I contribute articles and expertise on a regular basis to Your Investment Property magazine, so my interest was piqued recently when I saw this article from its editor, Nila Sweeney, pop up while I was doing some online research.
When perusing Nila’s list of ‘7 things to do before investing’, I realised that I wholeheartedly agree with all of them!
Number 1 in particular is crucial: investors need to decide exactly what they want to get out of property investing.
Of course, I’m willing to bet that every investor has at least one goal in common – to make money!
But I’m always so surprised to meet so many investors who invest with very few goals for their investments, other than a broad, vague goal to somehow make a profit.
These are investors who have no strategy in place; no plan to follow; no research to underpin their reasoning for investing in certain locations or asset types.
What they do have is a blind belief that property will eventually make them rich – but that’s not always the case. If it were, everyone would invest in property!
Creating a structured, personalised investment strategy is the building block to property investing success and my step-by-step guide to working this out forms one of the major modules of our mentoring program.
Do you know what you want to get out of your investing journey, and are you on track towards kicking the goals you’ve set?
Til next time, happy investing!