There are many strategies for investing in and holding property. The one common denominator is that, planned and managed well, it is an excellent way to secure your financial future. So, what is the best way to get started?
The best way to start is to start at the other end. Have a good think about what you want to achieve with your property investment, how much anxiety you can handle along the way and how averse to risk you are.
Anyone can do it! When I started investing in property, did I think I would own property in two States and one Territory of Australia and have three holdings overseas? No, I didn’t, but I knew what my goal was and still is. So yes, even you can do it. If you need help, I can help you to make your plan.
It’s not much good embarking on an investment strategy or buying a home that sees you in hundreds of thousands of dollars worth of debt, if it keeps you awake every night worrying about it. Whilst one strategy can see you buying one property and paying it right down before moving on to the next one, there are a number of strategies that will have you holding mortgages over many properties at once. If that worries you, you need to adjust the end goal to allow you to get a good night’s sleep. Sleep is important!
A property portfolio can take more time to manage than a single property. However, there are many advantages to aim for in a property portfolio to grow your wealth and retire early. You just need to speak to your property team and ensure you have a solid plan in place.
Remember that the idea of a perfect portfolio is highly subjective. It depends on your risk appetite, aspirations, personal and financial goals. A strategy that works for one, may not be your cup of tea. You may prefer coffee, so go for coffee.
To succeed in property investing you should aim to maximise your returns and minimise the risks. This can be a delicate balance in the management of your overall strategy which is critical.
Building an investment property portfolio is not a short term matter. It requires expert knowledge and commitment over the long term. Plan carefully and do not hesitate to leverage the professional help of the experts in your property team who have successfully built their strategically balanced portfolios.
Establish a property team to assist you. Consider talking to a team of good quality professionals which should include a Finance Planner, a Mortgage Broker to get your finance organised, a Buyers Agent so you don’t pay too much for a property, a Lawyer to organise your conveyancing and legal matters, a Property Manager if you’re buying an investment and even have an early chat with a removalist so you know what you’re up against in all aspects of buying and moving into your new home or in buying your new investment.
Notice we didn’t mention a selling agent for your team? No, a selling agent isn’t on your team. They work for and get paid by the seller. Oh, they’ll smile and chat with you no problem, because they want you to pay more for the property than it is actually worth. They excel at doing that.
Call PPBA for a free consultation and to chat about setting up your team of property professionals. We partner with a trusted and experienced team that you can rely on.
0490 020 801
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