The more you know about the most common mistakes that other property investors make, the better your likelihood of building lasting wealth.
In this series of short videos, Brett Warren and I discuss the common mistakes we’ve seen investors make.
Today we discuss every investor’s dream of “buying low and selling high” to maximise gain.
But the reality is that you really can’t “pick the market”.
Watch as we discuss:
- Why many investors try and time the market, wanting to buy at the bottom and sell up or refinance near the top of the property cycle
- The concept of buying countercyclically - be greedy when others are fearful and be fearful when others are greedy
- How some beginning investors did well over the last few years – but it was more due to luck and can’t easily be replicated
- Rather than trying to time the market – look for good investment opportunities
- It's intersting how some investors do well in good time as well as bad times and others do poorly – meaning it’s not the market – it’s something inside them that makes them successful
- The importance of a long term rather than a short term focus
- Remember, you are not buying "the market". You are buying an individual property in the market - one that you would be comfortable holding for the long term
- Don't look for cheap or affordable properties - you make your money when you buy your property not because you buy cheaply, but because you buy the right property.
