I have always said 'Most experts are wrong most of the time', well here's the 4 people NOT to listen to when investing in property (or anything).
Hey guys, property search... Think Gladfish. I'm Brett Alegre-Wood and this is Property Rant.
What I want to do is talk about everyone has an opinion. The thing with investing in property, and it doesn't matter how many years you've been doing it. You know, I've been doing it now for 25 years almost, and in that time, it's amazing how many people have opinions about property, in fact, everyone does.
It's going up. It's going down. What you're doing is wrong. You won't make money doing that. That's the wrong investment. Are you sure you should be doing this? You know, you're going to get bombarded with, you know, family, friends, newspapers, politicians. Just about everybody has an opinion.
You can be in a bar, in a foreign country talking about property, and all of a sudden, someone's got an opinion about... You know, you can be in the U.S. and they'll have an opinion on the Australian market.
So, what do you have to do to actually be a successful investor?
You have got to actually wade through all that stuff and I call this the white noise of property, and that, I discount. Because what I want to do is I want to really get in and what I want to focus on is getting to know the rules of the game.
Everyone has an opinion, so there's two steps, first thing I'm going to do broad-base education if I'm starting out. I'm going to get that general education, and then what I want to do is I want to choose a strategy that meets the current property market.
What do I mean by that? Choosing a strategy that meets the property market. And look, the essence of that is there's thousands of ways to make money in property.
There's thousands of different opinions, and some people will have an opinion on one strategy, but they won't understand another. But they'll apply that strategy or that opinion to another strategy.
Now, thousands of ways to make money, you have to choose one, And what I would say, start with a core strategy. You can go to alternate strategies later on. But start with one thing, get to know the rules of the game that apply to that strategy. And when you do, the more you learn about that strategy, the better you get at it, the more likely you are to make money from that strategy.
And you know this is key, because I've seen so many people's or investor's, portfolios that are all over the shop, and they don't know the rules that apply to the game. They don't know the tax rules. They don't know the current property market. They don't know what it takes to re-mortgage interest rates, you know, costs associated with running and owning and even though they may be experiencing all this.
You know, look, I live in Singapore. I invest in the U.K., Spain, Australia, and the reality is is that's too many markets. I'm full-time in property, and that's too many markets for me to keep track of realistically and invest into.
So I have to be very careful about, you know, the amount of time that I spend doing that but really, I mean U.K. is the market that I choose to invest in. Australia I certainly do, and I have other people who I trust.
And Spain, realistically, Spain was a great place to go on holidays and things like that, but I wouldn't really call it an investment.
So, guys, everyone's got an opinion. What you have to do is come up with a strategy that meets the current property market and then know the rules of the game for that strategy. Okay, guys, have a great day.
Live with passion.