There are many ways of investing in property. There are many strategies out there to learn. I think the first thing I would ask is why are you doing it and what do you want to achieve? Do you want income/cashflow or capital growth? If you are replacing a day job then monthly income is important to you. Therefore, flipping a property where you buy, refurbish and sell on is not the best strategy for regular income as this can take many months. Development project, even if you invest in other people’sdeals, can take 9-12 months or more before you get a return on your money.
If you feel you need to learn more about property and the different strategies then by all means go on a course, but don’t rush into things. I recommend you ask around and try out the odd free day courses, but be aware the course is only free, as they want you to pay for a longer course (up-selling). There is nothing wrong with that if you have done your homework. Don’t rush into things. Obtain recommendations from others who have completed the course. I know of two companies who do good courses, they are not cheap, but sometimes it’s worth paying the price and doing it properly. The advantage with these courses is that they come with good networking and the support of others. Having support of the group is the No 1advantage of any course. You may even find your business partner too.
You may want to go alone or you may wish to partner up with someone you trust. Certainly you can achieve greater things in a team than you can as an individual.
If you choose a course to learn more, choose one where the leader is someone you like and that they will be teaching you things that match your beliefs. There is no good being on a course where they want you to do something you are uncomfortable with.
You don’t have to follow one of the main strategies. You can be a support member, like being a QS, a lawyer, sourcer of deals etc. You don’t have to do it all yourself. In the gold rush era there were very few prospectors who made money. The people who did make the money were the people providing support services, the bar owners, entertainers, equipment supplier etc. They knew nothing about gold but did well out of the business.
Make sure your chosen strategy works in the area you have chosen. My first mistake was trying to sell on a refurbished property in a good rental area. It wasn’t the best place to sell property and no wonder it look me many attempts before being successful.
Do your due diligence. You can’t do too much due diligence. It gives you peace of mind and enables you to sleep at night, knowing you have made a good decision.
What ever you do, you must take action. Try something out, don’t over analyse it and ask for help. The good thing about the property business is that there are a lot of people out there willing to help and offer free advice.
Get your mindset right. You may have all the right strategies and knowledge but if your mindset isn’t right and if you don’t take the right action, nothing will change!
And most importantly, have fun!