What was the best piece of advice you ever received about property investment?

[nmb]

Throughout your career as a property investor you will come across many companies and individuals with significant investment experience. I would be interested to hear about the best piece of advice you ever received and does it still hold good today?

 

[Nicholas Wallwork]

The best advice I have been given and now regularly pass on to others starting out in property is "invest in your education first".

This is great advice as one or two early mistakes could cost you dearly and given property investing is usually dealing in large sums of money it makes sense not to dive in without knowing what you're doing first!

I have read every property related book going, check out some of our recommendations here:

http://www.propertyforum.com/real-estate-books

Also read other positive entrepreneurs books as these give you access into the mindset of what made them successful so you can start to make your own blueprint for success...

 

[Acres and Anchors]

Land doesn't lose value for the simple fact you can't make new land. Yes prices go up and down, but there's only going to be more humans. Invest in real estate and win in the long term

 

[nmb]

The best piece of advice I was ever given was never be afraid to take a loss. In many ways taking a loss is the ultimate challenge because it goes against your ego, crystallises a paper loss but if you ask yourself “would I buy this property today?” and the answer is no then you know what to do?

 

[propertyvalues]

Best piece of property advice I received was to go and study economics. Without which I would never have succeeded to the level I have thus far achieved.

 

[John Scott]

Investing in property is not a child play. You should know the current property market, the basics of property investment. You should choose a reputable property investment firm.

 

[diyhelp]

If you don't have the skills to do a specific task pay someone with those missing skills to do it for you

 

[realdeals]

If it looks "too good to be true" then it probably is

 

[Longterminvestor]

Don't let your ego get in the way of taking a loss - when you realise you have made a mistake take the appropriate action and move on.

 

[diyhelp]

Don't mix business with pleasure (or family members!) as the consequences can be terrible.

 

[nmb]

We can't impact what happened in the past but we can learn from it and use that experience in the future. Hindsight is a wonderful thing

 

[John Corey]

We can't impact what happened in the past but we can learn from it and use that experience in the future. Hindsight is a wonderful thing

Which is why landlords and therefore real estate investors need to take the long view. Over enough time, the deals will generally be positive.

 

[Longterminvestor]

Do you focus on a specific type/area of real estate or do you spread your wings?

 

[John Corey]

Do you focus on a specific type/area of real estate or do you spread your wings?

Not sure who you are asking.

For me - Residential. USA and UK. Better at deal structuring than managing a construction project. Hence the focus on 'buying to hold' rather than more active strategies.

Why USA and UK. I am from the USA and started investing there. I have lived in the UK for over 20 years. I think people should think about where they live, where they expect to retire and therefore where it makes sense to own assets which produce an income. I am not suggesting that people take FX risk if they have no need for an income in another currency.

 

[diyhelp]

Totally agree John, people tend to dismiss the currency risk but the pound has been hammered over the last 12 months. This would have hit many people very hard!

 

[Lory1pips]

When you’re figuring out what to do with your life, I think it’s a mistake to first decide what you want to do and then move to the best location to do that thing. Instead, pick the place where you really want to live and go there. Your career will work itself out wherever you go.

 

[Longterminvestor]

The online revolution means that if you have an internet connection you can work anywhere around the world. If you have the confidence then chase your dream and make sure the rest follows