In today’s Podcast I’m turning the show over to you as I answer some of your questions.
The first one is about how to predict property prices.
Wouldn’t that be nice to know?
We’re also going to talk about how to invest on a budget.
Everyone has a budget of some type.
Ahmad Imam is going to answer this question for us.
In my mindset moment, I explain why it’s important for you to fail.
But don’t be put off by this topic because the end will be worth it.
How to Predict Property Prices
- We can’t really predict property prices, but we can try to find properties that will outperform using the three Ps: people, purchasing power, and places. First time buyers and investors are generally at the lower end of the market. Middle markets are changeover buyers or people downgrading.
- Upper end of the market are more prosperous buyers driven by the business cycle.
- It’s important to understand the different types of property buyers:
- Purchasing power has been high until recently. Now purchasing power will be driven by the ability to get finance.
- People move where there are jobs and higher salaries give them more purchasing power.
Mindset Message: Why you should fail.
- No matter how successful people are, they all make mistakes.
- The game is won by losers. If you don’t fail at something you aren’t doing enough.
- The trick is to keep trying and manage failure
- If you want to be successful, you will first have to fail.
Investing on a Budget with Ahmad Imam
- Affordability is at the top of everyone’s concern.
- Your budget is set at the bank’s.
- Location is in your control and is critical. 80% of property performance is due to location. Don’t compromise on this
- Your property must be investment grade.
- Biggest mistake is to buy based on affordability.
- Land is important, but not all land is created equal.
Links and resources:
Favourite quotes from the show:
“Examine almost any shiny success and on the flip side you are going to find grimy failure.” Michael Yardney
“The truth is success scares people.” Michael Yardney
“Property values are driven by the three Ps: people, purchasing power, and places.” Michael Yardney
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