Just as an athlete or musician needs to practice to become an expert in their field, so too do property investors. Investor Michael Yardney gave his top tips to honing your skills for property investment success.
Learn the trade
In order to make the right decisions in property investment you first need to learn the factors that matter. There is a lot of literature on the subject and it is sensible to explore this in your free time to get as much basic information as possible. Keep a look out for training sessions with the experts too.
When looking at a property the key is to focus and ignore the chatter from an estate agent. Remember the key factors that you need to look for and carry a checklist to ensure you assess every significant factor.
Before you invest the first time make sure you view a lot of houses. It is fine to let them slip through your fingers because you need to learn to recognise the potential winners and losers more than you need a fast investment. Watch the progress of these houses and see whether you would have won or lost.