When is it safe to stop researching your investment property?
It’s all too easy to get bogged down in research before investing in property. It is a major purchase and not doing proper research can lead to disaster, but the question is: when have you researched enough? At Rocket Property we have encountered both types of investors, the types to leap before they look and the types who spend months, years and even decades ‘researching’ before they buy, getting completely overwhelmed in the colossal amount of information presented to them. So how do you know when enough is enough?
Learn to curate the internet for relevant property information
The Internet is a truly wonderful thing! A Google search can reveal more information than is possible to consume in a lifetime and there is no lack of information available about property investment. Information shared on Facebook tends to be very subjective and you will find a lot of clashing opinions. Even the property experts don’t agree on some fundamental property investment guidelines, so what hope does a novice investor have? The best thing to do is curate your Internet research by following a few investors who’s property portfolios align with your goals and follow their advice, but try to not get too caught up in the crossfire of opinions.
Be wary of Property Investment Expos
When your first starting out property expos can be both inspirational and overwhelming. As a regular attendee, I like to ask fellow guests their feelings at the end of the event. Unfortunately novice investors who come to the expo for more clarity end up leaving more confused than when they started! Like Internet research, expos are completely overwhelming and can scare the potential investor away for fear of following the wrong path!
Leverage off the research of experts
The real trick to property investment research is to not start from scratch but leverage off the experience of others. I was lucky enough to meet an expert who had done all of the research already and was willing to share his expertise with others. I was impressed with his property portfolio and his method for buying and selling was stress-free and hands-off. Thanks to his experience I was able to grow my portfolio in just three years.
Find a mentor you can trust
There is a lot of misinformation in the property investment world and a lot of advice given to service the advisor rather than the advisee. While it’s great to keep an ear to the market and have a solid understanding of potential other pathways to property success, you need to have a stronger understanding of your own path, which will be influenced the most by your property mentor. Your property mentor should be a more experienced investor who understands your goals, wants to help you achieve an impressive property portfolio and is generous with his/her advice and research.
Don’t try and do it alone
If you have been stuck researching for over a month and are not sure which direction to take, my best advice is to find a mentor and follow them. It is the quickest and most risk-free way of achieving success and will end up being the blessed light at the end of your researching tunnel. To better understand Ian Hosking Richards method for property investment download his free E-book, 60 minutes to Property Success and follow in the footsteps of professional investors.