We have a constant flow of new members joining the property forum looking for advice, assistance and to chat through their ideas and thoughts. Even just the quickest of glimpses at the latest posts and threads will show you how helpful the forum is to both experienced and inexperienced investors. The ability to talk through ideas, chat about new trends and the finer detail of property investment is priceless.
Some of the more recent additions to the forum have decided to keep a diary/blog of their property investment journey. In hindsight, perhaps this is something which all new property investors should consider as it is certainly good to look back and see how things have changed.
Remember the detail
What is your ratio of properties researched to actual properties bought? Has this changed over the years? Does your experience allow you to pick and choose your fights better giving you a greater chance of success?
There is so much to think about when investing in the worldwide property market that it is very easy to forget lessons learned in the past. In the early days you cannot research too many properties because the more information and the more views you read the greater your understanding of what makes the market tick. It is not just what makes the markets tick, but what makes investors tick and how they change in different environments.
The more detail you can put into a diary of your property investment journey the more valuable this will be to you in the long-term and also others looking to follow suit. Even just relatively short entries in your diary will prompt thoughts, perhaps make you stop and think and consider a different way to achieve your goal. The more focused your approach to property investment the more time you can spend at the business end acquiring property, renovating, increasing income and ultimately selling for a profit.
You will also notice that your views on property investment will change over the years, as your personal situation changes, and as you approach retirement you may need to think of liquidating part of your portfolio.
Recording your thoughts
Like property markets, our thoughts and moods will vary and making a note of what you have been thinking about, your concerns and your aspirations can be inspirational when looking back. Perhaps the most important and most interesting element of your journey through the property market maze is developing the confidence to have the courage of your own convictions?
Make a note of the properties you have looked at, maybe consider reviewing how they have performed in years to come and see whether your initial thoughts and ideas were correct. Ultimately you will not be in a position to invest in each and every one of your property ideas but even looking back and realising your idea was “a good one” can give you confidence going forward.
All property investors go through periods of high confidence and self-doubt and knowing others have followed this same path to success could be the inspiration that property investors of tomorrow need. If you are willing to share your property investment journey we guarantee there will be many followers.