As a property investor you’re always going to be learning. It never stops. And while there’s a lot of information out there, not all of it is the same in terms of reliability.
Getting investment property research right is vital to creating a portfolio that performs well.
1. Consider the source of your information
Don’t take everything you read – or hear – at face value.
If your source provides information on where they obtained their data (and they should) then check with the original source. Don’t rely on word of mouth or media hype about the investment potential of a location or property.
2. Do your own fact checking…in other words, “trust, but verify”
Do your own fact checking. Learn where you can find the source information you need.
Let’s say you need to know if a particular suburb has been forecast to increase in population.
Where would you look?
You’d use ABS.Gov.au to find the information you need.
Resources such as town planners, news outlets and community organisations can provide helpful information about an unfamiliar suburb…very important tools when you’re buying investment property interstate.
3. Use technology to your advantage
Set up alerts with a variety of websites (e.g. google, australia.gov.au, The Age, etc.). Set the alerts to provide information on specific areas to avoid being inundated with too much information.
Often, a big corporation (e.g. Coles) will issue press releases about where they plan to expand or build. There are many websites which publish press releases, such as prwire.com.au.
4. Leverage others’ knowledge
Positive Real Estate mentors are not just trained on the best property investment information available, they’re active property investors themselves.
They know what it’s like to be scared out of their minds at their very first investment property purchase and they know what it’s like to be looking at a multi-million dollar investment propListen to the advice given by people further down the investing road than you, take what fits you and set aside the rest.
There’s only so much you can learn through reading books and watching videos. Sometimes it takes face to face communication with people who have walked the road you’re now looking at.
Find other investors you can meet up with to talk shop. Not only will you learn a lot, you’ll be encouraged by their success and inspired to create your own wealth creation success story.
To meet other investors, join our next free Investor Night:
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