Taking your step into property investment requires courage. Many have the desire to become investors, but few of them succeed in doing so.
Those who are successful investors seize the opportunity. They carry out the necessary due diligence and calculations, are aware of the risks involved, and have a long-term wealth-building strategy. They bravely take a calculated risk and decide to sign the contract after letting reason prevail over emotion and considering the information at hand.
They made a giant leap of faith and started getting into property investment.
The process leading up to it is similar to a steam train gathering speed.
The first step is exciting because you’ve decided what you want to do. Now that you’re learning more about your possibilities, you’re gathering information, speaking with people, and perhaps even accessing the knowledge of specialists.
This is where logic enters the picture. Building wealth and security is the main objective of property investment. Other objectives can be reducing taxes, diversifying your investments, or leaving a legacy for your children. Personally, one of my bigger objectives was to create freedom for myself to spend more time with my family and be able to support them.
Therefore, you must evaluate your options and choose the course that best fits your goals, investing approach, and budget.
It can be overwhelming to reduce your options from hundreds of houses to a few top choices. What will provide you with the best return on your investment, and how can you know it? How do you make a choice?
This is why you must put in the effort in the beginning. Write down your selection criteria and eliminate any homes that don’t fit the bill. Then use a fine-tooth comb to go over the others. How many similar properties are available? Do some research on the region, go there if you can, look at comparable property sales, and check out comparable rentals. Who are your most likely tenants, and what kind of residence do they desire? Make sure you consider the property from both an investor’s and a tenant’s perspective.
Momentum immediately builds up and things move quickly once you’ve chosen the property that best meets your needs. Really quickly at times. You can exchange contracts, make the deposit payment, and make financial arrangements after deciding you want a house within a week.
That is where the nerves kick in and the courage needs to step in. Don’t let fear take over.
Courage doesn’t need to appear unless fear has shown itself. Don’t let your fear paralyse you, but pay attention to it.
Let your courage take you to places you’ve never imagined and achieve your dreams. I’m sure your future self will thank you.
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