3 Common Mistakes that inexperienced investors make!
Are you curious about the three most common mistakes that investors make?
Through my seven years of investing experience this is what I’ve discovered:-
- Most inexperienced investors buy on emotion.
- They don’t crunch the numbers.
- They don’t buy in the right areas at the right time.
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Did you know that:
- Most first -time Investors are so caught up in buying a property just for the sake of owning an investment they don’t assess the situation properly or do their due diligence.
- Many do not crunch the numbers and take into account all the relevant expenses, including renovations and repairs, to see if they can actually afford the repayments on the mortgage. They also need to consider future mortgage rate rises. They see a property for $350,000 receiving $350/week rent and think that it’s a good deal.
- Also they don’t know how to research the buying cycles of various areas. Which means a lot of people see a huge demand for an area and do not realise they are buying at the top of the market, only to be disappointed a few years later with a lack of capital growth.
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