Property Investment Tip: Educate yourself even if you have a financial team

"It’s always nice to hear the stories of other property investors who have been on the same journey towards wealth creation.

“I'm coming from somewhere that's completely removed from investing and banking so I'm quite naïve to it. It's nice to hear it from novices who had done those steps and to know how they've done it." 

Education became the foundation of Chris’ property investment journey, and after acquiring a principal place of residence, he makes it a point to gain as much knowledge as he could in order to eventually grow his portfolio.

Smart Property Investment’s Phil Tarrant, who has already successfully built a multi-property portfolio, agrees that the only way to move forward in one’s journey is to continue their self-education.

"After all, property professionals can only take you so far—you have to be able to personally understand all the processes involved to ensure that the services you are getting are tailored specifically for your needs and your goals.

“You can use other people to support you to do it. But you cannot outsource responsibility for investing in property to other people.”

From one property to multiple properties

Mr McMullen says that for his first investment property (following his principal place of residence) he prefers to minimize his risk. So he plans to stay within his budget and buy an asset located within five kilometres of a capital city CBD. Then, as he goes along on his journey, he wants to explore other Australian suburbs and take a bit more risks as an investor.

However, he adds that he would like to take his time in the market instead of buying multiple properties over a short period of time. 

Mr McMullen adds that many property investors often wish they bought more properties earlier, but he knew that he would be better off biding his time than rushing to purchase. 

“I know I would've made a mistake that can set me back a couple of years. I think everything happened at the right time.

“I think I was lucky that I had the education of these podcasts and the information that's available out there on the internet and property chat and forums—they're just invaluable.

“A year ago, if I was to do it, I would've made a big mistake because I wasn’t listening to other people's mistakes and stories." 

Take advantage of technology

Mr McMullen says property investors should utilise all the resources available to them. 

Mr Tarrant adds that considering the rise of various technological innovations which makes information more accessible for everyone, there "really is no excuse" to be clueless". 

“If you take the responsibility to educate yourself, or at least expand your knowledge base or get second opinions or whatever it is, you don't have to make those mistakes.

Research has been a big part of Chris’ successful entry to the world of property investment and he hopes to maintain this passion as he works to achieve his financial goals.

Phil and Chris’ final advice for budding property investors: Take responsibility for your decisions—even if you have a reliable financial team around you—by continuously investing in self-education.

 Tune in to Chris McMullen’s episode on The Smart Property Investment Show to know more about the invaluable education processes and why, sometimes, it’s okay to be a “pain in the ass” towards your buyer’s agent.