Expert Advice by Paul Wilson
Reading about property investors who have bought a lot of property and built a strong portfolio is always encouraging and it most certainly can happen, however it doesn’t come without its challenges. More often than not though, we don’t hear about those experiences.
Like most other businesses, the business of property investing comes with its own set of issues and challenges. For some investors the whole experience can sometimes be overwhelming as they take on this new wealth creation strategy. They become very de-motivated if they run into problems and the situation can go from bad to worse, often with them finally deciding to sell up and never to return to property investing again. This need not happen if they use experienced coaches along the way.
Regardless of what precautionary steps you put in place, challenges can and will still occur. It is the nature of dealing with other people and finance situations. Just imagine though how bad things could have been if you hadn’t put those precautionary steps in place at all!
Even successful property investors have had their fair share of challenges, it is just a fact of life and part of the learning journey when you get our there and start “having a go”
So how can you stay motivated while minimizing your risk when investing in property?
- The very first rule of property investing is to understand that it is a business and therefore all decisions should be made from a financial point of view not from an emotional viewpoint.
- Don’t expect fantastic returns overnight. It takes time to reap the rewards of property investing.
- Focus on the long term future if you’re feeling de-motivated as this will help when something as annoying as a non-payment of rental upsets you – you don’t sell a car just because you have to get a new radiator and some new tyres, and so it is with an investment property – expenses will occur and problems will occur but fix them and move on with your business.
- Manage the structuring of your finances so that you are setting yourself up for the long term rather than the short term as this will also reduce the stress that comes when such unexpected expenses arise.
- Sometimes something as simple as looking at your mortgage statements and seeing how much has been paid down throughout the year can be a strong motivator.
- Don’t let your learning curve, which is sure to incur a few mistakes, take your focus off your long-term goal of building wealth through property investing.
If this doesn’t help solve your de-motivation problems ring and talk to a property consultant who can help you work through your negative experiences and at the same time help develop clarity about the purpose for your investing.
Once you have identified your purpose and you know what end result you are seeking, every step along the way no matter if it’s a positive or negative experience will be more in balance due to you knowing that you’re on track to achieving your bigger picture goals.
Paul Wilson is an Independent Property Investing Expert and the founder of We Find Houses, Educating Property Investors & We Find Finance. Paul has been educating and coaching investors since 2001. Paul provides valuable, independent guidance and support by teaching strategies on how you can invest successfully while protecting yourself from commission hungry sales agents and property spruikers. Protect yourself with knowledge, contact Paul today for a complimentary consultation on 1800 600 890 or email firstname.lastname@example.org
To read more Expert Advice articles by Paul, click here
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
tweed heads south