In property business, it is hard to be totally independent. Sure you can do your due diligence with self-discipline and passion. However, you will still need others no matter how skillful you are. Especially, you need advice from the professional, experienced people in the business. Seeking for advice is not something embarrassing. It doesn’t show your weakness. It is good thing to do indeed. It means you are active in achieving your goal. If you keep relying on yourself, you won’t be able to broaden your sight. You will open your mind more once you get other’s opinion, suggestion, or advice, especially from those who have far more experience than you do.
Knowing misleading advice in property investing
There are successful investors in property business. However, there are also those who fail. Receiving advice from those who fail in property investing isn’t always bad. Asking advice from successful investors is not always good as well. Thus, you need to be recognize which advice is good to help you improve your investing and which one don’t. Here are some misleading advices you should know:
- First advice is how you can just sit and relax while running your property business because the money will grow itself. Well, it is not true. There is no good things come out for just relax and watch when it comes to handling business. You need to handle all hand-on works if you wish to become successful investor. Even if you run rent your property, you can’t just sit and just receive monthly payment. You need to do something before getting there. Choosing the right property, the right tenants, the right agreement, etc.
- Next misleading advice is about how you can just focus on rental yield in property investing. Of course, you can choose to involve in rental yield as long as it is healthy. First thing first, you need to make sure that it is not at the expense of capital growth. Buying a property cannot be based on this factor only. There are many things you should consider as well. You have to make sure whether or not the property is a good investment.
- Another advice is how you’d better to choose buy-off plan. However, in reality it is not something promising for property investing. There are too many competition in the market when you are going to sell it. It is more recommended to stick to established building in established areas since it makes good investment. You don’t have to gamble with something uncertain.
- Last but not least misleading advice is how promising it is to invest overseas. Of course, you can invest in anywhere you want. However, invest overseas is not always good idea. You can invest overseas as long as you are already familiar with the areas, experienced in the local market and speak the language. If you are not one of them then it is not good idea to invest overseas. Local laws and language barriers are the hardest hurdles you need to handle.