Property is one of those things that can be easy to do, and just as easy not to do. As a time poor professional concerned about improving and maintaining your lifestyle long term, you may know that you want to do something in property BUT you cant see how. You appreciate the importance, however, there is always a BUT that prevents you from getting started. You believe in the power of property, BUT you don’t have time, BUT you don’t have the expertise, BUT you don’t know who to trust.
If you’re one of the many Australians procrastinating on investing, let’s kick your ‘BUT’s’ by debunking the main concerns you’re likely thinking about.
‘BUT I can’t afford it, and I don’t want to sacrifice my lifestyle.’
You don’t want to be forced to live on a diet of toast and two-minute noodles stuck at home watching ‘Friends’ re-runs when you buy an investment property. If you just focus on buying the property without first establishing the right structure and strategy this can often be the case. But if you engage the right people, follow the right process and focus on the right product structure before even considering the property, it is not difficult to convert a considerable cost into a cash flow that is actually putting money into your pocket – this is clearly affordable and actually, improves your lifestyle!
‘BUT We tried it once and it didn’t work out’
Over 70% of property investors only own 1 property, and 50% of them sell the property within the first 5 years. This is because first-timers try and do it all themselves by reinventing the wheel. If you need life-threatening brain surgery, do you google it, race out to Bunnings, buy a drill, scalpel and some cotton wool and then try and perform the operation yourself on the weekend in front of the bathroom mirror? Obviously not – yet this is effectively exactly what first time DIY property investors do and then wonder why it doesn’t work out. If you want to achieve a successful and safe operation you engage the best available neuro-surgeon and his team of specialists to sustain your long-term health.
Like anything done well, successful long-term property investment is also an elite specialist team sport. By engaging a proven professional property investment advisor, accountant, investment savvy finance broker and residential project manager to protect your interests, it is not difficult to save thousands by building an investment property that slashes stamp duty and combines tenants in common provisions, tax depreciation and tax variations to transform a significant weekly cost into a property that is putting money in your pocket.
If you stopped trying to walk the first time you fell over when you were a baby rather than watching others and kept trying until you succeeded you would still be in a nappy on your hands and knees – so get up, get help and get moving!
‘BUT I don’t understand property, it’s too hard’
Like anything new, property can be a difficult thing to get your head around – you just don’t know what you don’t know. Often, attention to detail is the difference between success and failure in real estate, so it’s important to avoid taking shortcuts or trying to reinvent the wheel. Successful property investment is definitely not a DIY project – you need to engage a team of proven experts to make it happen for you.
No matter the reason, it’s important to realise you can overcome whatever is ‘a pain in your BUT’ that is holding you back from investing. With quantifiable goals, proper research and support from a team you trust, there can be great success for anyone.