Two common property investment myths: dispelled
Entering the real estate game can indeed be exciting. Perhaps it is the element of risk, the prospect of making money, or the thrill of owning valuable property – whatever it is, it attracts a host of new contenders each and every year.
And while the real estate landscape is not so much a competition as it is a battle of know-how, many have stumbled and many have fallen in their quest towards independent wealth.
There are a few reasons for this and often each trip and fumble has been related to their belief in common property investment myths.
To keep your feet firmly on the ground, your head out of the clouds, and money in the bank, it is recommended that you heed the following two common property investment myths…
1. There are no shortcuts to wealthy town
We all have that grand illusion in our head about buying that perfect property at a phenomenally low price and selling it at an exorbitantly high price a short time later.
This is what is commonly known as the ‘get rich quick’ scenario – the overly optimistic and irresponsible approach to real estate investing.
A clearheaded long term investment is the tortoise in this race, while the opportunistic and hasty property purchase is surely the hare.
Everyone knows the outcome and yet, time after time, investors gamble their hard earned equity on a pipe dream. Don’t do it!
2. You don’t have to be an expert to make your mark
On the other end of the spectrum, there are those sitting on the sidelines – waiting in a futile attempt to garner all of the relevant information related to property investment strategies before getting in on the action.
There is such a thing as being overly cautious, and familiarising yourself with every written and spoken word on the market has the potential to leave you feeling less confident than when you started.
The market is always changing and there will always be certain elements that you cannot possibly know. The more you learn, the more you will realise you can learn more, and the cycle will continue for years – leaving you exactly where you started.
Find the right balance and get in the game!
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How many houses in how many years was that book called? Seemed quick.