Hi, I have been looking at getting an IP for feels like my whole life (at least the last 5 years anyway!!!)…done heaps of reading, lots of research, have found where I want to buy and know what my numbers are looking like….so why is it I keep talking myself out of it? Everyone seems to have a different opinion and I am worried that I am going to do the wrong thing.
HELP!!!!!!!
Hi dbliss,
It could be fear of losing money, or it could be"analysis paralysis" (something I suffered from , but got through due to the people around me pushing me to take action!!)
"Analysis paralysis is where you can’t take any action due to over thinking about the details or over planning and is one of the best “action” killers we can possibly find. Planning definitely helps when we are starting a new project but it should not be to the extent that it overwhelms us and causes us to fail to make a decision and take action.
My advise would be to simply find a very small project, and just GO for it! It is almost worth losing a small amount of money to take the first step, because once you have done so, you will never look back! Others advice will vary on this topic, but just a suggestion.
Sometimes best thing to do is geting in the deep end, but ensure you buy the right properties to get you to your investing destination.
Borrowing some excellent advice from Melanie McDonald's blog; about how to start with property investing.
Q: How do I get started?
A: You just start.
Sounds flippant but I mean it. Will expand on the point tomorrow.
To the point I thought
Hello dbliss,
maybe your life is… as your name suggests in 'BLISS' and you do NOT need to do anything.
Of course everyone has a different opinion. There are many ways to get started or expand a property portfolio. You too can have your opinion (based on your collective research) and so far have expressed it in do nothing.
At the end of the day it is your hard work, your money, your future you are talking about. DESIGN it the way you want to retire… and start when YOU are ready.
AA
I would say stop listening to people! Who cares what everyone’s opinion is.
Here is what I did
1. I set an investment goal – I set a level of passive income I wanted to achieve through investing in property (I am after passive income NOT growth)
2. I decided what I want in a property to get to my goal – I have very specific things I look for in a property before I will be willing to invest. This helps me cull every other property and focus specifically what I want.
3. Decided to invest NOT to make money but to learn – I was willing to risk losing money in order to learn. I could pay $10,000 for a seminar to learn, or I could take action and risk losing $10,000 but learning a whole lot. I looked at it as a learning experience…not only a cash investment. This helped me get over the fear.A few tips:
1. Get loan pre-approval – This means you will be able to act quickly
2. Get a conveyencor or solicitor (or their number at least) – So you can move quickly
3. Get the numbers of a building and pest inspector so you can move quicklyHope this helps.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
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