I don’t mean, of course, that you wish to move in with them! Rather, it may be felt that it would be nice for you to own a property portfolio. You need to think about whether you have the appropriate skills and what is required to really be successful in this area.
One point that is worth making at the outset is that property investment clearly requires a considerable degree of expertise. Most people who have been successful in this area have demonstrated a real understanding of the property market, property maintenance and of particular locations. If you don’t have such knowledge, then you’ll certainly need to start learning.
Understanding the market within a particular location can be especially useful and may make a good start. How should you go about doing so? In the first instance, it makes sense to understand the geography of the location. You’ll find it very difficult to understand the pricing of properties, if you’re unable to identify the geographical factors that have an influence in this respect.
You also need to learn a certain degree of empathy. What do others look for when they come to make property purchases? This is something that’s always useful to know, since families and individuals are likely to hold different views to your own. You may not, for instance, give particular consideration to the proximity of schools and playgrounds. For those with young children, however, such factors are likely to be particularly important.
Once you have an understanding of the area and its attractions, you’ll need to keep a close eye on the property market. Take a look at the properties that are being sold. What sort of sale prices are they achieving? Who appears to be buying them? It’s amazing how much information you can gain in this way.
Some would suggest that you should learn about investments by reading numerous books. When it comes to investing in property, however, nothing compares to having this detailed understanding of a local market. It will enable you to identify great deals and to make the right moves.
Of equal importance is the fact that it will allow you to act quickly. You’ll certainly be in a great position to snap up the real bargains when they come on to the market.
Having read the above information, how do you feel about becoming a property investor? I ask the question at this stage because I believe that your mentality is of particular importance. If you believe that you can succeed, then it’s very likely that you’ll be able to do so.
—Property Millionaire Intensive
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