HOW TO OVERCOME HURDLES IN PROPERTY INVESTMENT
Jane from Facebook asks: “I’ve purchased four properties and I’m kinda stuck. I don’t know what to do. What other ways can you get out to purchase more properties in your portfolio?”
Without knowing the specific details about your portfolio and how you became stuck, we can’t give you specific advice. However, here are some things to consider that may help you move forward.
WHAT TYPE OF PROPERTIES HAVE YOU ACQUIRED?
According to Nathan, a lot of investors get stuck on their journey because they have invested in the wrong types of property. Whether it be from lack of experience, poor advice from the wrong advisors or just having the wrong team of professionals around you, buying the wrong type of properties kills your chances of moving up to the next level. Some examples of properties that prevent you from moving forward are ones that are heavily negatively geared, have been purchased off-the-plan, are part of a retirement complex or are designed as student accommodation.
On the other hand, investors with excellent portfolios can also get stuck at a certain point. It is important to stay fresh and focused on your goals. Once you succeed in those goals, make new ones. This will keep you in the game and on the ball – so you don’t miss out on any opportunities that come up.
HAVE YOU GOT THE RIGHT TEAM OF PROFESSIONALS AROUND YOU?
If you have chosen your mortgage broker, financial planner or property managers based on friendship or family ties, you may be cutting your growth short. You should always see investing as a business venture. When employing the right professionals to keep your business running, you should choose candidates based on their skills and experience, not on your personal relationship with them. Find the best professionals for you – the ones who will take you higher, not cap you at their level.
DO YOU KNOW YOUR GOALS IN DETAIL?
If you want to get somewhere, you need to know where you are now and where you would like to go. Only then can you figure out which direction to take on your journey. Revise your situation, revise your strategy and consult with a trusted team of experts.
To find out more about how you can be successful through property investing, call the Binvested team on 1300 367 925.