up

Don’t try doing it on your own

 

At this point, you should use the guidance of a knowledgeable wealth-creation expert, to help you plan your strategy for optimal results.

They will be able to help you work through the above questions and create a plan of action to achieve your goals.

Just as importantly, a good property investment strategist will have your best interests at heart.

I’ve seen many investors chase quick, fast profits with the fear of ‘retiring poor’ weighing them down, and there are just too many sharks and scammers in this industry who are far too happy to take your money and line their own pockets by selling you a dud investment, which leaves you worse off than when you started.

With the right advisors on your team, however, you could then consider some of these strategy options for people aged 50 and over:

A mix of property types: Your strategy could include investing in a blend of higher-yielding properties such as commercial properties alongside high-growth properties that you can use to build your asset base.

Creating your own capital growth: If your budget and risk appetite allow for it, you might look at generating your own equity by renovating an established apartment or townhouse or even considering getting involved in a small residential development like a duplex to manufacture growth.

Joint ventures: If you can’t afford to invest in a quality property portfolio on your own to create enough wealth to retire on – or if you can’t satisfy the loan criteria of the banks to buy your first investment– maybe you could team up your children or siblings.

RealRenta has all the tools that a property manager has but for less than ¼ the cost of a property manager.

You can now manage your Residential, Commercial or share/student accommodation property

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.

Of course, any investment strategy involves some level of risk and this is especially true for investors starting later in life who only have a shorter period to grow a sufficiently large property portfolio to help fund their retirement.

 

Some of the many risk mitigation strategies I discuss with clients include:

Having a financial buffer in place which will allow them to cope with any unexpected maintenance or vacancies.

How to purchase their properties to in the most tax-effective manner and in the correct structures.

Income protection and life insurance as well as landlord’s insurance to protect their interests.

Estate planning because, while we never like to talk about it, it's important to plan how we’re going to look after our family. This will include seeing a solicitor and preparing a will, choosing executors and organising a power of attorney.

Finally, it’s important that our clients treat their investments like a business and regularly review their portfolio with their property strategist to track its performance, ensure they have the right loans and best interest rates, and assess when they're ready for their next acquisition.

RealRenta has all the tools that a property manager has but for less than ¼ the cost of a property manager.

You can now manage your Residential, Commercial or share/student accommodation property

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
Wednesday, 31 July 2024


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