With so many experienced investors on this forum utilising many different strategies I would be interested in learning the number one, golden rule or advise that you have picked up on the way. For me, noting I have a buy and hold strategy (so long term approach), I will not purchase in a location unless it is supported by a min of three independent forms of employment. This has stopped me buying in towns which are reliant on the resource sector, but have still bought in regional cities like Townsville and Wagga Wagga in the past.
This allows me to deal with the long term risk of demand.
Would be interested to hear about other peoples rules or lessons learnt along the way.
Cheers
Steve
Steve
Email MeThe devil is in the detail, always ask why?
Hi Steve, my main strategy is :
1. Build a large cashflow positive asset base
2. Let the power of inflation/compounding do the workAgree with bender.
3. Pay the investment debt off and live off the increasing rental income forever.
Cheers
Yours in Finance
0-40 Properties in a decade. Ask me how.-
This reply was modified 8 years, 5 months ago by
Richard Taylor.
Richard Taylor | Australia's leading private lender
Timing is everything, making money in property is all about supply vs demand.
Agree with MTR. Your money is made in the timing of the buy in the cycle. Buying at the top keeps you at the bottom for a long time!
Every investor needs to do their reseaarch, understand pros and cons, and get the best possible team of experts on their side.
Property investing was the beginning of my personal journey to self development.
At the end acquiring properties was just the tangible result of becoming a bigger person.
Xenia | Alexa Real Estate Pty Ltd
http://www.alexarealestate.com.au/
Email Me | Phone MeAdelaide Property Manager
Check out what houses are selling for before you buy.
Don’t over analyse to the point where you don’t do anything.
I’ve seen people “think” about investing for a number of years – during that time, they’ve missed out on the upswing of a property cycle and are now “waiting” for prices to drop.
It’s important to do your research/due diligence – etc, but at some point, you need to put that research into action otherwise it’s pointless.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Timing and Time in both matter to me. The property cycle and tracking the ripple effect from larger markets out to smaller ones makes timing buying decisions easier.
Adding value with renos and development is great for speeding things up if you don’t mind putting in the time to learn it.
Building a great team of specialists in their fields makes the whole thing easier and faster. I could manage my own loans and haggle with banks, but why bother, when a good broker will do a better job and always be “on the pulse”.
And picking really good property managers is essential or you will hate the journey.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Check out what houses are selling for before you buy.
This is probably one of the most important things when I think about it!
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Property investment is one of the best decision to secure your future. Before buying a property you must understand the property cycle and you should be responsible enough to manage your property.Benefits of investing property include the security of bricks and mortar and rental income.
Jane
http://ppgi.com/Don’t over analyse to the point where you don’t do anything.
I’ve seen people “think” about investing for a number of years – during that time, they’ve missed out on the upswing of a property cycle and are now “waiting” for prices to drop.
It’s important to do your research/due diligence – etc, but at some point, you need to put that research into action otherwise it’s pointless.
Cheers
JamieAgree with Jamie. Once you have done your DD, sometimes the hardest step is coming up with the guts to implement.
Build lasting relationships with your team. Broker, Accountant, Bank manager, Property managers and most importantly property agents. They will remember a friendly face :)
There’s a lot here to chew on, thanks for the advice!
my biggest lesson was to or is get education on what you want to achieve had I got education and not listened to a slick dressed sales pitch I wouldn’t have bought in Gladstone and lost 150k of equity and got a negative cashflow to live with.
I now no education is very important to understanding what and why you want to achieve it look you stil might want to engage a buyers agent I do their services could be useful if you were wanting to buy interstate because at times that’s where the best buy is at the currant time would be …
SO MY 1 NUMBER ONE LESSON IS EDUCATION
steve McKnight has a great course the property apprenticeship http://www.propertyinvestortraining.com.au/Hi Steve
According to me, investing in property is a great deal. It will help you in your future. But this is again a fact of time because sometimes when the market falls then the investor has to face a lot of problems. Again, there are not too much issues which an investor can’t bare because its a phase which get resolve after a while.
Also, it is important that you maintain a relationship with your team so that at good and at bad time, everyone should stand by with you.Take care friend
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This reply was modified 8 years, 5 months ago by
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