When investing in real estate, we often hear of success stories of people striking it rich in this field. But
a word of caution, what we have here are just snippets of info and pockets of relative successes.
The operative word here is "relative". I hope you dont jump ship and place your money in just one investment vehicle i.e. real estate property.
Remember this is a liability more than an asset Smiley unless you make a quick turn around and transform the liability into a steady income stream, again the operative word is "quick" - a period of time dependent on how long you wish to hold on to the property
One key/important concept to remember is: disposable income.
Please ask yourselves:
- Is the money I currently have in the bank only for my investment portfolio, the amount of which I can afford to lose and I have the time and the patience to wait for my investment to grow, which could take a while given risks involved.
- Do I have enough money for emergencies? e.g. unexpected health problems that may need hospitalization in which family members are involved, unexpected job shifts i.e. lay offs, sudden management plans that declare job redundancies etc.
- Is acquiring a real estate the most ideal investment vehicle for me?
- Have I considered/read other possibilities i.e investment vehicles, that may suit my personality even goals in life?
- How do i see my money 10 years from now? And how do I intend to use them?
All of us wish we are better 5 or 10 years from now. And the decision we make today on the amount of money we have will determine what will be our financial state down the line.
Dont justrush things and get persuaded to follow the bandwagon. What became successful with others may not bear fruits for some time.A word of0 caution. We earned our money the hardway and we have to protect it.
Since there are no sure fire way to make a living nor a secure investment vehicle, a lot of informed and intelligent "trial and error" happens. But when we start engaging in a "trial and error" game, please remember it is costly - hence be prepare to lose... to lose a lot!
So the cliche adage "dont put all your eggs in one basket" remains true. Stash some eggs in others and manage risks. Spreading risks is key.