When you think about it, the concept of success with property investment is simple. All you need to do is find the right property in the right area at the right price. Other factors certainly help like rising house prices, the demand for buying houses, the demand for rental property and purchasing a property that has renovation potential.
Of course there is a lot involved in getting to this “success” point. Even if you really know the market in your area well there is always a ton of research to be done to find that ideal property. Is the property in an ideal location for transportation, schools or the local college or university if you are planning to rent to students.
Research Research Research
The plain truth is that you cannot do enough research. If you make a mistake at this point in the proceedings then your property investment project could be a total disaster. A lot of people that are new to property investment have a tendency to “jump in” and buy the first reasonable property that they come across and then wonder why they can’t make a decent return.
Do You Have What It Takes?
If you are really committed to succeeding with property investment then you had better make sure that you have a strong will and your mindset is right. You need to set financial goals and know what you want. If you don’t do this then your property investment business is going nowhere from the start.
Know The Numbers
Talking of money, you have to crunch the numbers to ensure that you will be getting an adequate return on your investment. If you don’t know what return on investment that you want then get advice on this from a property investment expert. You do not want to risk your money and spend a lot of time on a project where you will only break even or worse.
Lots Of Work After The Property Purchase
Once you have found your ideal property then there are bound to be some jobs that need doing before your property can be flipped or rented out. If you don’t know any skilled trade’s people in the area then you are left with recommendations from locals or the phone book. Both can be a total gamble and there have been numerous horror stories of how properties have been left with half finished work by unscrupulous traders.
If you manage to overcome the renovation hurdle without too much pain then you will have to find buyers for your property or tenants. This can be very difficult to do on your own if you don’t have the right connections in place. There are many devious estate agents and letting agents that will attempt to take more money from you than they should.
So Many Things Can Go Wrong
There are so many things that can go wrong in property investment. They could mean the difference between success and failure. The other thing to consider is all of the work that is involved. The initial research will take a lot of time and then you will need to view several properties before you decide to purchase. Once you have purchased you need to supervise local traders to do the work that is required. Do you have the time and stamina for all of this?
Here Is Another Way
There is a way that you can be successful in property investment without all of the headaches and time commitments. This is by working with an already experienced property investor in a partnership. At Creative Property Investors we have the right experience and if you want to know more about our “hands off” property investment opportunity please contact us here.