Mistake # 4
COMMERCIAL
In Property this means trusted experts in these core areas :
• Raising money from the banks
• Accounting and tax compliance
• Conveyancing and Property Law
• Trust formation & management
• Deal sourcing
Mistake # 4
Trusting your private banker too much .
As we enter a new phase of credit tightening internationally and locally , your ability to “ shop around ” for home loans is critical to your property success . As much as your private banker might give you convenience , you are likely to pay dearly for such convenience , at least over the medium to long-term . Do you pay the same for your cold drink at the petrol station as you do at a large supermarket ?
Avoid the above mistakes and you are already half-way through your property journey of success and financial independence . The rest boils down to “ patient action ”.
I often experience being approached by aspiring and growing property investors that have taken no action for years ( mainly without a true reason for that ) and now they want to play catch up . And that ’ s very dangerous . Let ’ s say that property investing is a bit like running a marathon . You have run your first 21km ’ s slower than you wanted to .
There is no way you can make up time by trying to be running the 2nd half of the marathon faster . All you will end up doing is to “ blow up ” and probably having to retire from the race .
3 Key Hacks to running a successful property marathon .
Develop deep area expertise for one specific area
Stick with it for at least 6 months before changing it or expanding it to an additional area . Area expertise starts with a solid understanding of the supply and demand dynamics of the rental market ; it is the rent you receive that pays your bond , levies , and rates .
As such the health of the rental market is the most important
113 MAY / JUNE 2023 SA Real Estate Investor Magazine