Are You Looking at The Property Investment Process Backwards?
Most of us assume that if we want to invest in property the place to start is by looking at property, we want to find one we like.
Once we have done it this way, we have become attached, and then we often can’t work out why not to buy it. But what do we really know about the opportunity?
George and Lola wanted to buy an investment property to top up their retirement position. They had paid off their own home. They owned some shares. They had some superannuation. When they really looked hard at their retirement plan, they realised they had a tight budget.
It just wouldn’t let them do so many of the things they loved, very often. And it certainly wouldn’t let them help their children out. This was unexpectedly distressing. So they wanted to get it right.
They were really tempted to buy a property they could drive past each day. Then they could see that the lawn was neat, the letter box emptied and no one was parked on the grass.
Forrester Cohen suggests you start from a completely different viewpoint.
That you start with the end in mind.
The question is: What do you need the property to deliver and by when?
This becomes your goal. Your research, or our done for you service, begins with working out where to invest to deliver your goal.
- 1Which areas are doing well now?
- 2What economic drivers are boosted in those areas for a strong, start, middle and finish to your investment cycle?
- 3Is there Government Policy backing up these strong growth indicators?
- 4What style of property has the best opportunity to perform?
- 5Are there any detractors planned that are likely to impact the investment?
From this comprehensive evaluation of the market, informed decisions can be made to select the best investment area, best timing and best property for your strategy.
George and Lola had about 6-7 years before retirement. They wouldn’t need the income from their property immediately.
The Forrester Cohen process supported them to buy a great property with a strong exit strategy to sell, or the choice of paying it off and creating an asset for income.
p.s. If you’re ready to get started now, then click the button below to book a complimentary 1-on-1 planning call to discuss a strategy to suit you. You’ll speak to a member of our expert coaching team and talk about how you can experience your own breakthrough with your strategy.