Yes. Property investment is hard.
No matter where you go. No matter who you ask. The answer you’ll receive will always be that property investment is hard. This is especially true for someone with no background in finance whatsoever.
Real estate is a field that is very unforgiving to those who don’t know what they’re doing. To those ignorant of even the most rudimentary of concepts, all property investment will offer is one sunk cost after the other.
You’ll literally end up burning money and wasting precious time better spent in other places.
However, if done successfully, you can turn this investment into a vehicle that will be able to drive you further to where you actually want to be.
It generates income passively, so that even while you sleep you’re earning money. This frees up a lot of your time so you can focus on the more important things in your life.
However, as alluring as that may sound, diving into this field means that you’ll always be exposed to some risk.
It’s stressful, but it’s rewarding.
The challenges as a property investor.
The journey as an investor is always rough. Whether you’re investing in stocks, bonds, properties, etc. There will always be a number of problems that you’ll encounter along your journey.
Aside from living in constant uncertainty, you’ll be sacrificing a lot of time.
Real estate investment rewards working smart, not working hard, and as a result, a lot of your time will be spent doing research, checking out listings, doing land surveys.
It is not easy trying to find a deal that will actually make you money. It is a long, tedious process that cannot be rushed.
Not to mention how you’ll also be going out there networking, building connections with people, and even learning new strategies, all while constantly looking for new potential properties.
For those with other commitments, like a separate day job, or other hustles, this is a big sacrifice, because now you have to split your time between actually working your job, and trying to do your due diligence for your investments.
And even if you don’t have other jobs, this could take away time that you could have spent with your family or your loved one instead.
And in the end, you’ll never really fully know if it’s going to work out or not.
The steps you should take.
Despite the fact that real estate comes with so many risks, it is by no means a bad thing to pursue.
For those who are just dipping their toes into the massive ocean that is property investment, there are a lot of things you can do to quickly improve as an individual and raise your chances of success.
First and foremost, you ought to surround yourself with great people. People with a can-do attitude.
Find someone good at it, and stick with them, because if you’re around skilled people, you’ll learn so much from them.
Next is to actually live the life of a property investor.
Just learning to be able to do all these things on paper isn’t enough. There’s a very big gap between knowing how something works and actually being able to do something.
Go out. Don’t be afraid to go and try. If you’re really unsure, then you can start small and see where it goes from there.
Lastly, never stop learning.
Read books, learn from others, attend seminars.
There’s always more to find out, and always something to improve. Self-development is a lifelong process that never ceases.
Do you want to focus on what you do want in life versus what you don't want?