Research is the cornerstone of any successful investment. At no point should you consider cutting corners, but due diligence has drawbacks. In your bid to cover all your bases, it’s inevitable to feel bogged down with all the information you come across. In your desire to reduce your risks, you lose focus on your goal of buying a great investment property.
When you spend an excessive amount of time conducting your due diligence, you delay making key decisions for fears that you don’t have “enough” information to make that call. At worst, you feel swamped. Your research makes you “paralysed”.
Basically, you’re stuck doing the background checks without actually using it as it was originally intended: to help you make a decision and take action.
The trick to getting yourself free of this paralysis is fairly simple. It requires adopting a mindset that only a few investors really learn. With your head in the right place, it’s possible to balance your need to thoroughly research property and take action. The strategy is proven. It has been tested. It works.
The core principle is to realise that you will never have all the information you need to make the decision.
Yet how do you reach the point where you’re comfortable truly adopting that mindset?
In the August edition of Your Investment Property, successful investors reveal the key concepts and philosophies that have allowed them to find just enough information they need to make quick, snappy decisions, but more importantly, decisions that have made them wealthy.
Available here, the August edition includes tips, tricks and proven methods for getting ahead in your property investment ventures. As Australia’s most trusted property magazine, it is an investor’s best bet for navigating the property market and coming out financially better off.
Australia’s best suburbs: where to find the best opportunities for multiple strategies, including cash flow positive properties, high growth prices and low risk investments
Get the loan, each time you ask: Learn how to score a yes on your mortgage application every time
Investing without your salary: How to improve your property’s cash flow without funding the bill
PLUS, much, much more…
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