{"id":20536,"date":"2018-03-11T01:00:17","date_gmt":"2018-03-10T14:00:17","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=20536"},"modified":"2018-03-11T01:00:17","modified_gmt":"2018-03-10T14:00:17","slug":"what-stops-investors-in-their-tracks-josh-masters","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/what-stops-investors-in-their-tracks-josh-masters\/","title":{"rendered":"What stops investors in their tracks? \u2013 Josh Masters"},"content":{"rendered":"

We asked Josh Masters<\/strong> to tell us what he has observed, amongst his investors (he is a buyers agent), to be the stumbling block that holds some of them back.\u00a0 Although he struggled initially, he did give us a tremendous piece of advice.
\nTranscript:<\/strong>
\nKevin:<\/strong>\u00a0 I\u2019ve given my next guest somewhat of a difficult mission. I asked Josh Masters from BuySide.com.au to tell me what he figured was the single biggest mistake property investors make. He came back and said \u201cWell, that\u2019s actually pretty hard because I reckon there\u2019s more than one.\u201d
\nGood day, Josh. How are you doing?
\nJosh:<\/strong>\u00a0 Very well, Kev. How are you?
\nKevin:<\/strong>\u00a0 Good, mate. You could probably put it into several different categories. Let\u2019s talk about a few. What do you see are some of the common mistakes?
\nJosh:<\/strong>\u00a0 I definitely can put in a number of categories depending on where the property investor is at the time. I did feel it was a bit of a curly one because you said \u201cGive me one,\u201d and we can go into the details later, but I think the over-arching one always comes back to mindset.
\nI don\u2019t care what industry you\u2019re in or what you\u2019re trying to achieve; if you don\u2019t have the right mindset, you\u2019re dead in the water. A lot of it comes back to fear of failure, fear that we\u2019ll make a mistake.
\nPersonally, I don\u2019t think enough people invest enough in property or shares, or whatever they do, to look after themselves for the future because that\u2019s essentially what we\u2019re trying to do. We\u2019re trying to create a life for ourselves, and I think a lot of people hold themselves back.
\nWe know that only probably 20% of the population own a single investment property, and it drops off dramatically after that. But one property is not going to make you rich, so what are people doing? Is it a fear that they will make a mistake in the future, that they\u2019ll make a wrong choice? It effectively stops us from taking action, and that\u2019s what I see as the biggest thing in my line of work as a buyer\u2019s agent.
\nWhen people come to me, they just don\u2019t know what to do, how to go about it, and they\u2019re looking for advice. But many of them stall because they get in a little bit of a panic. They go through that paralysis by analysis, and it really holds a lot of investors back from really achieving what they wanted to do.
\nKevin:<\/strong>\u00a0 If they really think about it, to be cautious is one thing and to analyze, you have to do that to do your research. But I think after a period of time, Josh, I think people analyze so much, they actually start to look for reasons not to do something as opposed to looking for reasons to do it. You can actually over-analyze any situation.
\nJosh:<\/strong>\u00a0 I agree. And I\u2019ve been there myself. Sometimes a lot of us have that perfection mode switched on, and we have to pull that back a little bit and just say we might not find the property that\u2019s ten out of ten, but I\u2019ve invested in properties that are sevens or eights out of ten and they\u2019ve done phenomenally well. But the difference was I invested and the next guy didn\u2019t, and two or three years down the track, that next guy is probably sitting there going \u201cIs it the right time to invest?\u201d
\nThis is where that timing the market comes into play. Everybody knows that it\u2019s not timing the market; it\u2019s time in the market and those sort of clich\u00e9s that we all know are true, but it\u2019s the fear of failure that stops us taking action at the right time.
\nI think sometimes it\u2019s better to buy an investment that\u2019s just okay and will probably do medium to well rather than not getting into the market at all.
\nKevin:<\/strong>\u00a0 I know we\u2019re talking here about investors, but even with home buyers looking for a home for the family, if you go in with too big of a checklist, you\u2019re effectively looking for ways to knock properties out as opposed to knock them in.
\nSo, if you can find something that\u2019s about 75% \u2013 okay, so maybe it needs maybe a deck or it needs some repairs or it needs a new paint job \u2013 that\u2019s all stuff you can do to improve it, but it shouldn\u2019t be a reason for you not to buy it. In other words, you\u2019ll never, ever buy probably the perfect property, but you have to find one that\u2019s close enough, and then you mold it to yourself, Josh.
\nJosh:<\/strong>\u00a0 That\u2019s right. I talked to my grandfather about when he bought property back when he was really young. It\u2019s really great to go and talk to old guys like that who have been there and done that sort of thing.
\nKevin:<\/strong>\u00a0 You mean like me.
\nJosh:<\/strong>\u00a0 I wasn\u2019t going to say that, Kev! But someone with experience, because it really puts in perspective the journey that they\u2019ve been on to get to where they are today, and you realize that the property they bought back when they were 24 or 25 and then moved into for five to ten years, it was just a stepping stone.
\nOnce people start to recognize that and relax a little bit around that, they realize that they don\u2019t have to buy the perfect property today. It doesn\u2019t have to be in the absolute best location they\u2019ll live in forever. Then they start to relax into it, and they can buy something that\u2019s good enough for the moment that they can afford and get into, and they can build on that.
\nKevin:<\/strong>\u00a0 Josh, here\u2019s a bit of old-person wisdom for you. Sometimes the only thing that you really need to get right the first time around is your marriage. All the other stuff you can change, but if you get the marriage wrong, I tell you what, it\u2019s going to cost you a fortune.
\nJosh:<\/strong>\u00a0 I agree.
\nKevin:<\/strong>\u00a0 Would you say that\u2019s the single biggest? It really comes down to mindset, doesn\u2019t it? You have to have the right mindset, you have to do your research, but then you have to take some action.
\nJosh:<\/strong>\u00a0 I agree. I think taking action is the single most important fundamental that investors need to put into their belt in the first place. Of course, once we get in there, there are a number of things that I see a lot of investors see. They get emotionally involved. They\u2019re waiting for the perfect time in the market.
\nEverybody wants to know what the market is doing today, but does it really matter? We have some great fundamentals out there right now \u2013 low interest rates, etc. \u2013 but still people are balking. I think a lot of those things, we can dive further into it when we go to select a property.
\nI see a lot of people making mistakes around choosing the right kind of property but then disregarding the supply in the area. I think once you get into actually selecting a property, supply is one of the biggest fundamentals that people will make as a mistake in not recognizing how many units or houses are being built in that area or the surrounding area that will affect prices moving forwards \u2013 for example, development in the pipeline.
\nKevin:<\/strong>\u00a0 Yes, in fact, a little bit later in this show I\u2019m going to be talking to a mate of yours, Bushy Martin. He\u2019s coming up later in the show, too, and in my conversation with him \u2013 a couple of old guys talking I guess \u2013 he said to me \u201cYou know Kevin, the best time to buy property was 20 years ago and the second best time is to do it today.\u201d
\nJosh:<\/strong>\u00a0 That\u2019s right.
\nKevin:<\/strong>\u00a0 Pretty true.
\nJosh:<\/strong>\u00a0 It\u2019s good wisdom.
\nKevin:<\/strong>\u00a0 It is very good wisdom. Hey mate, I\u2019m going to leave it there. Thanks for your time, Josh. Josh Masters is from BuySide.com.au and he is a great guy to talk to. Thanks for your time, mate.
\nJosh:<\/strong>\u00a0 My pleasure, Kev. Thanks for having me.<\/p>\n","protected":false},"excerpt":{"rendered":"

We asked Josh Masters to tell us what he has observed, amongst his investors (he is a buyers agent), to be the stumbling block that holds some of them back.\u00a0 Although he struggled initially, he did give us a tremendous piece of advice. 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