‘Where should I buy property?’. That’s a great question, however a better question would be prefaced with ‘this is my strategy…’
Investing in property can be extremely rewarding, but you need to know how you are going to do it. Would you buy a new car without first determining your price range, the make, model, colour or included features? The same applies to property investing. Research is required to determine how you will invest in property.
A key part of “the how” is knowing what you are good at. Why? When it comes to investing in property, knowing what you are good at will help you determine the strategy you should focus on.
With property, it is a case of “horses for courses”. You will find that you’ll be drawn to one or two particular strategies more than others. Take the time to make a plan of what best suits you, your personality and your available time and resources. Is it renovating? Is it developing? Is it making changes to a property to increase the value (such as strata titling)? Perhaps it is finding deals for other people?
Work out exactly what you are looking to achieve through investing in property:
Focus on your strengths, make a plan and determine how to best achieve your property investing goals.
In my next blogs I will look at what you need to know and understand to make these decisions.
Wendy Moore was one of Australia’s leading IT project managers when she realised she was more passionate about property than project management. She left her highly paid position to become a full time property investor. She founded Affluencia to teach other women how to enjoy success in property investing.
Smart Company is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.
