Despite our obsession as a nation with owning property, only a small percentage of us actually own an investment property, and very few of us have more than one.
It usually comes down to one thing – fear. Many of us don’t want to step out of our comfort zone out of fear that something might go wrong.
We convince ourselves that we’re ok as we are, that we’re managing financially, and it’s probably best not to ‘rock the boat’. Unfortunately, it is this line of thinking that holds us back from achieving a better life for ourselves and our families.
Fear of taking the property investment plunge is all too common and can be caused by a number of things. Overcoming the fear can be challenging but it’s the first and most important step on the path to a successful property portfolio.
Begin by trying understanding the root cause of your fear. Are you holding back from starting or progressing your strategy because you’re worried your investments won’t make money or you think you can’t afford it? Perhaps you think it all seems too hard and requires too much time? The truth is it is easy when you know how!
Let’s look each of these fears and what you need to consider the resources you can tap into to help you re-wire your mindset and overcome your concerns.
Fear #1: What if I don’t make money?
With a well planned strategy and business-like mindset, your risk of failure is very low. Remember, ALL investments come with some risk. Aside from cash, which is delivering very uninspiring returns at the moment, property is one of the most stable options around and has been for many, many years.
Investing is simply a necessity of life if you want to build wealth and keep on top of the rising cost of living. We all need to ensure our money is working as hard as possible for us and property does just that for you and has done for over a hundred years.
Everyone has access to professional financial advice – seek it out so you can set your goals, know your limitations and can put your fears to rest.
Fear #2: I can’t afford it
Some of Australia’s most successful property investors have built significant and highly successful portfolios on low incomes and very little savings.
There are many investment options out there for people with a low or no deposit. House & land packages, vendor financing and using a guarantor are three possible solutions, among others. People forget about the asset value of their own home and leave it under utilised.
If you’re concerned about not being able to service the monthly loan payments, focus on areas where property can be positively geared. You won’t find yourself out of pocket. On the contrary, you’ll have extra cash every week.
I’ve seen many people on low incomes and with very little in savings go onto achieve amazing things – all they have needed is motivation and action.
Fear #3: It seems too hard and too time consuming
Fear derives from the unknown. If you don’t have the time to educate yourself then tap the knowledge and experience of the It’s a Breeze Team that are all here to guide and support you through your investment journey.
If you can, it’s worth investing some of your own time learning about strategy options, the investment process, and potential investment areas.
These days, everything you need to know is at your fingertips.
Consider spending an hour a night or during your lunch break educating yourself. Ultimately, it’s the knowledge you possess that will give you the confidence to take action and keep moving forward.
We all find it hard to find time outside of our daily routine for other pursuits – but what is more important than creating a better life for yourself and your family?
Or it is as simple as emailing firstname.lastname@example.org and connecting with us to guide you on your way.
Do it now!