There are many potential pitfalls and challenges along the road to property investment success.

The advantage of being a novice investor in today’s world is that plenty of others have already made the mistakes for you.  Learn from these simple yet common mistakes and you will hit the ground running.

Blogger. Ryan Crawford, group director, Crawford Realty

Mistake #2: Failing to maximise your borrowing position

This is one of the biggest obstacles to rapid portfolio development.  Many investors are attracted to the simplicity of dealing with their usual bank. They fail to realise how much their borrowing capacity can be affected by dealing with a single lender and how much it can differ between lenders.

How to avoid it: Shop around for a proactive mortgage broker who specialises in property investment. Along with your mentor, they will become a critical part of your investment ‘team’ – and the best part, they don’t cost you anything.

Mistake #3: Trying to self-manage a property in a location where you don’t reside

The best investment opportunities are unlikely to be close to where you live.  To maximise returns and mitigate risk you need to take a nationwide and diversified approach.  This often means holding property thousands of kilometres away from where you live.  Trying to self-manage to avoid agent fees all too often ends in disaster.  Unpaid rent and a poorly maintained property will soon cancel out any savings you have made on agent fees.

How to avoid it: Use the local experts.  A good property manager won’t feel like a drain on your return.  They will have a good corporate leasing client base, know how you can achieve top rent and most importantly, provide you with piece of mind that your asset is being well managed and maintained.

Mistake #4: Lack of long-term suppor t

It is very easy to get ‘lost’ on your investment journey. It requires a disciplined, business-like and persistent approach. A lack of support in these areas is why many give up if things don’t go exactly to plan.

How to avoid it: Like a mortgage broker, an investment strategist or coach is a vital element of your support team.  These are the people who have done it all before, and very successfully. They will provide ongoing assistance to ensure you stay on track, maintain motivation and reach your objectives.

Make the most of the professional services available to you.  Taking advantage of these resources and learning from others’ mistakes will ensure you’re in the best position possible to maximise and fast-track your success.

Ryan Crawford has been involved in the property investment industry for over 10 years, making the transition from successful investor to real estate professional.

Ryan is a firm believer in the power of positive property as a wealth creation vehicle. In just eight years he had built a multi-million dollar portfolio and created a significant second income.

A decade later, having refined his strategy for wealth creation, Ryan is now dedicated to sharing his wisdom and insight to help every day Australians achieve their financial goals.

“Financial freedom is within everyone’s reach. We have enabled many investors, previously unaware of the power of positive property, to build multimillion dollar positive property portfolios. Their investments now generate enough income to support early retirement, allowing them to live the lifestyles they had always dreamed of.”