Why are you investing in property? To quit your job, build a pension, start or grow a passive income?
Stick to these rules and avoid making costly mistakes.
You may have a lack of knowledge, but because you don’t know what you don’t know, you don’t know what you are missing out on.
Many experienced investors carry on as though they know it all or think they know. I recently spoke to a very seasoned investor who thought he knew everything. Upon talking to me, he has done a deal that has netted him 26k.. A deal he thought wasn’t possible.
My mentees have voted these as the single best tips for investing in property:
1. Wording to add to a business card: “If it stinks of wee, think of me” and “finders fee always paid”
2. Start with the end in mind
3. Make sure to make your profit when you buy
4. Plan to succeed and make sure to track what you achieve
5. If you fail to plan, you plan to fail
6. Celebrate every success
7. Know how and WHEN to be quiet when negotiating
8. When you make your offer, shut up
9. Using the word “because” works
10. It takes 10 years to become an overnight success… doing little and often helps
11. The more you practise, the luckier you get
12. When in negotiation, always ask the vendors opinions on cost
13. If you’re not embarrassed by your offer, you are offering too much
14. Act as if you already are
15. Make sure that you’re both on the same page when it comes to drawing up a heads of terms
16. Re-offer on properties that hasn’t been accepted in over a month
17. Give the buyer/vendor the pen to write down the heads of terms. You will be able to tell from their body language if there is something there are unhappy with
18. Make sure to take a cheque book with you
19. Always do your due diligence
20. Understand creative financing
Stick with these principles and you will be able to boost your portfolio or to kick-start one if you haven’t already started.
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