You want to invest in property. What’s stopping you? Stop listening to the doubts you have and face the fears! You can become an investor, and you can be successful. Trust me; I did it myself. When I started in property investment, I was just like you. Now I’m managing multi-million dollar investments and helping others learn how to do the same. To get started with investment, here are some that I share with my clients when they’re starting out in property investing.
To start with property investment, you need to have some money. Take a look at your income, assets, and expenses to find out how much you have that you can invest. You should also speak to a mortgage broker or your lender and see what you pre-qualify for regarding loans. Too many property investment beginners get in over their heads and fail to achieve success. Don’t be one of these people by starting smart.
What’s the Goal?
You know you want to start in property investment but do you have a clear picture in mind? What are your goals for your investments? It’s easy to say, “I want to be financially independent and retire on my investments.” The end goals are great, but how are you going to do that? Decide what type of investments you want to deal with and what steps you need to take to make it happen.
The most annoying word in the English language might be budget. Unfortunately, budgeting is a necessary task, especially for property investment beginners. You went over your finances, and you think you can invest. Take a little time and live on that budget. The last thing you need to do is overextend your finances.
It’s all well and good to decide you’re going to invest in either residential or commercial property, but where are you going to do this? Buying property in an inflated market may not be the best decision. On the other hand, if you buy up property because the price is low but have no way to rent or resell these, you’re just going to lose money. You should research potential markets to determine where you want to invest your money.
Purchase plans bring together your available income to invest, the amount of capital through loans you can secure, your budget, and your goals. Combine these with research into available properties, market analysis of areas you’d like to own property in, and management of these properties. You’ll end up with a comprehensive plan that will make investment decision informed and easier to manage.
Still feeling overwhelmed? Enlist the help of a mentor. Call Adpen and make an appointment to discuss how you can get started in property investment. I can help you work through your plan and give you the guidance you need to be successful. You can do this, and I can assure you that property investment is worth it! Subscribe to my blog and follow Adpen on social media for all the property investment information you need to achieve those goals.