Seven Things That You Should Know Before You Start Property Investing

I've been an investor and a property strategist for a while now. Some days when I reflect, I always have this question in mind.

If I could go back 5 or 10 years, what would I have liked to know then that would have made me do things differently?

As I looked back, it made me realise that there are many things I wish I had known sooner.

I would have become a wiser person, and a more successful property investor had I known certain things earlier.

Nevertheless, I realised that this might help aspiring and novice investors get off to a good start.

So I thought I'd share it with you.?

These are the seven things I wish I had known about earlier:

1. Reality is shaped by your attitude

Life presents us with both problems and solutions whenever things go wrong.

Your reality will eventually change if you change your attitude.

Positive thinking allows you to see things and points of view you had previously overlooked.

2. Invest your time wisely!

Time flies, as they say.

Yes, so make good use of it!

Your time should be invested carefully.

As we know, 80 per cent of the value we receive comes from just 20 per cent of our activities. (Pareto principle, yeah?)

Stop spending a lot of energy on things that don't produce many benefits.

3. You are your own life's scriptwriter.?

Your thoughts will lead to your feelings, your feelings will lead to your actions, and your actions will lead to your results.

You are responsible for everything that will happen to you. Both good and bad.

So, learn to take control of your life. As soon as you realise this, your actions and results will change since you will finally accept responsibility for everything that happens to you.

4. Worrying is a waste of time.

Things that you fear rarely happen.

And if they do, they'll probably not be as bad as you thought.

Whenever you face a challenge, try to put things in perspective by thinking:

• What is the worst that could happen?
• What would be the ideal result??
• What do you think is most likely to occur?

What seems important to you right now might not even register with you in five years.

5. You grow by making mistakes!

Even negative experiences, mistakes, and failures can teach you something that a win could never.

Our drive to get things right often prevents us from seeing the value in getting things wrong.

We usually spend a lot of time regretting our decisions.

A paralysing fear of making mistakes can prevent us from doing anything.

Take the opportunity to learn from your mistakes and do it differently next time.

Remember, one failure can lead to many successes.

6. Markets for investments and the economy both follow cycles.

Although no two cycles are ever the same, investors should be aware that every downturn paved the way for the subsequent upswing.

While the real estate market is about to enter a period of correction, there won't be a crash.

Successful investors aren't bothered by this.

They understand that market downturn are seen more as an "admission fee" than a penalty. In contrast, they view the short-term decline in the value of their properties as a cost of participating in the market. Furthermore, they know that long-term success entails a price.

7. Take advantage of the wonders of compounding.

Wealth is created by building a sizable asset base.

In reality, the process of growing assets takes time. And successful investors are aware that it costs money to make money.

Compounding is what builds wealth, and it takes time. The benefits of compound interest are most remarkable for large assets.

Hold on to solid investments for a long time, reinvest income, and let capital gains accumulate.?

The abovementioned list would have made me a more successful property investor. You can be, too.?

You have to be open to various new ideas to become wealthy truly. You will need to acquire new skills and take in a broader range of possibilities than you are currently capable of.

Most importantly, recognise the importance of investing in a good team of professional experts before investing.

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Disclaimer:?This article is general and does not consider your situation. It would be best if you considered whether the information is appropriate to your needs and, where applicable, seek professional advice from a financial adviser.