With so much information and just as many resources available these days, both online and offline, we are really spoilt for choice when it comes to researching anything. This is a blessing, and can also be a bit of a curse. When you really want to sort out 'the wheat from the chaff' when making a decision about something, you have to use both common sense and your own intuition. When relating this to searching for information about a particular property deal, or finding out about how to invest in property safely, you really do need to be careful. You can certainly glean a lot of advice and opinion from various websites, forums, webinars, courses, etc, but there is no substitute for your own experience. Knowing what to do and what to avoid only comes from getting out there and taking action. When I first started investing in property, I initially took advice from those who had already had some degree of success in their property dealings, learnt what I needed to know about simple due diligence and research, how the numbers worked and what the implications of being a landlord were, and took it from there. What I will say is, 'A little bit of information can be a dangerous thing' in this business. You cannot expect to learn all you need to know in a matter of days, or even weeks. It takes dedication, learning, practice, proper due diligence and the ability to take calculated risks over the course of time. For example, I have met people who have attended a weekend seminar or watched a few webinars and have then gone out, remortgaged their own home and ploughed into their first property ventures...only to get it horribly wrong! Now, you do have to start somewhere, but make sure that you are as informed and knowledgeable as possible. Your approach to property investment needs to be professional and responsible. You need to be confident that you are making the right decisions and have covered all the angles. I have included some useful pointers below to help prevent you from making rash decisions which could end up leading you down the garden path.
- Take your time to find out about what is right for you
- Work out what your options are and research until you are happy with your choice
- Seek advice from someone you know has 'been there and done that' and has been successful in the strategy you'd like to embark upon
- Gather as much information, resources and practical tools as you can
- Read books on the subject to gain a better understanding of the industry and various perspectives
- Educate yourself as you go along
- Put into practice what you learn and only make decisions which are congruent with your own requirements