Have you ever thought about making your hard-earned income go even further than simply keeping it in a savings account and actually investing it in residential property?
When investing is done correctly, it has an enormous impact on your net worth over the long term. It takes dedication to researching, selecting the right property in the right location as well as a strategy to build a successful investment portfolio.
67% of Australians are homeowners, however only 8.7% own a second home or more. Why is this when there has never been a better time than now to begin investing in property? In my experience as a buyer’s agent, it generally comes down to three things – lack of time, education and the fear of making a costly mistake.
Let’s call it like it is – there is a lot of conflicting information on property investing. The real challenges are knowing how to start, the time required to do the due diligence and negotiating a great deal in this hot property market. I would say the secret to successful real estate investing is avoiding the outrageous sales speak and media hype, and instead focus upon research, property selection and learning the best way to negotiate to secure your investment property . Whilst this may sound a lot easier said than done, with the right education, and strategy in place, it becomes the opposite.
Educating yourself on property investing is the best way to both eliminate the fear of making a costly mistake and ensure you are making the right investments to generate future-wealth. A great starting point is to read books from seasoned property investors who outline both their strategies and mistakes to avoid. Some of the best ones to give you an introduction into property investing are “Rich Dad, Poor Dad” and “Cashflow Quadrant” by Robert Kiyosaki, and my favourite, having worked with Margaret Lomas running her property investment workshops in 2010 just prior to starting my business is her property investor’s classic, “How to Create an Income for Life.”
Working with an experienced and professional buyer’s agent specifically for investors is another great way to understand how property investing works. Through my company Australian Property Investment Solutions, I’ve helped hundreds of investors develop strategies to build their own property portfolios and wealth for their future, and I want to help you do the same. To do that I’ve created a free guide How to Buy an Investment Property With Success in a Red Hot Market that you can access here.