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There are six common mistakes people make in their approach to property investing, that stall their progress and impact their ability to truly succeed. Being aware of these mistakes is the first step to ensuring that you do not let them impact your own investment journey.
Over analysing the process and allowing fear to step in, often results in potential investors stopping themselves from taking action. They may see a property market and potential, and have the resources to invest, but are too fearful to take the next step. It is important to do your research, determine an investment goal then push past the barriers, mental or otherwise, to make it happen.
To achieve success in property investment, you must have a clear goal of what you want to achieve and what you want the outcome of your investing to be. These goals drive the direction of your investment journey. If a course of action doesn’t align to those goals and push you closer to achieving them – don’t do it. Without any goals its easy to procrastinate or get side tracked by other potential opportunities. Investing is not about making a quick buck. It should be a lifestyle and part of who you are.
Do not get caught up in the small details. Frustrations about tenant issues, unforseen barriers, unrealistic return expectations or even emotional attachment to the look and feel of a property can impact logical decision making. Do not bring emotion to the deal. Focus on the numbers and how the investment can work for you.
Particularly in the early stages, the mental approach towards finances must be disciplined. The main focus should be on property investment, not other material pursuits. It’s also important to remain focused on the bigger picture and ensure that you don’t make poor financial decisions that will impact future investing.
There are plenty of excuses investors make for avoiding the next step. If you have an excuse that is stalling you from taking action, work out the reason behind it and determine a way to move past it. Is there actually something blocking your way that needs to be worked around, or is it simply a fear that needs to be overcome?
There are plenty of people out there that feel they ‘know-it-all’ about investing, making assumptions about the advice or knowledge of others to suit their own view of the investment process. This mindset means they often miss out on one of the most valuable resources for growth – shared knowledge from others. It’s important to be willing to listen to the experiences and advice of others, particularly those with expertise in the field or who have achieved what you are striving for, to further develop your knowledge and make informed decisions to maximise investment success.
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