Successful property investing is easier than most people think. The mistakes that prevent most would-be property millionaires from realising their potential are predictable and easy to avoid. In this series of blogs, Den details each of the most common mistakes and how to ensure you don’t make them.
Mistake number 4 – Doing it all alone
Many people have some experience in the property market; either they have bought (and sold) or they have rented. Most of us gorged ourselves online, looking at lavish properties and dreaming of how we’d love to be there, but for just one lotto win. We often hold opinions of how to deal with real estate agents, how to get a great price at an auction and what a property is really worth. Some of us even read property books, watch property shows on TV or subscribe to property magazines (or websites).
All of this experience can lead us into a false sense of security when it comes to investing in property. We tend to know the tip of the iceberg but there is so much more to know, and so many ways to become better educated.
What structures exist that will help me?
There are many ways you can get more education and support for your property investing journey, from internet forums to structured discussion groups. Here are a few suggestions.
1. Read some books about real estate investing. Amongst the flood of property investing books on the market, we’d recommend a few on our Property Books page, for example, Margaret Lomas’ How to Create an Income for Life and Jan Somers’ More Wealth from Residential Property. These books are clear and easy to understand and cover both positive and negative cashflow properties. For the brave, Steve McKnight’s From 0 to 130 Properties in 7 Years covers all sorts of other ways to profit from real estate.
2. Sign up to an internet forum or even our facebook page where there are many different conversations going on at the same time, about many different topics. Remember that some forum-writers are experts, some are amateurs and others contribute in an effort to sell you some kind of product.
3. Join a property investing club or group which holds regular meetings.
4. Do a property investment course at your local TAFE or adult education centre.
5. Sign up for a property masterminding group where you get to meet a variety of different investors that you can learn from. Check out Everyday Property Mastermind for the latest groups that we’re holding.
6. Find yourself a mentor or a coach. While getting yourself your own coach can cost a little more than some of the other methods I’ve mentioned, a good coach will help you specifically clarify your goals and set you well on your way to reach them. Make sure your coach is qualified and has experience investing in property. Ask them for references too! It may be the best money you’ve ever spent. Check out our Everyday Property Coaching for information about one-on-one property coaching.
One warning I would give you is to ensure your education and support don’t come from someone who is actually trying to sell you property. Some companies offer free seminars and “courses” in which you learn about one type of property investing (yes, there are several different ways to invest in property!), concluding with a slick sales pitch of why you should buy property from them. Some free seminars and courses can be extremely beneficial for your property education, especially if you are a newbie, but be mindful that some courses are designed to promote a particular product to you rather than give you valuable knowledge. Keep your wits about you!
So what can we learn?
Almost every experienced property investor will tell you that they started investing in property without knowing all the “ins and outs” of property. They’ll also tell you that you can never get enough education or support. Make one of your property goals “to never stop learning about property investing”. The more you know, the better your decisions!
What can we do now?
Jump online and go to our facebook page and have a look at the conversations. Go and sign up to a property investing forum. Have a look around and see what you can find. Next time you’re at the supermarket or book-store, grab a property investment magazine – they’re always great for a big hit of inspiration! And sign up for our free fortnightly property investing podcasts.