They say there are only two constants in life – death and taxes. But I disagree. There’s a third – making mistakes.
We all do it. Errors are inevitable.
But mistakes are not to be feared. In fact, they should be welcomed. Why?
Because they give us an opportunity to learn. And, in life if you stop learning, you die. Perhaps not literally – although it’s possible – but certainly metaphorically. And failure to learn closes us to new ideas, trends and possibilities.
One way we learn is by making mistakes. However, making small mistakes rather than large ones is one way to reduce all round risk. The risk of buying the wrong property in the wrong location at the wrong time, for instance. Or not understanding the process and setting your investments up incorrectly.
The key thing I’ve learned about making mistakes is to document them so you don’t repeat them. That way you will never make the same mistake twice.
Your first investment property is a great learning opportunity, use it wisely!