Property investing is way harder than it appears on paper. It’ll take a lot more than just buying a good property to really make it as a property investor. Losses are inevitable. But you’ll need to score many wins throughout your career and limit the extent of your losses.
I know this because I’ve been there. When I first started investing, I had six negatively geared properties. It seemed like such an amazing strategy to be able to lose money every year and still came out on top.
Except it didn’t work out all that well in practice.
I had a negative annual cash flow of $36,000 and $692 came flying out of my account every Monday morning. Before I got my morning coffee, and before I could get my kids anything, I was already out almost $700.
This mistake cost me a lot. As the losses mounted up, I had to unload the negatively geared properties at a loss of $300,000. It was either that or insolvency. But it also marked the beginning of a new era of investing for me.
I started gathering knowledge in property investing and decided to take a different approach. It was only then that I achieved the results I dreamed of.
The lesson here is that you should always invest in your education before property. Don’t rush this journey, as starting unprepared won’t get you where you want to be.
Here’s the strangest thing. People think need to buy a property first before they can learn from me. It’s like asking a medical student to operate on your brain before they become a brain surgeon. It’s just not the right order of things.
So, do it the other way around. Set aside a few moments every day to learn something new about property investment. Do this until you feel confident that you’re good to go. Even though there will always be something new to learn, you’ll have laid a strong foundation for your investment career.
There’s a lot that I can teach you about becoming a successful investor. All you have to do is join my free masterclass.