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?