During the day, we speak to many investors and “want to be investors”. I say “want to be”as they have not done their first project. Truth is, property is daunting and scary. Especially if you do not know exactly what to do. I believe this is a common occurrence.
One has paid all kinds of money for courses, they might walk out of a PIN Meeting or a course and feel confident, they found (they think) a deal from an estate agent or Right Move, after days of viewing and countless phone calls they have found a property that they think will be an amazing deal….but they do not take action. They might think that the housing market will crash…interest rates skyrocket ( both might happen). Bottom line is they freeze and do nothing. Personally I believe if one holds property for the long term with little or no leverage, can have the property rented price fluctuations in the property market do not matter.
All of this said…I personally believe in energizing with someone who is in property could be their boost to start investing in property. This could be a “real”mentor…or doing a Joint Venture with an experienced investor. There are two types of joint venture partners, partners with cash and no time and partners with real experience, passion, time and know how to find a deal plus money.
The proverbial JV option is perfect for those investors who are cash rich and time poor. However there are also the a ‘Hands On’ JV partner who wants to learn how to take a project from start to finish. This will allow you to ‘rinse and repeat’, increasing your income and portfolio as you go.
Either way you need to have money as well as credit.