A)Dont smoke in bed…
B)Bite off more than u can chew.
C)NEVER<EVER take advice,or be swayed by negative people.
D)If possible,find a mentor.(If not,chat on this forum!& have many!)
E)Read,read,read…until ya eyeballs bleed!
F)Ask as many qu’s as u can,to anybody,then double check it with someone who knows!This method saves alot of time & money asking the knowledgable (& expensive) pro first up.
Hope these help.
Keep details of all your financial transactions on your home computer (yes home stuff like kids clothes, groceries, dinner out etc. as well). This helps you track not only IP performance, but highlight areas of personal spending you may not be aware of or not like. Therefore save you money, which you can then invest!
Always look for something extra – some properties have that extra bit of land, some have better fittings (eg increased rent or decreased vacancy), some are at a bargain price – why buy average?
Good deals, by definition will only be a small percentage of available deals – don’t buy average properties – any mug can do that – take the time to find ripper deals.
A special benefit from the property means you’re ahead at day one. People who say you can’t buy better than the market average should be avoided.
Also, know what type of profit you need – what’s a good deal for others might not suit your needs – there are many ‘good deals’ that might not suit you – figure out what you need and get out there and find it.
Finally – desperation is a bad (very very bad) motivation – realistic expectation of profit based on solid research is a good motivation.
Tip 1 : Chat to as many older people as you can about their property experiences. Try and find one with a decent memory for figures…
Tip 2 : Try and learn as much from people who are a little further down the investing track than what you are right now. Someone miles in front is probably of little value to you as their techniques will be different.
Tip 3 : Get a cosy relationship happening with your banker – they will end up being your closest partner in the property investing game.
Tip 4 : Never miss a payment to your Lender.
Tip 5 : Try and buy deals where the land component is greater than 85% of the total property value – hard to get +CF with this scenario but not impossible.
Tip 6 : Configure your ownership structure to protect your ever growing asset base.
Tip 7 : Don’t lose sight of your most valuable assets – your immediate family members.