I think the most important thing to consider when investing in property is to do your own Due Diligence! It is important to look at local trends, suburb pricing etc. so be sure to collect all relevant data upfront.
I know this may sound obvious but I have seen many people fail through not doing research first. There are lots of free and some paid for services that will deliver exactly what you need to make an informed decision.
I missed this post (silly me) but you are correct, most hard luck property stories all ways seem to start with ” I wish I had researched more”!!!
Property is without doubt the biggest outlay you will ever make, so it all ways amazes me when people do not research fully.
Come on people this is not rocket science and this very forum gives you the information needed to make THAT informed decision.
It’s amazing isn’t it the amount of people that lose money in property, or any other financial investment because they have not checked things out correctly before hand.
And you are correct this type of investment is as you say the biggest outlay you are probably going to make in your lifetime. Its like your wife you need to get it right first time or it will cost you money! (Tongue in cheek) of coarse Lisa
What a fantastic analogy ” Its like your wife you need to get it right first time or it will cost you money!”
But you are correct, and that comment put a smile on my face so thanks for that.
And as for the OP indeed I agree 100% with the two words ” Due Diligence”
Due diligence is such a big deal! I know that I’ve almost gone into different property investment options and then, after doing more research, discovered that it wasn’t such a good idea to consider. Because of that, I’ve really been careful and I do a lot of research before I dive into a huge investment like this. What are some of your favorite resources that help you in this way? I’ve been trying Microburbs, among others.
I’ve dealt with a lot of the same problems – there are definitely a couple of investment properties that I picked up that I ended up losing a bit of cash on. And, had I just researched using HtAG and other resources, it woulda made a really big difference, mate. It’s always worth it to pay a little bit of cash to get access to large amounts of data – the more educated you are, the less risk you’ll have when you jump in!
I lost a lot of money on a risk investment that I didn’t do my Due Diligence on. It really made me sour on investing for a bit, and I worried that I would never get back into the whole investing thing again. I got the itch again a short while ago, and started doing all sorts of research so that I would be able to sort out proper info and take another leap. Thanks for the recommendation of Microburbs, among others, mates!