In Episode 56 of the Investing Insights podcast, our hosts Victor Kumar & Steve Waters from Right Property Group discuss how to use the festive season break to evaluate 2020 and prepare and plan for 2021.
Key messages include:
-The world as we know it has changed in 2020 with the shape of investing changing too. What has not changed are the fundamentals when it comes to property investing.
– Its not just about buying a property, its also managing the property. rather than the popular term “Buy and hold”, it is more a case of “Buy and manage”
– Investing in property isn’t a passive income generator as there is still an element of work required.
– What we do now to manage our position will put us in good stead at the start of 2021. More so than previous years, the festive break is the time to pre-plan for 2021 and learn from the lessons of 2020 – work, finances and lifestyle.
– Rolling decade – move and tack. Now, 3,5 and 10 years time. There are always adjustments you need to make .
– Investors need to careful that their strategy doesn’t pigeon hole them preventing further progress.
– Its important to know what your position is at any given time. Get your baseline.
– Depending on where you are be it acquiring, managing or the consolidation phase its a lonely journey when you are doing it yourself.
– Being supported as part of a tight network will minimise giving up when hurdles come along.
You will hear all of this and much, much more in this episode of Investing Insights!