Getting Rich Quick – Don’t Focus on it
Have you ever been confused by all the different views and opinions about different aspects of property investing? Are you dreaming of getting rich quick?
Some people swear by buy to lets, some swear by property trading, some swear by lease options. Lots of people have lots of different opinions and many people rubbish what others say and say that their opinion is the one that counts.
Well, the truth is that there are so many different ways to make money from property, that “most” of these investors are probably right to think that their way can be great for helping anyone to make money.
The problem is that many people new to property investing are just looking for a way to get rich quick. It’s understandable, and it’s the same in just about every money making activity. It doesn’t matter whether it is property, making money online, trading on the stock market or anything else. If there is a chance to make money quickly that is what we go for.
There is nothing inherently wrong with that, and it can work and you can get rich quick, where the problem lies is in the actions and the decisions that are made because of the get rich quick mentality. Many times these actions are rash and ill advised. You have to understand and recognise the flaws with this mentality if you are going invest in property successfully, for the long term.
Many property investors got on to the whole buying off-plan properties and new build bandwagon a few years ago and many of them are now in dire straits financially because of it. Lots of investors have lost their whole portfolio and some have even lost their own homes. Yet these where the same investors that only a short time ago would have been riding high telling everyone how much money they where making and even being able to prove it on paper by showing you their bank balance.
Ironically, many new builds actually make sense to buy now because developers are struggling so much at the moment that they are discounting some of their properties to such as degree that they have actually started to stack up financially as good deals for the first time in a long time.
The point is that it might help you to have some sort of an understanding of a broad range of money making techniques for property before you start jumping on the bandwagon of one particular way of making money from property as if it is the Holy Grail.
It is only by increasing you property education and having the knowledge of what people with opposing viewpoints say that you can really begin to formulate what is the right route for you.
Over the last few years experts have sprung up from everywhere on just about every topic of property investing. These so called experts may have made lots of money from property at the time; however, not all these experts are still around today. Some have disappeared because their property portfolio was built on sand and was never robust enough to last downturns in the economy or in the property market in general.
Learning how to become a Landlord or a property developer can be both complicated and simple at the same time. Just because someone can prove to you that they are making lots of money from property by investing in a certain way, does not mean that you should jump in with two feet and start investing in the same way. Do your research and find out how long this person has been investing in this way and speak to others with opposing viewpoints to find out both sides of the story.
Get the fundamentals right. Don’t get swayed by every new fad and way of investing and don’t get swayed by dreams of getting rich quick. Yes you should explore new ways and we always need to be flexible, but if you are a beginner it is far wiser to stick to the tried and tested ways of making money from property. Ways that have been around for many years not that have just come along in the last few weeks.**Nothing on this website should be confused with financial or legal advice. If you need this, or any other type of advice, please seek the help of a competent professional. In addition, because real estate laws change all the time and differ from state to state, and even city to city in the same state, everything in these pages should be considered general marketing advice and ideas. Please see link to full Disclaimer at the bottom of this page.