Today I share 9 reasons not to invest in property, and in my mindset moment, I’m going to be a bit of a thorn in your side.
Then my guest, Pete Wargent gives us some predictions for the future of property.
9 reasons not to invest in property
You should NOT get involved in real estate investing if you’re:
- Looking for tax savings and ignoring property investment fundamentals
- Fear of missing out or FOMO
- Wanting to get rich quick
- Not understanding how investment property works
- If you are not financially fluent in budgeting, spending, and handling debt
- Looking for your property to do multiple things like be a holiday home or retirement home as well as an investment
- Your finances are not in order
- If you can’t afford an investment grade property
- Trying to time the market or find the next hot spot
Mindset Message: You are not your fears, but you create your fears.
- Pull out the thorn and face your fears, so that they never bother you again.
Pete Wargent’s prediction for the future of property
Pete explains where we should be investing based on the following likely trends over the next decade:
- Falling homeownership rates
- More Asian migration and overseas investment
- More high-rise construction and apartments
- Jobs in “service industries” are becoming more prevalent
All this means that real estate investors will need to get smarter in their decisions
Links and resources:
- Michael Yardney
- Rich Habits Poor Habits
- Pete Wargent’s blogs on Property Update
- Pete Wargent
- Pete Wargent on Twitter @PeteWargent
- The Untethered Soul: The Journey Beyond Yourself
- Pete Wargent on Property Update
“Buying property to save on taxes can lead to ignoring the fundamentals of property investing.” Michael Yardney
“Investing based on emotion leads to bad judgement.” Michael Yardney
“Property investment is a long-term endeavor that usually takes about 30 years to reach financial independence.” Michael Yardney
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