Do you dream of breaking free from nine to five drudgery? Did you know that wisely investing in good property deals is one of the best ways to make that dream a reality?
Making the right property deals
Property investment is one of the most lucrative, and currently, highly publicised ways to make money. It can also be one of the quickest ways to lose money if you don’t have the right initial information.
It’s exceedingly frustrating to observe enthusiastic would-be developers lose it all when their property deals fall through or don’t pan out to be as lucrative as they expected.
The good news is that it doesn’t have to be that way. With the right advice and experienced mentorship, virtually anyone can become a savvy property investor, make profitable deals and break free from the nine to five.
Sound good? Let’s get started by looking at the skills you’ll need to make it in the property investment game.
(Know where to) seek and you shall find
There are many opportunities for property investors in Australia to make a deal, and there is certainly a lot of money changing hands. However, most of that money is not ending up in the pockets of investors, and a big reason for that is that they’re not finding the right investments.
Much of the battle is either won or lost at the very start, and whether people know how and where to look for quality investments. It’s crucial that you know which investments will never turn a profit, and which ones will yield significant rewards.
Once you know how to discern the property trash from the treasure, you’ll already be in smart company. Your next challenge is to know how to secure a lucrative deal over your competitive peers who also know a good property deal when they see one, and know what kinds of profits are at stake. This is where making money out of property investment is less about how great you are with a hammer and more about your skills as a networker and negotiator.
Learn where to meet people and form mutually beneficial relationships that will help you secure a fantastic deal in the future. Find out how to offer the right amount, how to compete with other investors, and when to walk away.
Understand that it’s a numbers game. Don’t hang your hat at one dream property deal, have multiple offers out there, and don’t stop making offers.
Grown your knowledge and your property portfolio
Developing a solid comprehension of property investment so you can take it up full-time is not something you achieve and can forget about. It is not a static skill, and demands committed property investors to keep learning. Cultivate a diverse list of sources of information, from blogs to books, from Meetups to podcasts.
Learn from others’ successes and failures; in today’s online world there’s no shortage of stories being shared! Don’t be intimidated by the idea that there’s too much to get your head around, and instead start learning, and don’t stop. Keep building on your knowledge and not only will your confidence grow, but also the likelihood that you’ll have success building your property portfolio.
No one goes into property investment and development planning to fail. If more people saw it as a serious undertaking rather than a daring gamble, they would prepare with the right research, connections, and mindset. The smart money is on those with the right preparation to leave the 9 to 5 grind behind, take control of their life, and live the life they desire.
What step can you can take now to get started?