If you're thinking on how to start making passive income through property investment, read this 5 powerful which you can surely use to kick start your love journey with property investment today:
1. A Positive and Right Mindset
Having a positive and right mindset are key ingredients towards any venture, don't you think so?
It's the same whether you're trying to make money from any business, or in this case - real estate.
Without a positive and right mindset, it might just hinder or slow down your journey of becoming a successful property investor.
You have to believe in yourself, and that you can do it.
And how far you want to make it, read on...
2. Set a Goal
Every successful entrepreneur sets goals for themselves. It is your blue print to success.
Without a goal, you will not have a direction, let alone the motivation to take action.
You goal for making money from property investment can be how much you would like to make in rental income, capital gains and the time frame that it will take for you to get there. Write it down.
Sounds simple?
In reality, this may be very overwhelming!
Of course, if you have not made a single cent from your property investment, and your goal is to make a million dollar in the next 6 months...well, it can be very scary isn't it?
Well, not that I say it is impossible. It is more of the question of whether you can attain it or not, and whether it is practical or not. So, set yourself a practical and attainable goal.
Next, you need to have the sword and armor to achieve your goal...
3. Educate Yourself
With a goal, and without the tools or means to achieve them... it's like building a castle in the sky. (No pun intended!)
So, if you are not sure where and how to start to start, you better get yourself equipped and educated.
You can learn the skills by attending seminars by property gurus; or you can educate yourself on the nuts and bolts of property investment by reading books or materials written or prepared by successful property investors and gurus. Of course, you can also gain knowledge from audios, videos, courses etc.
The main purpose is to equip yourself with the right information and avoid making costly mistakes before buying your first property.
After all, there's no such thing as the perfect property...
4. The Perfect Property
You see, if we go for perfection in whatever we do, we'll never get started, in anything at all.
So, if you want to get a property which meets your criteria 100%, the perfect score, you can continue to dream on.
It's a fact, there's no perfection. As long as 70% to 80% of your criteria are met, you can consider investing in it.
Whatever score or criteria, please remember to do Your HOMEWORK!
It is very important to get enough information before making your purchase. Avoid buying property on hearsay or on impulse or you might just regret your purchase. Make sure you know all the incidental cost of owning the property before making your investment.
Check to see if there are any potential risks in the surrounding areas that may bring down the value of the property.
See the brochures and advertisements with a critical and objective mind. Verify all the information that is given by the sales staff. Request to see the actual unit.
Do your due diligence before buying. You'll save a lot of heartaches... and of course, you money!
5. The Future Value of Your Property
Are there any upcoming developments that will affect the future value of the property you are investing?
You would want to avoid the too-late syndrom: finding out 'too late' that they are going to build another high-rise building next to yours, or that a sewage plant is planned beside your property, or anything else for that matter which will affect the value of your property.
When in doubt, ask around, especially the existing residents. They'll surely tell you a news or two.
Lastly, I have a confession to make...
If you're thinking you can actually start to invest in properties with the view of making passive income with this 5 tips... I'm sorry.
This is to give you a sufficient foundation to start with. Not to actually show you how to do it step-by-step.
Remember, you still need to get yourself educated. It may be difficult at first, but I'm sure you'll love the journey.
So, start falling in love with making money from property investment today!
Article Source: http://EzineArticles.com/?expert=C_Guan_Soo
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