So let’s look at the second factor to BEWARE of when buying an investment property.
The second thing to be aware of is your barbeque, lunch room, and Monday’s experts. You know the ones! The people who think they know everything. They will run you down and sap your confidence at every turn.
Here are some examples of the things they will say. You might say “I am buying an investment property in XYZ location” and you’re really excited about it. Then they say “XYZ location, I’ve never heard of it. Can’t be a good place to buy if I’ve never heard of it.” When that happens, just remember this: A random person not hearing of a location in advance has no effect on the real estate market in that location.
The other thing they may do is seek to find fault in what you are doing. They may identify one thing and latch on to it. Telling you that you’re mad to buy something with that feature, or in that location. They do this because it’s human nature. It’s a way of asserting dominance and influence over others – Best to just ignore them.
Also, remember this: Just because someone owns 5 investment properties, doesn’t mean they are any good at picking the best place to buy the next one either. Again remember that the property market has a habit of making the worst investor look good! To really know the market, you need to study it constantly. That’s why it is so important to seek the assistance of a full-time professional if you really want to do well, like us.
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Don’t miss this series of posts in which I will share the 3rd Factor to BEWARE of: “Caring Family.”
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