SYDNEY/ July 13, 2017 (StlRealEstate.News) — Zaki Ameer, real estate expert and Founder of Dream Design Property (DDP) says, “Although any asset is an achievement in itself, success to most property investors is really determined by their ability to continue purchasing real estate. Unfortunately, so many Americans save for their entire working lives to be able to afford an investment property, but very often once they achieve this, their progress remains stagnant because they aren’t sure of what to do next.”
There are currently over 28.1 million property investors in USA , and although this number may seem significant, statistics reveal that the majority struggle to maintain or grow their success after initially entering the housing market.
“Through building my own portfolio, and having helped DDP clients purchase over 1,000 properties, I’ve learned that continuing to succeed at property investment has absolutely nothing to do with luck. Instead, it is influenced largely by one’s mindset,” Mr. Ameer adds.
To highlight the importance of an investor’s mentality, Zaki shares the five most common attitudes that cause people to ultimately fail at property investment:
*Being selfish. When a person is investing such a large amount of money it’s natural for them to want it to be something that they consider ‘perfect.’ When it comes to real estate, however, rather than purchasing a property based on personal preferences, it’s crucial to prioritise the wants and needs of the target tenant. If an investor puts themselves first they not only decrease the pool of prospective tenants, but they also risk making emotionally-charged decisions.
*Impatience. When it comes to property investment, patience is definitely a virtue. Real estate is a long-term commitment, and a common example of an investor failing to reach their target financial outcome is when they lack patience and flip the property for a short-term gain. In order to increase capital growth, and guarantee rental advances, a property needs to be held for at least 7 years.
*Not taking responsibility. Often there are numerous parties involved in purchasing an investment property, and a common mistake among failed investors is to blame others for issues that occur. Although certain tasks may be managed by particular people, the responsibility of the property ultimately lies with the investor. If something goes wrong it is crucial to take accountability and work to rectify the situation rather than passing the blame.
*Hesitating. Countless investors experience ‘analysis-paralysis’ and overly scrutinise any potential purchase to ensure the property is perfect. Although it’s always important to make an informed decision, if an investor has done their due diligence and is comfortable with the return, it’s important to buy without too much hesitation to avoid missing out.
*Doing it alone. In order to cut costs, many investors attempt to find, purchase, and manage a property alone. Although this is possible, for most, it results in failure or having to spend more in the long-run to rectify problems that arise. To guarantee success it’s important to enlist the help of professionals who can ensure the entire process runs smoothly and with the investor’s best interests in mind.
Mr. Ameer adds, “Many people avoid investing in property out of fear of failing. However with the American real estate prices historically doubling every 7 – 10 years, with the right mindset it can be extremely profitable.”
Dream Design Property (DDP) is a unique wealth creation mentoring program that is designed to help Australians gain financial freedom, offering each client an ongoing personalised service catering to their changing circumstances and needs. DDP has helped purchase over 1,000 properties for its clients.
SOURCE: Dream Design Property