Starting a business – especially if you’re venturing into real estate – is really exciting. However, most potential investors go in headfirst without any research, advice, or having a conversation with themselves.
That’s right, you need to ask yourself a few questions before you give your all into running a property business.
Question 1: What are my financing options?
If you have funding available (like savings) then determine whether it’s enough to secure your first property. You can also explore the option of approaching banks. Using a bond originator will help you find the best possible deal and approach the banks on your behalf.
Question 2: Do I have the time?
An investment property doesn’t run itself. You need to treat it as a small business. This means putting in the time research your preferred property and once you find it, marketing to tenants.
Question 3: Do I have competition?
You need to do research into the competitors in your area. Your research will lead you to some great data in your chosen location i.e. how many buyers are there in the area, what the common demographic is, etc.
Question 4: What makes my property business unique?
We all have something different to offer. So, you need to ask yourself: “What makes my business different from the others?” Is it your marketing or excellent service to your potential tenants?
Question 5: What current resources will help me get started?
The reason why most people don’t enter into entrepreneurship is that they feel you need to have millions in your account to start off with. This is not necessarily true. What you do need is access to experts who will help guide you during the business process. This is where our experts come in.
Our free property seminars teach you how to start your business and discuss the most effective property strategies that ensure you find property below market value!
If you’re satisfied with the answers to the questions above, perhaps you’re ready to venture into the world of property.