I entered the property market earlier than planned or anticipated, but will forever be thankful to my work supervisor who continuously nagged me to purchase my first property. Little did I know that this decision would be the start of my journey as a property investor and the eventual freedom to quit my job and to follow my life’s passion.
Today I identify many lost opportunities by people who could have utilised property investment in order to enjoy an early retirement. Some of these I call “unfair advantages” because many successful investors started in less fortunate circumstances.
Below are 7 scenarios which first come to mind that could potentially boost an investor’s success.
- Earning a good income and/or being able to acquire sufficient financing.
All there is to early retirement is objective budgeting, a clear goal and the effort and belief that the harder you commit yourself to property investment, the sooner you can reach financial freedom.
- Living in a fairly small town away from financial attractions.
Being removed from many activities and fancy products, means you have fewer expenses. Chances are good that competition with the “Jones’” will also be less critical. It’s a perfect opportunity to live more cheaply than in a city, save lots of money, and so eventually enjoy the fruits that property investment can create.
- Being single or childless / or a loner.
Time periods and situations in life with fewer financial responsibilities, mean that you have more money to use wisely. Unfortunately most people waste this perfect opportunity to invest in property by falling into the trap of splashing out on cars, latest tv’s etc. – to find later that it has now become a lot harder to invest.
- Having practical skills and knowledge in building or renovating.
Utilise these skills to become an investor yourself – buy cheap, renovate and “flip”; extend a property to increase its rental potential; etc.
- Having parents, family or friends already involved in property business.
Learn from them, engage, expand your network, pool resources, ask for assistance to get started as an investor, etc.
- Having a keen interest [or skills] in personal finance, planning, due diligence, record keeping, calculations and audits, etc.
Being able to master the skills of saving, budgeting, cash flow, etc. will not only assist you in becoming a successful property investor, but will also make it fun to spend time on important aspects which some investors neglect.
- Having free time on your hands.
To educate yourself and get involved in all aspects of property investment, maybe even to source your own deals. Some investors fail or have limited success through lack of sufficient time to stay informed.
If you can personally identify with any of these scenarios, I hope I have made you think hard about capitalising on your advantage, and to seriously consider property investment as a way to acquire true financial freedom.