Property investment has become more competitive with new government regulations and the increase in property investors. In this interview, Pietro Savvides shares several property tips on how to be unique and go from zero to property hero.
This interview was recorded at the busy JT Foxx family reunion (now Mega Success event) for wealthy entrepreneurs and business people.
Pietro’s tips have been summarised below the video. However we recommend you watch and listen to Pietro as there are more in-depth insights than our notes provide.
Property Investment Tip 1
Have an additional source of income
Before you triumphantly walk into your boss’s office and hand in your resignation papers and smugly say, “I’m going to be a property investor”, take a step back. Whilst property is a way of becoming extremely wealthy… it takes time to learn your craft and can be capital intensive.
When you start in property investment, make sure that you have a source of income to sustain you throughout your journey. This income needs to cover your living costs.
This means that you will have to work two jobs in the early days (no one said this was going to be easy). One job to keep you afloat, and the other as a part-time property investor.
For the first six months to a year of your property investment journey focus on educating yourself on:
- Your goal and reasons for investing in property
- What property investing strategy is best suited to help you reach that goal
- What financial and time resources you need to know to help you reach your goal
Property Investment Tip 2
Invest your spare capital
To invest, you need to have some spare capital or access to capital. Some starter property investors may have savings stashed away, others may be living at (or even above) your means.
If you’re living above your means, we have a few articles to help you with that. Pietro’s advice is aimed at those that already have a firm control of their financials.
Pietro was a contractor so already had an understanding of property, the property market, and the costs of refurbishing a house. This meant that he could confidently purchase property, refurbish it, and then sell it on.
For the starter property investor, a better strategy might be to invest your spare capital in property investment education. This will prove invaluable as you’ll:
- Make fewer mistakes
- Build a network of people that are attempting to do the same thing as you
- Save time
Property investment is a skill like any other and can be learned. However, the knowledge required to invest (e.g. how to tell if a property is a good deal, how to deal with the bureaucracy, how to manage anxiety) is quicker to learn if someone teaches you.
Having met a number of failed “property investors,” many of their extremely costly mistakes could’ve been avoided by investing in basic investing education.
Property Investment Tip 3
Start out small
As the time old adage states, “don’t run before you can walk”. Begin with smaller projects. This doesn’t necessarily mean the level of investment involved (although typically larger properties cost more), but the actual work involved in making an investment property profitable.
For example, renovating and managing a two-bedroom house is far simpler than renovating and managing a six-bedroom. Being a great landlord is a tough job, and you can learn from every mistake you make with the smaller properties.
As you learn to keep tenants happy and satisfied, understand what costs are essential, and how to accurately budget for renovations, you can move up to larger projects.
However, I know of some true horror stories about deals that looked attractive on the surface but as soon as the refurbishment started… it turned into a horror show.
As Pietro put it, “You need to know what’s behind the walls”. If you’d like to talk to Pietro about investing in Canada or talk about the topics in this article and interview, contact him here.
Huge thanks to Pietro Savvides for sharing his insights with us. If you found this interview helpful do
- like the video and subscribe to our Youtube channel for more property and financial insights and strategy.
- write us a comment (if you’re feeling super generous )
- bless your friends and use the buttons on the left to share the article to help them become better educated, motivated and inspired.
In the meantime, if you want to learn more about property investment from other people’s journeys, check out the following articles:
- Property Event Junkie or Action Taker?
- 6 Essential Folders required to run a successful property business
- 3 Important lessons my dating life taught me about property
- 6 Essential questions to ask before property investing
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