Hey, guys, Andrew Malcolm from Mortgagehq, and I want you to think about property
investing as a real life, who wants to be a millionaire.
If you've seen that game show you sitting in the hot seat, you've got a minute
or so to answer a question fired at you, and it's usually multiple choice.
Now, property investing is a similar game.
You can find the answers, and you don't always have to know them yourselves.
So on who wants to be a millionaire, you get three lifelines.
I think it's about 14 questions,
and they start off really easy, and it's the same with property investing.
First question usually is around - What do you want to buy?
Second question - How much can you borrow?
Third question - Where are you going to buy?
Fourth question - When are you going to buy?
It starts getting increasingly more difficult,
and what you're probably going to need is you're going to need to use
some of your lifelines along the way.
So when you're playing, who wants to be a millionaire,
you've got phone a friend, you got 50/50 and you've got ask the audience.
Now with property investing.
Everybody has an opinion, and it's easy
to go and talk to mom and dad, uncle, neighbor, taxi driver.
What you really want to be doing is if you're phoning a friend is
you want to make sure you're phoning an expert or somebody that has
credibility in the space.
So that might be a mortgage adviser, might be a lawyer or an accountant
as long as they own property themselves might be an established property investor.
You don't want to be asking anyone.
Now the second lifeline is the 5050, so let's say
you've been given four property options now.
What people usually do is they get overawed by the options
and they end up doing like picking only one or not making any decision.
Just because you like four properties
doesn't mean you can't offer something on all four properties
and let the vendors of those properties show you how keen they are to do deals.
Now I saw a deal recently where buyers offered 2.5 million,
the vendor wanted 2.85M
and there was an impasse and nothing happened.
Throughout the last one month, there's been lockdown, actually been two months.
Vendor has come back to the original offer and said: ''Hey, look,
if you can put 2.5 mil back on the table, we'll take that deal.'' Now
you can do that for five, even ten times - ten properties at the same time.
You don't necessarily have to get paralyzed by choice
or make the decision on cutting down what you want to choose yourself.
Can let the vendors help with that.
Now, ask the audience when you're playing, who wants to be a millionaire.
There's hundreds of people in the crowd.
If you get stuck on a question,
then you can have, you know, the wisdom of the crowds and they vote
and they'll show you which option they think that you should choose.
Now what you can do is you can jump on Facebook
and you can go also go on property investors associations.
This 57,000 members last time I checked
on the Property Investors Chat Group.
It's a New Zealand Property Investors Group.
There's plenty of information out there if you want to ask the opinion,
as long as you're asking really good questions.
Summarising, everybody can be a millionaire
through property investing and everybody has the help that they need.
What's stopping you is potentially mindset
and not asking the right questions.
So make sure you do your homework, understand how the game is played,
and don't let fear drive your decision making because most people
that play who wants to be a millionaire, they win something.
They might not win the million dollars, but just for playing the game.
They do walk away with some cash, and it's the same with property investing.
As long as you get in the game,
you're probably going to come away with something more than you started with.
Let me know questions comments below, and don't forget to subscribe.