Investing in a property is probably the second most important decision most of us will make yet 90% of residential property investors fail to reach expected outcomes.
Most of them fall victim of bad advice or fail to have a plan. If they had a plan it would provide objectives, strategies and action plans incorporating the type and location of selected properties and the advice would have come from informed sources.
Over 50 years of residential property investment and consulting I have encountered many situations where bad advice has been offered.
Not by those with malevolent intent but from good friends, neighbours and acquaintances with the best intentions.
I always refer to the saying “if you are going to build a boat why do you get advice from the local butcher?” Unless the butcher has been a boat builder with a good reputation.
You cannot take the risk of selecting the wrong property in the wrong location or the consequence could be a ‘modest’ retirement rather than a ‘comfortable’ one.
Some of the examples of the sources of bad (unqualified) advice;
- A good friend or relative
- Joe did well there and I will copy him
- My finance consultant recommended property for my SMSF and he introduced a marketer who sold me one of his properties
- I heard about the location in the media – newspaper, TV, magazine
- I liked the location as it was near my home and I could inspect it regularly
- It was in a location in which I would like to live
- It was close to mum’s place and she could keep an eye on it
- I handled the property management myself
I can recommend to you a number of highly experienced and qualified sources of research and education who would assist you to set your direction making informed choices.
If you would like a free copy of my latest book ‘Why Property to Create Wealth’ click here
Investors’ Choice a periodical briefing on matters of interest and importance to residential property investors. There is provision at the foot of the home page mediwealthaustralia.com
Don Duncan F.A.I.M.
Don is the Principal Consultant at Mediwealth Australia, with over forty years experience in developing successful residential property investment strategies, and extensive experience in the financial sector, Don is uniquely qualified to provide you with the best property investment advice available. He is supported by experienced property investment consultants in both Brisbane and Sydney.