Wednesday, February 28, 2007

Property Investing Planning

I have been busy lately doing several projects including negotiating some sale and some purchase agreements, sorting out a new business with my business partner which involves garages and minor dwellings, and getting some rentals tidied up (which my ex-management company let slide), which means I haven't been spending much time on the internet which is a pity really because it can be a very good tool for property investors. However, during this time I did go to a meeting where 3 successful investors spoke about their strategies. In common were things like having the correct legal structures, stick to what you know and set your goals.
One interesting point was made by one speaker which the others never mentioned. It was about planning which is something I harp on about. However what he said was that we should have a plan but don't be afraid to change it or go against it if an opportunity arises. He feels that property investment is a far more complex business than it used to be. Therefore you have to be flexible, constantly review your strategies and seize an opportunity quickly as they are getting harder to find in today's sophisticated real estate market.
Although I agree with him I do think that you still need to do some research. Perhaps by broadening your horizons you will more likely come across opportunities which you haven't planned for but which you have some prior knowledge on which will help you make a more confident and knowledgeable decision.
Happy property investing!

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