In summary, there are some tips that separate successful property investors from everyone else. These tips are as follows:
1. We Need A Lot of Capital to Invest – By utilising other investors through loan, we can generate enough capital to invest in property without pulling money from your own pocket.
2. We Cannot Get Rich with “No Money Down” – Purchasing a piece of property for no money down is simply not feasible. If we truly financed a venture for 100 percent of its cost, this would turn into large monthly payments and no money to help with improvements. In addition, flipping houses – buying and selling on a fast track – is also not feasible in most markets. There is no short cut way to get rich.
3. We Don’t Have To Start Small – Small isn’t always better. In fact, it may be wiser to invest in larger ventures, such as multi-units, because these types of property hold a lot of value. In addition, if we go the landlord route, renting our a multi-unit complex is less risky than a single family home because you have more tenants to rely on for monthly payments.
4. The Magic Touch Is A Myth – There is no such thing as a magic touch. Successful investors are not lucky, they are well educated, can make decisions, and have common sense. This is all we need to be successful too.
5. We Don’t Have To Have Connections – We don’t have to have a major network of colleagues who are already in the industry to break in you. Who we know is not as important as it seems. However, we will need to build a network as we grow our business as there are several advantages to know other people.