What You Can Do Differently
To be successful, you must commit yourself to learn the tools that will help you take control of your time and wealth.
Build the Right Team
Use professionals who can demonstrate their Independence or Transparency of ‘Why’. Pick professionals for your team that either do what you want to do themselves or work with people doing what you want to do.
When picking your team question the skills and experience of that professional. Tell them what you’re planning on doing and wanting to achieve and ask them how they can help you on your journey. If you know of anyone else with similar investing goals – ask them about which professionals they use. Word of mouth can be a great starting point – but arrange a meet and greet (either by telephone, skype or in person) so you know you’re comfortable with that person yourself.
Don’t trust just anyone with your wealth. It’s a good idea to build your team before you need actually need them. That way you know who you will use and trust for what services. i.e. – If you find the perfect investment property to purchase you want to be able to tell the real estate agent which solicitor will be acting on your behalf.
Do Your Due Diligence
Lack of research or planning may result in the wrong type of investment that suits your individual circumstances. Research, Research, Research.
Prove to yourself why this property is right for you, but don’t lie to yourself or buy with emotional ties. And don’t just buy a property because some want to be real estate property spruiker talked you into it. By all means listen to what they have to say but then do your own research as to if this property is going to help you on your journey. If it really is as good as they said it was, you will come to that same conclusion after you’ve done your due diligence and then purchase.
Protect Your Assets
*WARNING* – Not all policies are the same
Your property portfolio should include Building, Contents and Landlord Insurance protection to help protect your assets and potential losses.
Read the fine print and again ask all the right questions as not all policies are the same and it can be an expensive lesson to learn if you need to one day claim on this insurance to find you are not covered.
For advice on what you can do differently to succeed in investing with property contact us and we will be happy to give you some guidance.