Beware of Property Experts

It seems we have become a nation of “experts.”

Just check your inbox or turn on the television and there they are.

  • Experts on politics who have never run a business, let alone a country

  • Experts on football, even though they couldn’t run from one side of the field to the other.

  • Experts on celebrity who can’t sing or dance themselves and..

  • This new cycle seems to have brought a whole new generation of property experts

Most property investors are inundated with the opinions of lots of different property experts.

Who do you listen to? How do you choose?

Here is the definition of an expert according to wikipedia.com:

“Someone widely recognized as a reliable source of technique or skill whose faculty for judging or deciding rightly, justly, or wisely is accorded authority and status by their peers or the public in a specific well-distinguished domain.

An expert, more generally, is a person with extensive knowledge or ability based on research, experience, or occupation and in a particular area of study.”

So here’s my advice on who to listen to in order to create your own financial freedom:

  1. Only take advice from those who have done it successfully and significantly and kept their wealth for a long period of time

In other words find practitioners not just teachers.

There is a long, long list of people who have conducted property seminars over the past 15 years giving what sounded like good advice at the time, but who are no longer around.

Sure, there are those who can teach even if they haven’t done it, but why take the risk!

  1. Don’t follow anyone blindly; instead be a student of property advice.

Listen to and read the advice of several experts with conflicting opinions. Consider their viewpoints – check out their results.

Different property strategies will suit different people depending on their income, their stage in life and their risk tolerance.

Research, learn and then do what suits you.

  1. If it sounds too good to be true, it probably is!

I know some people really, really want to get into property and many want to get started in property renovations and development so they are enticed by promises that you can go to a weekend seminar and learn all you need to give up your day job.

Or you can bypass the banks and buy property with no money… O.K. – you may need a dollar.

Or you can by good property on lay- by.

I accept that a really small percentage of people who try this will succeed but, probably 95% won’t.

I know – I’ve met them!

Why do you need an expert's advice?

It’s just too hard to try and do it any other way…you see, most property investors don’t achieve financial independence, or they take much too long to get there, because over the first decade of their investing career they have to sort out what works and what doesn’t.

Of course many never survive this stage…and the small percentage that does then have to make up for the lost time and money since there’s a huge learning fee involved – of time, money, effort and heartache.

On the other hand following strategies based on sound financial principles of those who’ve already achieved what you want to achieve and who’ve retained their wealth through a number of cycles, while not guaranteeing your success, makes it much, much more likely.

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