People often ask what type of property they should buy,
or what specific area is ideal to invest in so they can build wealth through
real estate.
But they are asking the wrong question: creating lasting wealth through
real estate investing is not about the actual transaction or event of buying a
property.
Rather, the concept of successful investing is about seeing a property
investment as a process – a journey that needs to be undertaken in the right
sequence, in order to have the best chance of success.
In fact, the property should be the physical manifestation of a series
of decisions you’ve made to implement the plan you’ve created to achieve
financial freedom.
Getting past your first or second property
The average property investor – and I’m talking about 90%+ of investors
– don’t get past phase one.
There’s a number of reasons for this, including the fact that life gets
in the way.
We get distracted by kids and work and relationship ups and downs, and
the goals we have for our property investments fall by the wayside.
Or sometimes, and this is often the case, investors don’t have clear
goals for their properties from the outset.
They buy a patch of bricks and mortar because it seems like a good idea
and they want a piece of the property investing action, but they don’t have any
real, structured goals or milestones in mind.
So when times get tough – and they can, and do! – they decide the stress
is too much, and they sell.
How to avoid jumping ship and build property wealth
Here’s the truth: most investors need at least 30 years to build a
substantial property portfolio; I’m talking about one that is big enough to
replace your personal wage or income.
But you can speed this up by shortening phase 1 below, by employing
strategic advice, and not making the common mistakes others make.
In the next 3 bogs are 3 natural, maturing phases of a property
investor, and how to maximise each phase:
RealRenta has all the tools that a property manager
has, but at over ¼ the cost of a property manager.
Join now and the cost is less than a cup of coffee a
week to manage your rental property
RealRenta also has a free vision, so why not check it
out
Jason Gwerder
Monday, 23 August 2021
