The First Golden Rule of property investing is that we always want to buy form motivated sellers. These are people who have a property related problem and they need to sell their property quickly. Speed and certainty are often more important that the amount of money they receive which means that can be flexible on price and or terms. By helping these people find an ethical win win solution to their problem we can also make some money. Making money whilst helping other people is a great feeling.
When people first learn about successful investing in property they often rush out eager to put their new knowledge into action a find a great deal. However, it can take some time to find a really great deal and often people get impatient and can become what we call a motivated buyer, desperate to acquire their first deal. Be careful of this and make sure it does not happen to you.
If you keep taking action and apply what you have learnt, then you will find a great deal but you need to be patient. Don't purchase the first deal you find because it probably won’t be the best and you will come to learn that there are actually plenty of deals out there and you should only be doing the very best deals. Having said this, your first deal is always going to be the hardest so you need to start somewhere, just make sure you down buy something that you might regret. You need to make sure that you stick to the other golden Rules of investing in particular No 2 about only buying in areas with strong rental demand and also No 3 about only buy property which makes positive cash flow. Happy investing.
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