Start by changing your reasons behind what’s stopping you

Start by changing your reasons behind what’s stopping you

As an educator in the property investing space I hear all sorts of reasons as to why a wanna-be investor is still sitting on the ‘gonna-do-it one day’ fence.

 

As humans we seek solid, genuine support from our inner monologue to back-up some crazy decisions. The impulse purchase, the over-consumption, the random act of stupidity etc.

 

When I meet people at property events, often they will tell me why they have not yet made a buying decision. Some reasons are naturally valid but then there is the second tier of keen investors who are seminar junkies, over analysers and possibly depriving themselves of hundreds of thousands of dollars in lost capital growth.

 

The most common excuse I hear when is the ‘I want to be able to drive past my investment property’ line.  

 

Living by this philosophy is very limiting for entry-level investors who live in capital cities with high purchase price points and really average yields on offer.

 

The ‘I need to drive past it’ buyer supports this with the secondary sentence:

  • In case anything goes wrong

  • If it needs some work

  • So I can check on the tenants

Let’s break this down further – stalking your own investment property is a questionable manoeuvre that could land you in hot water, and lose good tenants.

 

When you invest – get a good property manager. Interview them, ask how they work, how often they do inspections, and how they communicate. Don’t take the cheapest option if you are not convinced of their professionalism, it is false economy.

 

A good property manager will let you know when something goes wrong, they will coordinate the trades required to fix the problem and seek out multiple quotes if the issue is a bigger ticket item. They are locally based so they will see your property when doing the rounds and if there is a need for concern – you will hear about it!

 

When buying out of area or interstate you can seek the support of local professionals such as Buyers’ Agents who will know the market, the growth pockets, the streets to avoid and what the area is looking for in terms of rental demand so your investment is a sound decision.

 

Just maybe after that first purchase you might be brave enough to buy another one!

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