Property is the way to go if you want to achieve financial freedom, said Petersen, but it's a long-term game. What makes it such a compelling sector is that everyone has to live somewhere, and with the current housing shortage in South Africa, property makes for a smart investment choice, he explained.
Drawing from his experience and from working with a range of investors, Petersen provided practical tips to use on a day-to-day basis to outperform the market.
Educate yourself, he said. Along with reading books, he advised that keen investors should attend industry seminars and broaden their circles with like-minded individuals in order to create a support network.
Drill into the details
Verify your information, he emphasised, and sort the fake news from the legitimate news as not doing so could lead to poor decision-making. One of the big property lies is that there is one single market, he explained: "There are multiple markets, and you can break them down into different sectors, different areas - so there's not just one size fits all for everybody - it doesn't work like that. You need to go into the street... you really need to drill down into the details."
Next, he advised, is to put together a strategy based on what you hope to achieve - whether you're a first-time investor, a more seasoned player, whether you're looking at commercial or residential investments, or if you're looking to invest off-shore.
Find partners, he said, and events like the Property Buyer Show are the places you're most likely to find them. As far as big deals are concerned, opportunities are available every day: "Debt, death, departure, divorce, downsize - that's where your big deal is - and that's your starting point... because these things happen every day," Petersen explained.
Avoid the emotional rollercoaster
|Courtesy of Bizcommunity, by Neale Petersen|