The Skills You Need To Achieve Success In Property

https://www.youtube.com/watch?v=OkkbDQAQq6A

There are a lot of different things you need to know to successfully invest in property while minimising your risk. Here are the skills you need to achieve success in property investing.

1: Budgeting and Saving - 1:25

2: Cash Flow Management - 2:24

3: Goal Setting - 3:26

4: Strategy - 5:15

5: Area Research - 6:24

6: Property Research - 9:20

7: Negotiation - 10:00

8: Settlement Process

9: Property Management - 10:48

10: Opportunity Analysis - 11:13

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Transcription:

when it comes to investing in property there's a lot of different things that you need to know in order to be able to do it successfully and to minimize your risks and increase your chances of return investing in property can be really hard if you don't know what you're doing it can seem really overwhelming but if you know what you're doing in all of these areas it's actually pretty straightforward so there's a lot of different things that you need to be skilled at and you need to be capable in to successfully invest in property and in this episode I want to talk about what those things are so you can kind of look at this and say okay what areas do I need to improve in what areas do I need to work on and we can take away some of the overwhelm we can take away the idea of property just being this elusive goal this really big thing that I have no idea how to do that and we can break it down into the different things you need to know and be able to do and then you work on them one at a time and slowly build up your skills and eventually get to the point where property just makes sense it's actually pretty easy to do it's not that complicated at all but this does take time and it will take time to build these skills so let's get into this list of the things you need to know to invest in property successfully now this is obviously going to be you know a shorter list than probably there's probably more things that I'm missing here but this will give you a good starting point so the first thing is budgeting and saving so this is before you even looking at investing in property you're going to need to save a deposit and you're going to need to be good at budgeting within your own life and save you money within your own life in order to save a deposit so you can have that deposit and be able to borrow money to buy property without that deposit it's very difficult to buy property unless you go in with someone else or maybe here parents a guarantor you or something like that but yeah budgeting and saving is actually a very difficult skill and something that you need to work on and get better at so that you can save that deposit so that's going to be the first thing that has always been hard for me my my solution to that has always just been to make more money but as of probably two years ago I started get way more diligent with this and seen a huge improvement in my budgeting and saving in debt reduction and stuff like that so budgeting and saving is a skill that you're going to need to get good at cash flow management as well it's something that you'll need down the line when it comes to owning your property and running your property so you can apply this in your own life cash flow management is kind of looking at what are the upcoming income and expenses and how is that money going to flow because sometimes property might make money throughout the year but you have times where you have a really big expense and so you're going into the negative ...