A Different Way To Learn About Property Investing

[arve url="https://www.youtube.com/watch?v=i8uvAniuAf4" mode="lazyload" align="center" /] There may be a better way to learn about property investing that will make you less overwhelmed and a more successful property investor. Worth exploring? I think so! Today we're going to talk about a different way to learn about property investing because chances are the way that you're currently learning about property investing probably isn't the most effective way that you can do it. Hey guys, I'm Ryan from OnProperty. I help people find positive cash flow property, but now so trying to help people build the skills that they need to become a successful property investor. And so just having some coffee here. If I sound a bit different. I have had pneumonia, which is terrible. Pneumonia sucks in bed for three weeks, coughing up blood, all that good stuff. So if I sound a bit different, that is why, and I apologize. So to talk about a different way of investing in property, we're learning about investing in property. Let's first look at the way that most people go about learning how to invest in property. The way that I went about learning out how to invest in property and that is through. We start with property magazines, things like money magazine, your investment, Property magazine, Api magazine, that sort of stuff. Or we go on websites. We might go on, on property, we might get onto more popular websites. So if I just flip the camera around here and here's your investment property mag website as well. We've got Michael Yardney's property update website as well. Two great websites about investing in property, but what we'll find is that a lot of the content on these websites is kind of about the general market at the moment, so we can see on Michael Yardney's site proposed reforms to negative gearing. So you can learn about that. Good news for the Melbourne property market, weekly economic update, stuff like that. If we look at property investment mag, we can see housing supply, well short of demand in Tasmania. So that's looking at kind of the local region, talking about planning growth in Australia's largest cities. Properly prices rose in December, so it's all kind of localized sort of stuff. So it's all news items and what's happening now. And so we spent a lot of time reading about what's happening now and what the market's like now, property hotspots and all of that sort of stuff. And so what I want to propose today is that you go about learning how to invest in property in a different way. When it comes to successfully investing in property. There's a lot of different elements at play. All right? So there's so many different strategies that you can use to invest. That's not what I'm talking about. I'm talking about when you invest in property, there's a lot of different things that you need to know how to do and how to do well in order to increase your chances of success in property. So one of those skills would be market selection. So choosing your broader market, so what state you're choosing, what city you're choosing or what region. So finding the good areas and looking at where in the cycle those areas are. If you can choose the right area, that's going to increase your chance of success. Another skill is then suburb research. So once you've chosen your local region, looking at the suburbs within that region and finding the best suburbs that are most likely to increase in value, that's another skill in and of itself that's completely different from choosing the region. And if you're good at that skill and you can find a good suburb, then you can almost invest in anything in that suburb and chances are it's going to go up in value because a rising tide will lift all boats. But if you don't have those skills, so if you don't choose the right region or don't choose the right suburb, then your chance of having success is going to be less. Sorry, Google talking to me in the background, I don't know why. So that's going to decrease your chances of success. Now that's just two skills that I've looked at. There's also inspecting properties, there's talking to real estate agents, negotiating with real estate agents, working with solicitors and conveyancers, all of these sorts of things. So there's so many different skills that you need in order to successfully invest in property. And the problem that I think we have is that we go on websites like this and we read articles about the growth in Australia's largest cities. So if we go ahead and check out this article, we can read about that. But that doesn't actually get us any closer to investing in property and we still feel overwhelmed because let's face it, investing in property is pretty overwhelming. There's so many things to think about. You're talking about a lot of money, like there's probably going to be your biggest purchase of your lifetime unless you buy another property, in which case that might be your biggest purchase, but property is generally people's biggest financial purchase in their lifetime. And so it's pretty stressful. It's pretty overwhelming and there's so many things to think about and when you are just consuming property content that is about the current market, you're just consuming content about the Australian property market, about the changes to negative gearing and all this sort of stuff. While that is useful as an investor, if you don't have the skills that you need to successfully invest in property, then that's stuff that you're learning is kind of pointless because you don't have enough skills to actually move forward and invest in property. And so what I want to propose is that you take a different approach to learning about investing in property. A really great episode that I did with Ben Everingham from pumped on property called 4 properties to financial freedom. In that episode, Ben talked about how investing in property, it's kind of like when you go to the gym, you don't go to the gym once and then you're already fit and you've got six pack abs and stuff like that. You got to start going to the gym and work out over time in order to get fit and get the body you want. In fact, my wife just went to pilates yesterday for the first time and she's so sore today. She's probably going to have to have a week off before she goes back again, but that's kind of the thing. You've got to start slow. It's very hard in the beginning, but then as you do it, you become fit and then it's just about maintaining it and it's a lot easier. You can think about the same with property that there's a lot of skills that you need to acquire and in the beginning it's very overwhelming, but rather than trying to do it all at once, just focus on one thing, so it's like, just go to the gym once, you know, just focus on one skill that you want to acquire in order to become a better property investor. And so with that 4 properties to financial freedom episode. Seriously, no joke. Best episode I've ever done. It was episode nearly. It was 488, so we're nearly up to episode 500, 500 episodes and I can happily say that that's the best episode I've ever done. Such a good concept. I feel like me and ben communicated with each other really well. That was actually at the start of my pneumonia as well, so I was only just getting pneumonia then didn't know how sick I was, just thought I had the flu, the normal flu. But yeah, great episode. So you've go to OnProperty.com.au/488 to check out that episode. You won't regret it. Best episode ever. OK, so we're talking about this different way to learn about investing in property. So what I'm suggesting that you do is rather than reading articles about the current state of the market and all this sort of stuff, I think these articles are great and I think if you're ready to invest, so you've got your deposit, you'd build up some skills, you feel like, yeah, I'm ready to move forward and actually buy a property in the next few months. Then these articles that are key because they help you choose your region, they help you understand the market cycles and stuff like that. So I'm not downplaying these articles at all. I think they are important, but I think for so many people they get distracted by them. And so what I'm suggesting is that you look internally at what there is to learn about investing in property in terms of the skills that you will need. So as I mentioned, you can look at how do I research a regional area, how I choose my market sorry. So how do I know what city that I want to invest in, whether I want him to us in Melbourne, Sydney, Brisbane, Wollongong, Gold Coast, Adelaide, Perth, or these sorts of areas. How do you know which one you want to go ahead and invest in? So that's one skill there and another one is researching suburbs. So I've got a course on suburb research, not trying to plug the course. If you do want to do it go to OnProperty.com.au/suburb, but basically in that course I look at it about 20 different data points, so 20 different indicators of a sub suburb data that you can collect for free and I look at how you can collect that data, how you can make sense of that data and how you can compare suburbs to each other. So that's a whole nother skill. They're using realestate.com.au to find properties. That's another skill. Choosing a strategy that is going to suit your needs. That's a skill in and of itself in a very difficult thing to do, especially when you've got blogs and podcasts and seminars and books, talking about the newest fandangled property investment strategy that's going to make you rich in the next three years and financially free instantly. When you got these shiny objects that are out there it can be very hard to choose a strategy, stick to a strategy. So choosing a strategy is another skill in and of itself. So I mentioned a few things here. Financing, understanding financing, what you can and can't borrow.