Getting Started with Investing in Property
If you have ever taken up a new hobby or sport you will know that you usually start off badly, or at least you know you aren’t particularly good at it. You also know that you are just beginning and that with practise and experience and patience you can probably grow a pretty reasonable skill. You may have innate talent and really flourish, or you may have small amount of ability and just grow in your skill and be able to play well and be comfortable with that. I expect investing in property is much the same. Don’t expect that you will land on your feet and be an instant Donald Trump. This is a journey of learning through successes and failures (gulp!)
The problem with failures is that you are dealing with an item that is worth hundreds or thousands of dollars and the downside risk is high! So… You need to be prepared to research and learn! Lots of learning!
Here are some initial questions to ask in order to get started…
If you would like me to give you some detailed advice here please click contact us and I can crunch some numbers for you.
II. What is my Risk Profile?
A. The Five Investment Risk Profiles
- Risk Profile: The Conservative Investor
- Risk Profile: The Moderately Conservative Investor
- Risk Profile: The Moderate Investor
- Risk Profile: The Moderately Aggressive Investor
- Risk ProfileThe Aggressive Investor
B. Do I hesitate so much that I might never make the decision?
C. Am I somewhere in between?
D. All profiles need approach the buying decision differently.
II. Who do I know that has invested?
A. Do you know someone successful in investment property?
B. Do you have a relative or friend who always tells you NOT to do things?
C. Perhaps you really don’t have anyone around you to help? What now?
III. What are my goals for investing?
A. Are you investing for your retirement?
B. Are you looking to gain wealth?
C. Are you paying too much tax and looking to minimise it?
IV. How do I find the right property?
A. Do Real Estate agents make you feel a little creepy?
C. Investment Property companies. Are they in this for me or for them?
D. Investment Coaches
I’m wondering if the next Donald Trump is reading this article right now?
Article by James Parnwell
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