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There are times in your life when you have the opportunity of getting really good advice that has the potential of changing your life and to give you the encouragement to achieve your dreams. I recommend that you investigate the full potential of investing in property and perhaps if you are serious about changing your financial future then you may consider taking some really good advice from the experts. Once you have received all the necessary information, then you can make an educated decision about whether this is for you and if so, avoid making all the most common property investing mistakes that could lose you a fair bit of money in the process and not have the need to say if only I had have taken some advice.
Six Property Terminologies Every Investor Should Know
By Elly Graham
Important Property Investment Secrets
I am aware there are a lot of real estate investors who say that they will go it alone with their property investing and that they know how it is done, but these people tend to make many if not all of the most common property investing mistakes, which has the potential to lead them to either financial ruin, or else they may be totally oblivious to the money they are losing along the way, through ignorance. Do you want to retire early and have a fun and exciting life with lots of investment properties in your portfolio? Just imagine what it would be like for you if at the end of your property journey you have loads of cash to live a life of freedom with no money worries. Let's investigate and consider the following real estate investing strategies.
STRATEGY 1: MAKE A PLAN
The first thing that is very important is that you need a plan. In other words have a big dream, know where you are going and start mapping out where you want to be. It is so important to have a goal to work towards, therefore:- Set goals
- Develop a plan for achieving those goals
- Remain focused and take action on implementing your plan.
- Set your property goals and write them down.
- Set a time-frame for your goals.
- Identify the things you need to do to achieve your goals and put these into little bite size pieces.
- Take immediate action and remember to review your plan on a regular basis to make sure you are on track.
STRATEGY 2 - GET A MENTOR
It would be a good idea not to ask family and friends unless they are expert property investors. I would recommend that when it comes to financial decisions and investment planning you need a proper coach. Just think about all the famous sports stars and millionaire identities and you will realise one important thing about them and that is, one of the reasons these people are mega-rich and successful is because they all have a mentor or coach. They fully understand that seeking the personal guidance of those who are experts in their field to assist them in getting to the next level. A mentor is accessible to you either in person or through books and you can be in contact with them either by email and phone calls or else you can follow them around by attending their seminars or talks.Mentors use their experience and knowledge to guide and motivate you towards the goals you set yourself and generally they are happy to do so encouraging you to reach for the stars and often assist you to get out of your comfort zone and move you to the next level of success. They are happy to support you every step you take on your journey to the top! In order to find a mentor you need to start by keeping your eyes and ears open to identify the best people from whom you can learn professionally. Funny thing, when you seek you will find. No point in saying who will mentor me and why would they anyway? Simply be on the lookout and ask lot of questions. Find a mentor that has a good reputation and who has a proven track record a real estate investor and has built long term wealth, obviously, someone you look up to and is successful in the field.
STRATEGY 3 - FIND A REALLY GOOD PROPERTY INVESTING NETWORK
Align yourself with a property investing network or group consisting of experienced people and professionals. Here are some simple measures you might want to take to help you easily identify a good Network.- Find out what the network, are they ethical do they share your core values.
- Check and ensure those professionals in the network are all registered in their field of expertise.
- Speak with other property investors to find out the reputation of the property network and get the network to provide you with testimonies from past clients.
- Make sure to conduct your research into any information the network provides you.
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STRATEGY 4 - DO NOT LISTEN TO NEGATIVE FRIENDS AND FAMILY
Although friends and family may have your best intentions at heart the advice they give is not always the best for achieving your personal goals and realising your dreams. Therefore you would be well advised to:- Remember your personal and financial position will be quite different from others therefore you may want to consider this when someone gives you advice based on their own financial position.
- Think twice about taking advice from someone who has made bad financial decisions.
- Be aware of the area of expertise your advice giver has and see how that relates to the advice they are giving.
- Only ever take advice from people who have already achieved the goals that you are aiming for as these are the people with the experience to help you navigate any obstacles you will face.
- Refer back to your investment plan and be sure to keep on track.
- Find yourself an experienced property investor to act as your guide and mentor and keep abreast of the current property market.
STRATEGY 5 - DO YOUR HOMEWORK
You are taking the right step in reading articles such as this one, we are in the age where timely, accurate information is a highly prized and sought after but remember that information is always changing. To be confident in all your investment decisions you need to have instant access to relevant, up-to-date information obtained from reliable sources. Keep in mind also that you will always find what you are looking for therefore look for positive things about the property investment market don't look for negative because there are always people out there with negative input and negative experiences. As with most things, information gathering and analysis is a time-consuming process. It also requires a certain level of expertise to be able to sift through all available information to find which is relevant to your requirements. In an age where we are constantly bombarded by information from all angles, this activity can become overwhelming and coupled with our everyday responsibilities such as family, jobs and social activities the tendency is to drop the ball. Therefore to learn from the experiences of others it would be recommended to:- Always investigate every opportunity before investing.
- Ensure you have every detail of the investment thoroughly explained.
- Ensure you understand your legal documents and that they are accurate.
- Once you have secured your properties then continue to conduct your due diligence remembering that your investment is your responsibility and only yours so you will then not point the finger at others if things go wrong.
STRATEGY 6 - ENSURE YOUR REAL ESTATE INVESTING STRATEGY IS DONE FROM THE HEAD AND NOT THE HEART.
In other words, investing has nothing to do with emotions and everything to do with financial returns. For instance it does not matter if you prefer to live in a quiet country lane or in an older house away from railway stations, big malls and entertainment. You are not going to live in it - it is an investment and you have to look at it from that point of view. Good idea for instance to purchase your property when everyone else is selling and sell when everyone is buying! Remember: it's all about your return on investment - let the figures and supportive information do the talking and not your personal preferences. Therefore:- Obtain and assess relevant information.
- Refer to your investment plan.
- Never lose sight of the reason you are investing, to make money - preferably loads!!
- Adopt the purchasing at below the 10% below market value mindset whenever possible.
- Look into wholesale real estate investing, e.g., direct from the developer.
- Sharpen up your negotiating skills. Read Donald Trumps' bestseller 'The Art of The Deal', get good assistance with finding the ideal property and close the deal.
- Do not sell; remember this is a long-term investment; use your current property as equity to purchase the next property, or else if you sell only do so to purchase another property or appreciating asset.
Author Elly Graham is a mentor who provides free information, she has a mentor too, Jim Downs, Author Appreciating Assets. Elly provides support and guidance on personal development and personal empowerment for people looking into property investment advice
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