Do I become an expert or use an expert? One takes a lot of time and a lot of money – the other is the smart way to go!
Expertise is what separates the amateur from the true master in almost any field, from medicine to science to sports to artistic performance. Investing is no different.
Is this then the reason why under 2% of Australian’s own more than one property?
Do they get it so wrong the first time around that their ability to continue to build their portfolio is diminished?
Unlike many countries around the world, Australian’s love to believe that we are all experts in property but that is not correct.
What I encounter talking to all levels of property investors is, they all want to invest in property as a vehicle to set themselves up financially, to enjoy a comfortable retirement and produce a passive income. However, as per the statistic above only 2% of the population ever get there. Why? Well, you’ve either got to become an expert or use an expert.
Property investing is a maze of intricate details. Would you know the answers to the questions – where to invest, when to invest, how to structure your finances, the legalities of property contracts? The answer is likely no.
Most people have all the right intentions, but the reality is they just don’t know what they are doing. It would be like me sitting down on a piano ready to give a performance at Festival Hall, I’d have no idea.
Investors that are stuck at one property have never actually worked out exactly what their property is making them or costing them per year. They’ve never analysed their cashflow to determine what’s coming in and what’s going out. Understanding your position is crucial to successful investing. How is my property/properties really performing? Do you know how to answer that?
If not, find someone that will know, someone with experience, someone you trust, someone with a track record of getting it right, someone that can take you by the hand and walk you through it.
Or if you have the time and money try to become an expert yourself. Knowing that you’ll make costly mistakes whilst learning and will need to invest a lot of time into the process.
One of my favorite quotes is this:
“People that aren’t really smart don’t learn from their mistakes. Smart people do learn from their mistakes, but really, really smart people learn from other people’s mistakes”.
Would you like to use an expert? Contact us today.