Buying a property to rent out is a popular form of investment, however many people get overwhelmed by the process and quit before they even start. There are many factors to consider when investing in property. What are the fears and factors that have prevented you from taking this step? Some of the feedback we have received include;
- Will I get tenants – will I get good or bad tenants?
- Fear of debt.
- Not the right time/when is the right time?
- Don’t know where to start.
- Where do I get information?
- What sort of deposit do I need?
- What will it cost me to invest?
While fears and concerns are different for everyone, the most important thing to consider before taking the next step in your financial journey, is having solid goals.
Take the time to document these goals – you must “begin with the end in mind”. What do you want to achieve in 3 years, 5 years, 10 years+? Write it down!
Why is it important to do so? If you have a target it is far easier to picture where you are in relation to your goals.
Use the following analogy – imagine your “end goal” as a completed jigsaw puzzle and the individual pieces are all the necessary steps & processes required for you to achieve your goals.
How much easier is it to complete the “puzzle” when you have a picture of the completed “goal or result” on the outside of the box? Without it we could possibly put a few pieces around the edge, but we would struggle and possibly lose interest if we didn’t have anything to reference our progress to. In real life, this could mean your financial goals take significantly longer to achieve or worse yet, are never achieved.
Let us help you piece together your financial puzzle. If you would like to learn more about starting your property investment goals, register now for one of our FREE property investment information sessions.