This 1 page property plan will get you in the property investing mode - encouraging you to put pen to paper - and get you thinking & discussing the key property investing considerations: (1) Goal setting (2) Your current situation (3) Taking Action.
Why Property?
Gone are the days when someone stays with a company for their entire career and when they leave, they receive a very healthy payout that makes for a very secure retirement.
However, lots has changed since these good old days!
The average time with one company is roughly 3 years.
The introduction of super industry funds in 1978.
The increase in the cost of living and housing affordability.
Population growth.
Increase in technology and accessibility.
However, when it comes to property investing, not a lot has changed. The market continues to perform as it always has (Cavarat: if you buy in sustainable growth areas, as oppose to one-trick pony towns, e.g. mining towns). Where property valuations double if you are working off a 10-12 year property cycle. We all have had parents that paid what we think was a ridiculous (meaning cheap) price for their first home and then ended up selling it for over a $1million. What has changed in property investing is how we are buying property investment. Through technology and the increase in the number of businesses in the property industry, property investing has never been more accessible. It’s not dissimilar to the cafe market. When I was growing up, there were no cafes, now we are flooded with cafes. More awareness leads to more traffic which leads to more engagement. (A good example as to why competition is good!) Property Investing is no longer reserved for the wealthy. Anyone can get started in property and create a significant revenue stream. We have lost count of how many people that have started with $50,000 and have grown a million dollar portfolio. The great thing about property investing, it provides you a second revenue stream. What’s appealing about a property investing revenue stream, is that it’s passive. You are not trading hours for money, like you would in your job. If you continue on the property investing path, you will get to a stage where your income from property will outweigh your salary. When you experience this happening you start to think differently about your life and how you want it to play out. You have access to a lot more choices.
The average time with one company is roughly 3 years.
The introduction of super industry funds in 1978.
The increase in the cost of living and housing affordability.
Population growth.
Increase in technology and accessibility.
However, when it comes to property investing, not a lot has changed. The market continues to perform as it always has (Cavarat: if you buy in sustainable growth areas, as oppose to one-trick pony towns, e.g. mining towns). Where property valuations double if you are working off a 10-12 year property cycle. We all have had parents that paid what we think was a ridiculous (meaning cheap) price for their first home and then ended up selling it for over a $1million. What has changed in property investing is how we are buying property investment. Through technology and the increase in the number of businesses in the property industry, property investing has never been more accessible. It’s not dissimilar to the cafe market. When I was growing up, there were no cafes, now we are flooded with cafes. More awareness leads to more traffic which leads to more engagement. (A good example as to why competition is good!) Property Investing is no longer reserved for the wealthy. Anyone can get started in property and create a significant revenue stream. We have lost count of how many people that have started with $50,000 and have grown a million dollar portfolio. The great thing about property investing, it provides you a second revenue stream. What’s appealing about a property investing revenue stream, is that it’s passive. You are not trading hours for money, like you would in your job. If you continue on the property investing path, you will get to a stage where your income from property will outweigh your salary. When you experience this happening you start to think differently about your life and how you want it to play out. You have access to a lot more choices.
Why Start Now?
Margaret Lomas, known for building her wealth through property investing said, the best time to start property investing was yesterday, the next best time is today.
We have come across, or we are this person, who wished they purchased a property 10 years ago, but they didn’t because they thought the market would come back. Maybe it had some bumps in the road, but that same market, today would be double what it was 10 years ago. This is how property works.
By no means is this a suggestion to run out and buy the first property you see, as the growth is dependent on a number of variables. But yes, start planning your first property purchase. Not only is this a good future investment, but it will also change something in you:
1. Your knowledge of the property market will increase.
2. You will start to see new opportunities just by opening up a completely new door.
3. Your relationship with money will change.
4. You will start to take more ownership of your life and how you drive it forward,
5. You will meet a whole new group of people who think differently to the current groups of people you spend time with.
6. You will also start to think differently about the weight you place on your current employment.
We can’t think of why you wouldn’t get started.
How to Start?
You need a $50,000 deposit. If you are not there, work on a savings plan to get you there. The quicker you save this the quicker you get into the market. In 10 years time this $50,000 will become $100,000… so start saving today. Also explore various avenues to generate your deposit, if you want to do it sooner. For example, you may be able to leverage the equity your parents / family have in their home.
The next step is to surround yourself with people who are property investors. Very simple old age theory, hang around the people you want to become. Just by being in their space, you will start to feel like a property investor and consequently make it happen. Choose people you trust. Don’t let ego hold you back. Work with experts that know their fields. People think they can do everything themselves, but actually end up doing nothing. If you have a good team around you, they will not only help you through the process but keep you accountable.
Call us, email us. There is nothing we love more than working with first time investors. We know that this experience is filled with a lot of emotion, but once this dissipates, a realisation of how smooth the process is and rewarding and life changing.
Sign Up for Daily Deals
Receive email updates on cracker property deals, covering:
1. Property Details (Size, Bed/Bath, Condition).
2. Surrounding Property Market.
3. Images and Video This is a great way to build your knowledge about the market and property investing.
2. Surrounding Property Market.
3. Images and Video This is a great way to build your knowledge about the market and property investing.
