Most Investors Get This Part Wrong
Investors often get stressed during due diligence. That’s especially the case if it’s their first investment property.
But truthfully, the time itself usually isn’t the issue.
Investors usually don’t get stressed about the 1 hour to submit mortgage docs.
Nor do they worry about the 15 minutes it takes to phone a Property Manager.
Instead, they get stressed if they feel they haven’t had the time to make a good decision. The time to think about it.
To handle this, some investors take a week off work when they put a new property under contract.
Don’t worry, you do notneed to do this.
No-one should spend 8 hours a day talking to a lawyer.
But, you need to schedule time to think about your investment. That means:
- Thinking about questions to ask your financial adviser/solicitor/property manager etc
- Reading documents from your lawyer
- Or scheduling the time to call these people back
The most successful investors schedule an hour a day to do all this thinking and reading.
They don’t usually spend a full hour doing this; there’s not that much to do. But they create the space and time so they can think and not get stressed.
If you are investing with your partner, it’s a good idea to schedule this time together.
That way you can both get on the same page.
Often couples have busy work lives. They don’t spend enough time talking to each other before making a $550,000+ decision.
Don’t worry, you don’t have to block out your evenings forever. You just need to commit a few hours over this two-week due diligence period.
