How To Lose Money In Property Without Trying Too Hard
A lot of people try to become millionaires by investing in property but only a handful of people are ever successful. In fact, losing money happens a lot more often and anyone can do it!
1. Turn off your brain
Start off by turning off your brain. Why worry about investment strategies and planning your finances when you can spend your time enjoying life and make decisions on the fly. Most geniuses barely make a fortune in property anyway so why strain your average brain?
2. Ignore everyone else
Most property investors surround themselves with a team of advisors including property coaches, mortgage brokers, solicitors and conveyancers, and accountants but do you really need a crew of highly-paid, experienced professionals to help you lose money? No! You can do that easily all on your lonesome! In fact, don’t even bother looking at our Property Investor Learning Centre. It’s full of such resources as our mortgage calculators and capital gains tax guide, all of which are utterly useless!
3. Believe the hype
If you do need to listen to someone then try the media because they’ve always got the best advice. Why do your own research when you can read your favourite celebrity’s opinion on the Australian real estate market.
4. Buy the wrong property
Now, even though we’ve said you shouldn’t be thinking much, you will still have to spend some time and thought on finding a crappy property to buy. The ideal property to help you lose money is one that is not fit to live in (think broken doors and windows), is priced way above the market value and has zero growth potential. A combination of all three is obviously the best option but it can be more difficult to find. Read more about how to value a property accurately so that you can ignore the expert tips entirely.
What if you want to make money instead?
Well, that’s all the advice from us on how to lose money in property. If you’d like to take on a challenge and actually try to make money then give us a call on 1300 889 743 or fill in our free assessment form. Our mortgage brokers have experience working with property investors and know which lenders can help you the best.