Successful investors understand, and accept, that there will be roadblocks and challenges along the way. It happens. They’re not afraid of it. They arm themselves with the power of knowledge. They pivot. They ask questions. They learn from the experience of others. And move rapidly towards their end goal. Success!
Now, I think it’s pretty safe to say that every mistake in real estate has been made already. So why are some unsuccessful investors STILL making them?
Here’s why…
They overpay for a property
This one is huge. You need to pay less for the property than it’s true market value. Whatever you do…don’t let emotional buying influence the numbers.
They don’t have a strategy
Many investors buy but don’t really know what they want to do with it. Not knowing what you want to achieve with it sets you up for failure from the start. Whether you want to develop, invest and rent, renovate and add value, have a plan.
They don’t know their Cashflow
And have no idea how to sustain a property investment long-term. Surprises happen. Without savings, a buffer and an understanding of incomings and outgoings, it is almost impossible to make the most of your investment. Get started with our free Income/Expenses calculator then work out your Borrowing Power.
They conduct very limited analysis
The future is impossible to know, but with solid analysis, it’s much easier to predict. TIME IN and TIMING are both important for short-term and long-term growth. Without the right math heading into an investment, you wont get the right profit coming out of it. Here’s a great guide to Australian Hotspots and Notspots.
They think they know it all
And keep making the same mistakes over and over again. Throw away the ego and look at the numbers. Will it really work for you? Or do you think you could do better. Always be teachable. You’re only jeopardising your own future by blocking the facts and thinking you know best. The proof is in the journey. Download our FREE e-books.
They go it alone
Far too many people jump into buying real estate BEFORE having a full understanding what they are doing. They simply ‘decide’ that Real Estate investing is the right path for them and steam-roll into the buying process. This rarely works out well for them. The only solution? Proper education.
If you want to learn how you can be in the top 1% of rental property owners in Australia who own and rent 5 to 6 properties, let me show you how. A great starting point is to take our FREE Financial Health Check, shoot me an email at john@solverewealth.com.a