In this episode, we discuss another fear that holds people back from getting start as investors – fear of the unknown.
Perhaps there's something in the back of your mind holding you back from investing.
This is common for first-time investors. It's the fear of the unknown.
You might think: What happens if I suddenly lose my job? Or what happens if I don't have a tenant for a long time? Or just what if something bad happens?
In this podcast, we discuss 5 tactics you can use to protect yourself against this situation. They are:
- 1. Set up a Buffer Account with a Line of Credit
- 2. Get the Right Type of Insurance for You in Place. This could include both income protection insurance and landlords insurance
- 3. Work with experts such as a property coach, accountant, lawyer and property manager who can help see things you might not see. As they say – you don't know what you don't know.
- 4. Remove the emotion and know the numbers – get a property investment analysis
- 5. Get educated. The more you learn, the more you will remove the unknown.
We also mention Opes' Property Investor Quiz. This 7-question quiz will give you a 'ys', 'no' or 'maybe' answer about whether you are in the financial position to invest right now.
