With each property you buy, you’ll learn a lot, not just about the general principles around buying property, but also the specifics, processes and principles to do with your strategy.
Buying the first property of any strategy will take you from “not quite understanding how it can work” to “ahh, I get it now”.
And you’ll often hear it said that you first deal doesn’t have to be a perfect deal. In fact, it’s also said that it’s probably best that you accept that it won’t be (perfect).
Otherwise, you could (almost certainly will) get caught in the trap of procrastination and perfectionism, and end up buying nothing.‘
Good enough is good enough’ especially when you get started.
And even when you are more experienced and established in property, I’d argue that very few deals will be ‘perfect deals’.
In my world I assume ‘perfect’ doesn’t even exist, then I can only be delighted if I find one (doubtful).
And that leaves me open to the possibility of being happy with great, or even good, deals.Which means I’ll do more deals over time.Looking back, it was probably helpful to me that my very first investment (buy to let) property was a terrible deal.
But it got me started and gave me momentum to build a good sized portfolio.But what do you think? Is there room for compromise like this? Or is it all a bit delusional on my part?
Although my first property was a nightmare as a buy to let, with questionable tenants, frequent voids, and large rent arrears, I still sold it 3 years later at a good profit. So there’s probably a lesson there.
Here’s to Successful Property Investing.
(ex) Chartered Surveyor, author and property investor
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to: