’ on our ability to build wealth.
Property Investors often forget that an investment property is really just a vehicle to generate wealth. If you’re about to start this journey, please ensure you clearly understand where you want this vehicle to take you. By ‘beginning with the end in mind’ you will quickly see the need for certain features within every property you purchase. This will drastically increase your chances of arriving at your desired destination rather than wasting years driving blind.
Picking a strategy that supports your goal can give you an unfair advantage. Your strategy should also be a great match for your skill set, budget requirements, risk profile, and time restraints. I’ve learned the strategies best suited to me, allow me to be a ‘lazy investor’. I prefer low-risk strategies that focus on the properties going to work quickly without putting any requirement on my personal time or placing a strain on my pocket.
Astute investors work in the complete reverse order to most other property investors. They develop a detailed property description before they start looking for a property that matches that exact profile. We outline the exact requirements we expect for the location we explore and a very specific checklist of performance and safety expectations that must be achieved. Working together with an experienced finance broker, and perhaps your accountant will help you fine-tune every detail that will optimise your clarity when picking the best property. This will include the price point you are confident you can gain the finance required, plus a number of elements that will ensure you have little or no impact on your pocket required to support the loan.