When you are serious about property investing there are two areas that will really impact your outcomes. This has to do with your mindset and how you view property investing. It is very important that you set your mindset, strategy and overall goals and then in turn you treat your property investing like it is a business.
Mindset, Strategy and Overall Goals
Buying an investment property is very different to buying a house to live in. Buying the house around the corner as an investment may give you some short term comfort but give you long term hassles. You should not put yourself in a position of “fixing toilets and taps“.
An investment property should be like buying shares- you don‘t buy because it is a local company or you know the CEO. You buy for the long term performance and security of your financial investment.
What is your strategy? Property should be a long term capital growth prospect with the added bonus of rental income.
Property Investment is all about three factors: facts, figures and mindset. If you set your goals with the end in mind, with regular reviews of your portfolio and goals, you will progress smoothly through the coming years and achieve everything you set your mind to.
Everyone has a different risk profile and ideal result from their investment. Take some time out to work out what you want to achieve and in what time frame. If you want to acquire an investment property or two in the next decade, you have a conservative profile. If you would prefer 6-10 properties in the same timeframe, you are looking at formulating an aggressive strategy that will need regular reviewing and planning with your property investment team.
You Are Running A Business
You must understand that you are running a business. The moment you understand that this is a business, everything changes. You are actually in the business of property investing. People create wealth, from my experience either from running a business or from the business of property investing.
What that means is that if you are working as an employee for someone else, or running your own business, you can also start a business of property investing and create long term wealth. If you are not an owner or investor and you just remain as an employee you will lose in terms of wealth creation.
If you are unsure of where to start, speak with our experienced team who can walk you through the process and even help find the right property for you via our Australia wide property portal.Back to Editorials Page