In an ideal world, your first property purchase would be such a spectacular investment that leveraging into property number two becomes a piece of cake.
In reality, investors can make a wrong turn at the beginning of their property journey, which can result in a dud debut investment.
So how do you move on?
Cut yourself some slack: “Understand that everyone has a dud, and if it is your first one, then at least you have it out of the way,” Margaret Lomas of Destiny Group says.
Get help: Seek out the advice of more experienced investors so you can learn from their successes and mistakes. “Mix with investors who are further down the continuum than you are and learn from others in a supported environment,” Lomas suggests.
“By surrounding yourself with like-minded people who can set an example, you will see that others have not had poor outcomes from taking the plunge, so you will have more confidence in your next property purchase.”
Educate yourself: There’s always a chance to do things differently next time. “In my experience, most investors who have made bad investment decisions were lacking some necessary information when they made their purchase,” says Rocket Property's Ian Hosking-Richards.
“If you’ve purchased underperforming assets in the past, you need to identify exactly why the property has not lived up to expectations, so you can avoid repeating the same mistakes in the future.”
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
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