I’ve said it before, and I’ll say it again – property investment is an avenue of wealth creation that cannot be entered lightly. Many who are first entering the property market develop this mindset of ‘I can go out, buy a house somewhere, stick some tenants in it to pay the mortgage and make a killing!’, but this is where things can go wrong. Not all properties make good investments, and not all investments will guarantee profits. So, what is it that drives success for property investors? Well, it comes down to these three attributes:
1. KNOWLEDGE
Knowledge is power in the property investment game. Whether it be subscribing and keeping up with online blogs like this one, keeping current on the latest economic and policy-based news, or even seeking advice from a trusted agent or adviser; engaging in your own learning and developing your knowledge is key. When purchasing a car, or even a computer, people will spend extensive periods of time conducting research – so shouldn’t this apply to property too? By conducting your own research and developing an understanding of property investment, you will be able to establish a strategy and goals to work towards, as well as gaining an ability to analyse the ‘numbers’. The more knowledgeable you are about property investment and the property market, the more informed decisions you will make.
2. PLAN, PLAN, PLAN
There is much more to the decision of becoming a property investor, than just going ahead and purchasing a property. The most successful property investors devise a plan to follow, considering their wealth creation goals as well as their financial situation. Investors should map out where they want to be within the next five, ten, or even twenty years; and go further to construct a detailed plan of exactly how they plan to achieve these goals. You wouldn’t take off in your car, without knowing where you intend to go, and your plan of getting there; so, in the same way… PLAN!
3. BUILD A TEAM
A very common mistake in the property investment game is new investors having the mindset of ‘I can do this by myself’. The journey you embark on towards becoming ‘financially fluent’ is even more a smooth and comfortable process when you have built a team of trusted professionals to help you along the way. All successful property investors have built a great team around them, assisting them in all aspects of the purchasing process. It really isn’t enough to just hand over all financial control to your accountant or financial broker. Rather, by surrounding yourself with a great team, and building a solid foundation of knowledge and understanding of the property market and investment, you will be more enabled to ask these advisors the right questions. If you are looking for investment property specialists to help you along the way, look no further than Calla Property. We have a proven track record of getting the evaluation, rental and growth of a property right. We provide a seamless, complete solution where we match you with a property that considers both where you’re going, and where you’re at. At Calla Property, we are passionate about education. The more insights you have as investors, the more comfortable you’ll feel about investing in property. We will also help you to create your very own ‘Calla Concierge team’ of trusted advisers whose primary focus is to ensure your success. We consider both where you’re going, and where you’re at; in matching you with the best investment property for your investment goals. So contact us today on 0482 080 189, and let us help you start Building Your Dreams!