I’m always one to encourage people to read up as much as they can about property investing and I recently subscribed to a magazine specifically for property investors. Often there are some good articles but frequently there is an article outlining how a new investor can own ‘x’ amount of properties in ‘x’ amount of years to earn ‘x’ amount of income (just vary the number in the ‘x’ categories from month to month in the magazine). Yes, you’re correct if you sense my cynicism.
So this month there was a similar article highlighting how anyone can go about this, however I often find these articles hard to follow and feel for the novice just starting out. They are also frequently very specific about all of the steps required to take to reach success. One of the first steps outlined in this article (which was otherwise not that unrealistic) was for the young investor to move back in with their parents. Now I’m always one for trying to save money but I also like to maintain motivation. I don’t know about others but if I was just starting out investing and the first thing I was suggested to do was to move back in with my folks then I’d probably put my savings into a lotto ticket and hope for some good luck. Whilst my parents have been great supporters of my investing (emotionally not financially) I would have run a mile if I had to move home.
Beware of the good advice that may completely scare others (or yourself) away from a potentially great experience.