{"id":1030,"date":"2023-01-09T04:44:33","date_gmt":"2023-01-09T04:44:33","guid":{"rendered":"https:\/\/swellinvestor.com.au\/?p=1030"},"modified":"2023-01-09T04:44:33","modified_gmt":"2023-01-09T04:44:33","slug":"the-three-biggest-mistakes-to-avoid-when-buying-an-investment-property","status":"publish","type":"post","link":"https:\/\/swellinvestor.com.au\/index.php\/2023\/01\/09\/the-three-biggest-mistakes-to-avoid-when-buying-an-investment-property\/","title":{"rendered":"The three biggest mistakes to avoid when buying an investment property"},"content":{"rendered":"

If you want to invest in property, but just don\u2019t know where to start \u2013 you\u2019re not alone. Most of my clients don\u2019t know the ins and the outs of the property industry, making it hard to know where to even begin when it comes to buying an investment property. On top of this, many of my clients are time-poor, which can make the whole process seem even more overwhelming.\u00a0<\/span><\/p>\n

I deal with all types of people, from different backgrounds, a wide range of jobs, and income levels, and they all have a common goal \u2013 financial freedom, financial security, and taking care of their families.\u00a0<\/span><\/p>\n

I relate to my clients because I\u2019ve been through it all and I know what it takes to say, \u201cyes I want to go ahead with investing\u201d. One of the things I pride myself on is making sure that, once my clients have decided to invest, they secure good assets that will set them on the right track to financial success. I want to be able to sleep at night knowing that their properties are being built by the same trusted people who built the properties I own, and I want my clients to come back to me over and over to add more properties to their portfolios.\u00a0<\/span><\/p>\n

If you want to secure your financial future and you want to find out more about investing property, I can guide you through every step of the process. To get things started and give you something to think about, I\u2019m sharing the three biggest mistakes I see from people new to investing in property.\u00a0<\/span><\/p>\n

Mistake 1: Not wanting to make a decision<\/b><\/h2>\n

If you jump online, you\u2019ll quickly find countless options for investing in property \u2013 from buying overseas or investing in shares in apartments to commercial or industrial opportunities \u2013 where do you even begin? Even if you know you want to invest in residential property, the options still range from apartments to townhouses and free-standing homes, new builds, off-the-plan, and established houses. It\u2019s enough to make your head spin.\u00a0<\/span><\/p>\n

The first time I bought an investment property it was stressful and overwhelming \u2013 and that\u2019s coming from someone who is in the industry! I had the benefit of a background in property, I knew how things worked, what to do, what to avoid, and what to look out for, and even so, I still found it stressful. Waiting to see if I\u2019d been approved for a loan, negotiating prices, signing contracts \u2013 there\u2019s a lot that goes into buying an investment property and it can be hard to navigate.\u00a0<\/span><\/p>\n

Because of this \u2013 the stress, lack of understanding about how to get started, and need for support to make the right decision \u2013 many people miss out on good investment opportunities because of inaction.\u00a0<\/span><\/p>\n

I always say to myself, and my clients, \u201cif you don\u2019t act you\u2019ll always be in the same place you\u2019re currently at\u201d. If you want to make a change, if you want to invest and make positive moves for your future, you have to make decisions and do something different.\u00a0<\/span><\/p>\n

The decisions you make about investing will affect how you and your family live for the next 20 to 50 years, they\u2019ll affect your children and possibly even their children. They\u2019re not easy decisions, they involve a lot of money and trust \u2013 but they are decisions that need to be made if you want to get ahead.\u00a0<\/span><\/p>\n

Inaction will always prevent you from succeeding in real estate. You need to be able to say yes to start the process, yes to the right opportunity when it arises, and yes to following the steps I outline to make the process straightforward and successful.\u00a0<\/span><\/p>\n

The good news is, it\u2019s easy to overcome inaction with the right information. Once clients start working with me, and I outline the steps they need to take, the people they need to work with, and what the entire process will look like, it becomes much easier to make decisions and go all in. I can let you know upfront what to expect, how long things will take, and potential problems we might come across \u2013 I\u2019ve done this thousands of times and together with my networks, can support you through every step.\u00a0<\/span><\/p>\n

By taking the unknowns out of the equation, I give you the knowledge and the confidence to make decisions about your future.\u00a0<\/span><\/p>\n

Mistake 2: Staying in your comfort zone\u00a0<\/b><\/h2>\n

Now you\u2019ve decided to take action and invest, you\u2019ll need to think about where you want to buy. One of the biggest mistakes you can make as a property investor is to stay within your comfort zone when it comes to choosing a property.\u00a0<\/span><\/p>\n

It\u2019s human nature to want to stick to what\u2019s familiar, but if there\u2019s ever a time to step outside the box, it\u2019s when you\u2019re investing in real estate.\u00a0<\/span><\/p>\n

Here\u2019s a scenario I see all the time: you live in suburban Sydney and drive through the same streets every day, so when you see a house for sale just around the corner, you think it will make a good investment. After all, you know that your own home has gone up in value over the last few years, and you know this part of the city. You like the idea of being able to see your investment property, of driving past it, and keeping an eye on things \u2013 so you buy it. But the thing about buying based on comfort is that you\u2019re not looking at the market, at areas that are going to perform well, at whether the property will appeal to tenants. You\u2019re buying based on emotion, and not on the recommendations of an experienced property specialist who has done all the research for you.\u00a0<\/span><\/p>\n

In short, it can be a big mistake to buy somewhere purely because you\u2019re familiar with it, especially if you don\u2019t live in a good investment area. If you\u2019ve been considering buying close to where you live, I would advise you to think outside the box and pick a well-research real estate opportunity \u2013 if you don\u2019t, you might be making a big mistake.\u00a0<\/span><\/p>\n

Mistake 3: Trying to do it all yourself\u00a0<\/b><\/h2>\n

Once you\u2019ve committed to making a decision and looked for the best opportunity, even if it\u2019s outside your comfort zone, there are a lot of moving parts to consider when it comes to investing. It is, of course, possible to do it all yourself, if you have the time \u2013 but if you don\u2019t get your research right, if you don\u2019t have access to the best opportunities, and you don\u2019t have the industry knowledge to make it a smooth experience, trying to manage it all can be a big mistake.\u00a0<\/span><\/p>\n

The biggest benefit of working with me is that I manage the entire process.\u00a0<\/span><\/p>\n

I\u2019ve talked before about what the process of working with me looks like, but one thing I haven\u2019t touched on is the advantage of having a good relationship with builders and developers that you just won\u2019t get if you try to do it all yourself.\u00a0<\/span><\/p>\n

There can be a lot of challenges during the building process; I manage them all for my clients. And I can do this because of the long-standing relationships I have with builders and developers. I\u2019m not just Joe Blow coming in off the street for a once-off transaction and then never speaking to them again; I work with these builders and developers over and over, and they know the standards I require to keep returning.\u00a0<\/span><\/p>\n

If you work with me, you\u2019ll be like a VIP to my builders, and you\u2019ll have me to take care of any issues that come up.\u00a0<\/span><\/p>\n

I\u2019m forward and upfront about what I expect from my builders and developers, and how I want my clients to be treated. If I can save you a week in interest payments, or a week of construction time, I\u2019ll always go the extra mile to get it done for you.\u00a0<\/span><\/p>\n

If you try to do it all yourself, you\u2019ll be missing out on my experience and networks, and the support I can provide to ensure you get the very best every step of the way.\u00a0<\/span><\/p>\n

If you want to make sure to avoid these potential mistakes, <\/span>give me a call<\/span><\/a> and I can guide you through the entire property investment process.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

If you want to invest in property, but just don\u2019t know where to start \u2013 you\u2019re not alone. Most of my clients don\u2019t know the ins and the outs of the property industry, making it hard to know where to even begin when it comes to buying an investment property. On top of this, many of my clients are time-poor, which can make the whole process seem even more overwhelming.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":1031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-investing-101"],"acf":[],"_links":{"self":[{"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1030"}],"version-history":[{"count":1,"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1030\/revisions"}],"predecessor-version":[{"id":1032,"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1030\/revisions\/1032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/media\/1031"}],"wp:attachment":[{"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swellinvestor.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}