When you are new to property investment there is a big temptation to try and do everything yourself. But this can be a big mistake. OK you want to keep the costs down that is understood. But sometimes this can really be false economy. Trying to do it all yourself can actually lead to your property investment project failing.
The video that we have for you today is about this very subject. The presenter, Rob, states that being a one man band property investor can be a gamble. He provides his experience of when he started out and took on everything himself. He tried to do the lettings, manage the refurbishments, finding the tenants as well as the ongoing running of the property.
This is all very time consuming. It can also lead to much slower growth so you are not able to get the same results as you would do that other property investors get because they do not do everything themselves. All of the different aspects of successful property investment present a big learning curve to the newcomer.
It is very difficult to be an expert with lettings, sourcing properties, refurbishments and the other activities that lead to a successful project. It is also a very inefficient use of your time. There are three very quick ways that you can improve your situation.
Consider working with a mentor. This does not have to be someone that you pay. It could be someone in your peer group that has been successful with property investment. It should be somebody that will not mind you asking questions and will even help you out with your projects.
The second bit of advice is to really consider what your time is worth. What are the most efficient tasks for you to be spending your time on? What are the highest income generating tasks? Then outsource everything else. Focus on your skill set.
Lastly learn from other people’s mistakes. Copy success and as you know success leaves clues. If your aim is to develop a large portfolio then go and find people that have done that. Ask them questions and you will find that most people will be willing to help.
There Is No Need For You To Go It Alone
Think about partnering with us at CPI and benefit from our experience and expert team for your next property investment project. Our “hands off” property investment program has worked very well for others and it will for you too. Contact us here to find out more.
The video is below