3 Myths that are slowing down your Wealth-Building Dreams
Myth #1: Having a high income is all you need to be successful in property investing
The Mindset: “I know how much equity I have and how many properties I can buy”
Often, investors mistakenly believe a high income and lots of equity guarantee property investment success. However, if you rely solely on income and equity, you might be in for a shock. In fact, an individual with lower income and modest equity can outperform someone with greater resources by having a well-defined investment strategy.
Without a tailored, strategic approach, opportunities may be missed.
Indecisiveness can be the downfall of many investors. Urban population growth and demand for living spaces have significantly boosted the appeal of apartment living in Australia, yet many property investors are remaining cautious. Why? Lack of a proper understanding of the fundamentals of apartment investing.
The Ironfish property selection process sees our research team analysing a range of critical investment factors – both internal and external – to help us identify the best investment opportunities in key locations. Our criteria for successful property investing include population growth, infrastructure development, rental yields, and vacancy rates. We seek developers who share our passion for high-quality properties & have a track record of delivering exceptional projects at competitive prices.
Myth #2: You need to spend a lot of time researching the market to be successful
The Mindset: “I’ve inspected hundreds of properties so consider myself experienced in the property market”
The reality is that no matter how many properties you have inspected, it doesn’t necessarily mean you are making the most informed decisions. Time does not equate to knowledge and experience, especially when it comes to property investing. It’s crucial to have a deep understanding of the market, but this doesn’t necessarily mean spending countless hours inspecting properties or researching data on your own.
At Ironfish, our research team spends a great deal of time and effort analysing the market and identifying key trends and opportunities. This allows our clients to focus on working hard in their careers, while we find income-producing assets that will work hard for their future wealth. By relying on our research and expertise, our clients can have peace of mind knowing that their financial future is in good hands.
Myth #3: I can save money investing on my own
The Mindset: “I’m confident in my negotiating skills to get a good deal without paying additional fees”
While it’s understandable to want to save money by avoiding additional fees, the reality is that having professional guidance and support can actually save you money in the long run. Property investing involves a lot of complex factors and potential risks that may not be obvious to someone without experience or expertise in the market.
You may be a whiz negotiator– but do you know the ins and outs of contracts? Are you checking future development applications that may impact your property in the future? Do you know which properties attract better quality tenants? These are just a few examples of areas where professional guidance can add value and potentially save you from costly mistakes.
Additionally, by working with professionals who have established networks and relationships in the industry, you may also have access to off-market properties or exclusive deals that you wouldn’t have been able to find on your own. This can ultimately lead to significant savings and better investment opportunities.
Ironfish has helped over 13,000+ Australians build a portfolio of quality property assets, backed by the latest research, strategy and personalised support. As an Ironfish investor, you’ll enjoy greater peace of mind knowing you have our collective expertise and experience behind you, every step of the way.
