NIGEL ADRIAANSE

Property investment , unlike just buying a house to live in , can be a daunting task and many have tried and failed to make it in this industry . To be successful you need to have hair on your teeth ( not literally , of course ) - you need to be willing to make massive sacrifices and be prepared for some really hard work .

way to make “ Passive income ” and IT IS but only after you have put in some serious hard work to reach your goal of financial freedom . Financial freedom , after all , is what we all seek to achieve so that we are no longer beholden unto a boss .

Here are my top 10 tips for first time real estate investors .

Set Financial Goals for Yourself !

Whatever the reason is that you want to start a property portfolio , the first thing you need to do is set clear financial goals . You would want to go on an extended holiday in two years or build complete financial freedom for you and your family in the medium to long term . Whatever the reason , once you have decided on these goals ( yes there can be more than one ) you can start to plan your investment strategy .

If your goals are short to medium term there are investing strategies that will cater for your goals . Upon knowing the goal , you will need to make sure that you have several exit strategies at your disposal so that you do not get stuck with a property that costs you money or becomes cash flow negative .

22 FEBRUARY 2021 SA Real Estate Investor Magazine