I remember clearly the moment I signed on the papers to buy my first investment property, my pulse raced:
“Will I be able to afford the mortgage instalments?”
“What if I can’t find a tenant and its empty for the next 6 months?”
“What if the price comes down by 50% in the next 1 year?”
I look one more time at my well worn bank statement and thought: ” Yes you have done the sums, you have set aside your emergency funds, found the right property so JUST DO IT!”
In the course of my real estate business, I have seen many people who forgo one opportunity after another. They have done extensive research, they have done all the viewings, spoken to all the bankers, done exact calculations and provided for all the contingencies that can happen. But when the moment came for them to take action and make the decision, they listen to their friends who have been waiting for the market to crash since 2009 and say ” Let me wait for the price to come down by another 20%!”
Then another round of cooling measures is announced to stop them completely in their tracks.
Don’t get me wrong, I am all for investing in a safe and low risk way. I don’t think its prudent for anyone to buy use all their savings to buy a property without leaving a safety net of savings equivalent to at least 2 years of instalments. But once this is set aside, it is time to put the plan into action.
So are some people more lucky than others when it comes to properties? Yes I am sure. But the ‘lucky ones’ that I know are people who take action. I guess this is just LIFE’s way of filtering the dreamers from people who make things happen!
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