Why Property Investing IS SO HARD!

https://www.youtube.com/watch?v=SmrtzwDP35k Almost anyone can go out there and purchase an investment property, but it's actually really hard to become good at investing in property. Why is property investing so hard?! Book a Free Strategy Session Suburb Research Course The Reasons It's So Hard To Get Good At Property Investing 1: The Barrier To Entry - 0:55 2: It's a Multi-Faceted Skill - 2:07 3: A Lack of Repetition and Feedback - 3:23 What Can You Do To Get Better at Property Investing? 1: Education - 4:51 2: Hire Someone To Help You - 6:19 3: Practice The Free Stuff - 7:50 The Secret life of Real Estate and Banking by Phil Anderson Cash Flow Analysis Tool 4: Get Clear On Your Strategy Book a Free Strategy Session Recommended Videos: How To Find The Best Property In a Suburb Step-by-Step How To Negotiate On Property Transcription: almost anyone can go out there and purchase an investment property but it's actually really hard to become good at investing in property in this episode we're going to talk about why it's so hard to become a good property investor and some things that you can do to improve your property investment skills to lower your risk and increase your chance of return so you can get to your goals faster hey everyone i'm ryan from on-property and welcome to my property workshop today property investment is just one of those skills that can be very difficult to get good at but once you're good at it it actually is it's quite simple and can become quite simple - repeat the same strategy over and over and over again and to grow your wealth so what is it about property investing exactly that makes it so hard and then what are some things that you can do to kind of overcome those obstacles and improve your skills anyway one of the main reasons property investing is so difficult is the barrier to entry in order to purchase a property you can't just go out into it if you want to go and play tennis don't buy a racquet or hire a racket and you can start practicing and playing straight away but if you want to invest in property then you're going to need to save a deposit whether that be ten or twenty percent of the value of the property if you're talking four hundred five hundred thousand dollar property at twenty percent that's about 80 to a hundred thousand dollars that you actually need to save as a deposit in order to get into the market even ten percent you looking at forty to fifty thousand dollars which is a larger sum than most people have saved in their entire life so barrier to entry is really hard in that aspect you also need to be in the financial position where you can borrow money from the bank or a lending institution so generally that means having a decent income and having a stable source of income as well so that can further add to the barrier entry of getting into the market so Barry fir entry just means it's hard to actually start doing it and as I say practice makes perfect and if you can't even start how are you meant to get good at it the second thing that makes property investing so hard is that it is multifaceted it's not just one skill that you need to learn when it comes to investing in property is understanding things like market cycles understanding the global cycle and the Australian cycle and how that fits into things understand the cycles of different major capital cities within Australia looking at then understanding you know different regions within those cities how they perform doing suburb analysis understanding that being able to analyze investment properties and their potential as well as problems that they may have looking at a suburb and the best spots within a suburb and what properties to avoid negotiating contracts all of this sort of stuff as you can see it can be a long list of things that you need to learn in order to get good at property and each of those things is an individual skill that you need to practice and get good at doing suburb research and comparing suburbs to each other that's a skill that you can build an acquire but that's a skill that's completely different from doing overall market analysis and seeing what the market trends are which is a different skill again from negotiating with real estate agents so it's multifaceted there's lots of different skills that you need to learn and get good at that can be very overwhelming at times another thing is that you have a lack of repetition so if you want to get good at something practice makes perfect again but being able to repeat that thing over and over and over again and improve each time so with repetition there's also feedback on whether or not you're doing it properly so with tennis let's say you're doing a forehand if you hit the ball you're getting feedback straight away as to whether or not that ball goes where you want it to go and if it hits the net okay you did something wrong let's adjust for next time so with property you've got the lack of repetition because the barrier to entry is so high you're not going to be buying a property every single week or maybe not even every single year you might only buy a few properties in your lifetime and so you're not having that repetition where you can try things over and over and learn each time and as well you're not getting the feedback straight away either you don't know if you've picked a good suburb sometimes until five maybe ten maybe fifteen years down the track to see how that suburbs performed compared to other suburb so you're not making a decision in something and then getting the feedback straight away there can be a lag time of 10 to 15 years as to whether or not you made a good decision and so you can't learn from your decisions straight away and get good at it so there's a few things that obviously make property investing pretty hard to get good at but what can you do in order to get good at an adit anyway and to achieve some great results so the first thing and probably the most important thing is just education and educating yourself in whatever way possible so there's a lot of different books out there there's a lot of different YouTube channels or property podcasts out there or different property blogs you can go into Google you can ask Google questions and there's always answers out there to your property needs this channel alone has something around 800 videos and you can go through the back catalogue and there's some really good content in there showing you how to do particular things what things to look out for mistakes to avoid etc so there's a lot on this channel so make sure you subscribe if you haven't already and go through the back catalogue and have a look at some of the things there there's a really good video that I did with Ben Everingham on how to find the best property within a suburb and what to avoid within the suburb so I'm gonna link up to that one in the description down below you can go ahead and check that out that's a really good one on how to learn things I also have a course on suburb research so if you want to learn how to pick good suburbs and how to research individual suburbs then go to onproperty.com.