Top 10 investment tips for first time investors
The road to financial freedom
Top 10 investment tips for first time investors
NIGEL ADRIAANSE
Property investment, unlike just buying a house to live in, can be a daunting task and many have tried and failed to make it in this industry. To be successful you need to have hair on your teeth( not literally, of course)- you need to be willing to make massive sacrifices and be prepared for some really hard work.
Many will tell you that this is a great way to make“ Passive income” and IT IS but only after you have put in some serious hard work to reach your goal of financial freedom. Financial freedom, after all, is what we all seek to achieve so that we are no longer beholden unto a boss.
Here are my top 10 tips for first time real estate investors.
1
Set Financial Goals for Yourself!
Whatever the reason is that you want to start a property portfolio, the first thing you need to do is set clear financial goals. You would want to go on an extended holiday in two years or build complete financial freedom for you and your family in the medium to long term. Whatever the reason, once you have decided on these goals( yes there can be more than one) you can start to plan your investment strategy.
If your goals are short to medium term there are investing strategies that will cater for your goals. Upon knowing the goal, you will need to make sure that you have several exit strategies at your disposal so that you do not get stuck with a property that costs you money or becomes cash flow negative.
22 FEBRUARY 2021 SA Real Estate Investor Magazine