If you're waiting for the perfect property deal to come along . . .
. . .I have to break the bad news to you — it's like finding a unicorn standing beside a rainbow.
The perfect property deal or opportunity sounds ideal BUT it simply doesn't exist.
So what should you be chasing to make money?
There are two things to keep in mind when searching for property deals, firstly there is NO such thing as a perfect investment property deal and secondly, there IS such thing as perfect timing.
Perfect deals and unicorns don't exist
I have been in property for over 20 years and l have never encountered a perfect deal. However, I have consistently made money from property and built a substantial portfolio of properties, despite every single property that I have ever owned being imperfect in some way.
Let's be practical and realistic about what it takes. Do your investment research and due diligence using the various guidelines l have suggested to building a property portfolio but don't use this as an excuse for procrastination.
We can fall into a state of frustration and ultimately, procrastination if we try to find the perfect deal with every purchase.
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My 3-Month Procrastination Rule
My simple 3-Month Procrastination Rule applies in these circumstances. It simply states:
You have 3 months to purchase a property – any more and you may be procrastinating, any less and you may not be doing your research.
Practically, this means give yourself 3 months to buy your first property. You don't have to buy the first property you see. But, it is better to buy anything than to sit around waiting for the perfect investment property deal (which if we're honest we'll admit doesn't exist).
I have a very good mate of mine who I would love to see successful, he has had a sizeable deposit for the past 7 years. When property was galloping upwards he complained that property was too expensive, then it was stagnant, he complained it might crash now it's growing again he's complaining how expensive it is..
Despite my best educational efforts and demonstrated performance he is still to own a property. Interestingly enough, one of the first properties I purchased in a development that he also had the opportunity to buy has now gone up £70,000 which isn't bad for a property that makes me £170 per month. At the time I bought, it was an imperfect property, funnily enough, it still is, but £70,000 isn't bad for “imperfect”.
Perfect timing does exist
The most important thing to remember is timing and the one thing that you will learn is that now is the right time. Now… is the only mark that you can take advantage of a deal.
Once you have assessed the current market and chosen the appropriate strategy you can then go for property searching.
The moment you say that now is the wrong time to buy, you are actually saying you don't know what you are doing. You need help. Or you are saying, you know how property works in a giving market but in the current market, you don't know what to do. Again you need help.
Either way, you require further education and assistance.
Every successful property investor that l know will tell you that the time to buy is always now. You will always find a reason of why now is not the best time to buy, but those who succeed in property are the ones that overcome this procrastination to buy.
I am not saying jump into the first opportunity you see. This is why l have my 3-month Procrastination Rule. So the 4 steps are:
- Research the market
- Check your chosen strategy meets the market
- Research the fundamentals of the property
- Invest with confidence – NOW
So quite simply the perfect timing to invest is – always NOW (as long as you have chosen the right strategy for the market).
Get educated and gain experience — there's simply no way around it.
The real question comes down to what really should be my first purchase?
Despite my best intentions to find the finest deal, every deal, I also understand that crudely your first property should teach you the process. Firstly it should allow you to overcome emotions and secondly it should make you money.
I believe that as long as you get the education & experience under your belt the first time you invest, the money will follow. Be sure to ask lots of questions then you can get onto making money.
So NO, you're not hunting for the unicorns. Strategise, do your due diligence, further educate yourself or seek assistance from an experienced team (such as Gladfish) and all the while, chase unicorns up the down the rainbow (just kidding).
Seriously though, call the team on +44 (0)207 923 6100 (or click the ‘request a callback' button below). Let them help you research the market, identify a strategy and then search the imperfect deal that will make you money over and over again.
Live with passion,