Let’s be honest, even the most prolific investors get into the occasional funk and stuck on some pretty bad habits. Don’t worry. Good practices are just
as easily habit-forming as bad. Start by doing a quick stocktake on how you have been investing to identify any areas of weakness or poor
practices that can be improved on. We have got together with some good friends of ours to tease out the most common and obvious investment no-no’s
you should get rid of, pronto!
Ryan Smuts, Kris Pedersen Mortgages & Insurance
Analysis Paralysis! Don’t get bogged down on analysing deals, it’s best to just get in there if it suits you and fits your buying rules, because the longer
you wait, the more likely you are to lose out.
Andrew Bruce, APIA
Don’t buy on emotion, know/research the value of what you are buying.
Peter Lewis, APIA
Take your time to select the right tenant for your property. Take time to check them out through TINZ, take the time to check their references, take time
to talk to them and understand their attitude to life.
for them to go? If they need to give appropriate notice where they are now and then move across to your property in an orderly and businesslike
manner, that probably is the tenant you want.
Thinking you can just Set-And-Forget your portfolio because you have property managers, fixed-term tenancies, insurances etc in place. Things always
come up, especially when you’ve got more than a couple of properties and if you’re unavailable or uninformed, you’re more likely to be making poor
decisions or slow decisions which can cost you over time. Life’s busy but keep up-to-date with what’s happening in your portfolio.
Doing joint ventures (particularly with family) without having dispute resolution and termination clauses.
Ever reversed any detrimental bad investment habits? Share your experience below, tell us how you are investing better today!