Most property investors have one goal in mind – to buy as many properties as they can afford and earn as much income as possible. But there are a few key lessons that you will find in any property investor’s book.
Playing by the rules
Property investing can be more successful if you know and follow the rules – understanding the rules, regulations and local laws is key. By knowing these rules, you will be more likely to make wiser decisions – don’t get burnt by being unaware!
Location always counts
With so many properties available it’s key to have a location strategy in mind. Strategically waiting for key opportunities in your preferred locations will pay off in the long run. Good location strategies are built on finding areas that are close to local services and infrastructure such as schools, shops and healthcare.
Keeping cash that is easily accessible is important for weathering storms – unforeseen expenses. Financial buffers allow you to ride any downs that may come your way – repairs, maintenance, fees and taxes can pop up unexpectedly.
Negotiation skills for the win
As a property investor you will likely come into some tricky negotiations. Such an example is coming up against an owner who doesn’t want to part with their property at the price you are offering. Top notch negotiation and persuasion skills can make the difference between a successful purchase and a failed attempt.