How Can Investors Educate Themselves Properly? – Your Weekend Project Challenge
“Here’s a challenge, go to an open home and see how many people will be buying real estate based on an emotional decision,” suggests Positive Real Estate’s CEO Sam Saggers, on Smart Property Investment segment, The Weekend Project.
After dedicating a lifetime to property investment Sam’s first bit of advice is to ensure you’re making decisions about the property based on the numbers, and the economic returns of the property.
His tip, get along to some open homes on the weekend and eavesdrop on conversations and comments……become a voyeur of the open home and really listen to why people are buying. They’ll say some weird things like ‘its got a lovely kitchen’, or ‘how bright is the bedroom’. Are they really economic decisions you should be making? Absolutely not! They are purely emotional and often people end up over spending due to buying with their heart not their head!
“I think buying real estate on the numbers, or a strategy, is a far better way of looking at the market. Buying at a discount, buying properties that are perhaps in distress, looking at properties that you can renovate or change.” Sam advises.
“So go along, give it a go. Your lesson for this weekend is to analyse what other people do, because you’ve got to learn how to buck the trend.”
Let us know your thoughts, do you find yourself having to pull back and refrain – keep your mind in check and return to the numbers? Have you bought a property based on emotion?
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