Most investors get their feet wet in the property investing pool by purchasing an affordable property first, usually residential as it’s easier to understand and more straightforward than commercial, and then working their way up from there.
After all, learning to invest in property is like learning to do anything new.
It’s best to start small, go at your own speed and only move to the next step when you’re ready and confident that you’ve learned as much as you need to know in order to progress to the next stage.
Learning to crawl before you can walk is natural progression.
Not only is it the safer option, it’s the smarter option too.
Yes, it will take more time to build your property investment portfolio this way however, you’re almost bound to make costly mistakes.
Unfortunately, sometimes it’s just a part of learning.
And property investment is no different.
The key with starting small is that you mitigate your losses and risk so that when a mistake is made, it’s not as costly or expensive as it could be.
That goes for time, effort and energy also, not just money.
By learning from mistakes early on and from smaller investments, not only have you learnt cost effectively, you’ve paid minimal time, effort, energy and money to learn them.
So when you do make mistakes with money (because it does happen), don’t view it as losing money, view it as paying for a learning experience.
That’s because you can in fact apply what you learnt to all future ventures or investments to avoid making the same mistakes again.
Losing some money upfront can actually save you from losing more in the future.
Don’t like losing money? Nobody does, however, it is usually part of the property investment process.
So understand and prepare for the challenges that come with property investing.
This is again where we will shine another light on the importance of having a mentor to help guide you on your path to property investment.
Think of them as someone that leads the path and clears the way so you can get through easier.
Instead of losing the time, effort, energy and money yourself, why not consult your mentor before doing anything to avoid making the mistakes before you even have the chance to make them?
You don’t have to lose resources yourself to learn from mistakes.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
