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If you succumb to this disease, the shiny penny that pulled you off track is eventually overshadowed by yet another shiny penny, and another…It’s a vicious cycle.
There are many different strategies in the UK property investment sector and it is just not practical to be a master at all of them. As the saying goes it is better to be a master of one than a jack of all trades; meaning focusing on one strategy and mastering it pays dividends. The rest is just noise that can detract you so cut it out and stay focussed. In my experience whilst certain other strategies may look or be portrayed as en vogue and financially more lucrative, once you do you dig a bit deeper and do your due diligence you can find the reality is different to what is being portrayed on social media. The grass is not always greener on the other side.
The sheer amount of information available at your fingertips nowadays whilst extremely accessible can have the ability to lead to information overload and can be more harmful than useful. So whilst it is good to know what other people are doing and what other strategies are currently popular, do not be attracted by the shiny penny and let it detract from your core strategy.
Of course, this is all based on the premise that you have a core strategy that you have spent time mapping out, developing and building. Once you have done this, you must take action as knowledge without action is a wasted asset.
If you are early in your property investment journey, I will share some points which I have undertaken which help me avoid being attracted by the next shiny penny. My strategy is quite simple, I invest in UK residential properties (buying BMV or being able to add value at the outset) with a long-term time horizon benefitting from the rental income on an on-going basis and capital appreciation over the long term. Simple right! Well, yes and no - I have had to adapt a lot to prevailing market conditions to enable my business to continue to grow whilst making good investment decisions.
You are more likely to stay focussed and less distracted by the shiny penny if you: