Getting Started with the Online Property Investment Course #LegacyOnlineCourse
You will hopefully agree that property is not just a good investment, but rather, a great investment! A hundred times better than most of the asset classes. If you’re ever unsure, always compare apples with apples and whenever someone offers reasons why or why not, check against the analysis arguments that we have put forward in Step 3 of Build a Legacy – Touch Freedom. Cynics have a tendency to offer you other investments with better returns and less hassle than property. While I don’t deny that these exist, it is important to have good knowledge of what they are and what they offer, while also comparing this with equitable parameters offered by properties.
In addition to the above, I always separate the three most common situations when faced with the perceived definition of ‘investment’. i.e. investment, business and speculation.
First and foremost, is it an investment and does it fit into my definition of an investment?
In most cases opportunities disguised and presented to me as investments do not fall anywhere close to my definition. They either fall into the category of a business or speculation.
A business in this definition is similar to trading a product or service that you offer in exchange for money; it is a trade that keeps you busy in the day and provides you with a living.
Speculation is also a form of trading and happens every day in the property market. Similarly, there are a lot of deals on flipping, buy to sell, and renovations that are frequently classified as investments and in my definition would therefore fall short. This clarity is important and forms a great part of our Property Investment Strategy.
To get started, you will need a solid plan. We shall cover this in Step 1 of the Online Property Investment Course through the property investment strategy (PIS), where we work towards creating a plan for your financial freedom. Before we get there, it is important to bust a few property investment myths, which form the reasons why most people do not get started with property investment.
Knowledge and Skill
The lack of knowledge and skill used to be a major impediment to most people in the past. It takes sound knowledge and a level of confidence and familiarity to dig into property investment, as this is a fundamental of any trade.
However, it is also important to note that the last decade and a half has also seen an explosion of information that leaves us without any excuses. Ignorance on a topic or subject matter that you have an interest in is no longer reserved to the privileged few. With the Internet, information on anything you want or need is freely accessible. There has never been a better time than right now where ordinary people have had so much access to information.
The only challenge also comes from an outdated cliché. “Information is Power”. In our current generation, we have come to a point of having so much information, but very little action around it. People might have plenty of information through their research, however, they have not taken any action beyond the remote control on their TV or a Facebook update to their friends!
In my many interactions with people, I have also encountered a different group of people. I call them the OAs (Obsessive Analytics). They not only work hard to get the information, but also work equally hard to analyse it without taking further action. In my view, they are not so different from those who get the information without analysing. Without action, they both fall in the same category. This group suffers from what I commonly call ‘Analysis-Paralysis’ problem. They gather all the information about a property, the financials, the growth, cash flows and more, but they never get to take action. They get stuck in paralysis that stops them from taking any action.
Unfortunately, results will only show where there is action. Results do not manifest from information, but from consistent and directed action based on knowledge attained. That way, you are able to use the information positively to make decisions and to keep manifesting. Just like anything in life, results is the name of the game.
Source: Build a Legacy – Touch Freedom