Property investing benefits and how to get started
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Written by Darryl Simms and first published 14/7/15 on LinkedIn Pulse
Property investment is a fantastic vehicle for helping you create wealth and more importantly, protecting your hard earned wealth to secure your financial future.
Desire:
Most people want to fund a comfortable retirement, travel the world, quit their job etc and wealth creation through property investment is an excellent starting point to achieve these goals.
Lack of knowledge and fear:
Unfortunately many individuals fail to actually achieve wealth creation through a lack of understanding and/or by allowing fear to hold them back. Many think that they don't earn enough to buy an investment property or don't think they have enough savings to get started. In actual fact they often could purchase but there are a few important things that they don't know they don't know (that was not a typo and i will state it again, "they don't know what they don't know").
Opportunity:
Property offers many opportunities to leverage your income, your tax and to use a little of your own money to buy a high value investment. Once you have gained a foothold on the property ladder (assuming you buy the right type of property in the right location) it suddenly becomes easier to purchase your next investment property.
Building a portfolio of properties:
Owning one investment property is unlikely to be enough to support a comfortable retirement and therefore your goal should be to build a portfolio of multiple properties prior to quitting your day job.
Your current income, proposed future income, your current savings, equity in existing property, amount of personal and/or joint Super, will determine how quickly you are able to build a portfolio of properties. Some people manage half a dozen in 10 years whilst others find 10 - 15 quite achievable, but in either situation you need to get started as your clock is ticking!
Leverage:
As your properties increase in value you need to leverage off the equity to acquire a second, third, fourth property and so on. When you have multiple properties delivering compound growth every year it suddenly becomes very exciting and financially rewarding!
How many properties will I need?
It is generally accepted that you will need at least 3 investment properties for a comfortable retirement but it depends on the value of the properties, the rental income and how much income you need to support the lifestyle you would like to enjoy.
Am I too old?
It is worth mentioning that if you happen to be a late starter this should not deter you from purchasing property, however you may need a variation in strategy that best suits your individual situation.
The benefits:
- Passive income stream
- Better lifestyle
- Financial security
- Less stress
- Well being for family
- Peace of mind
- More time to do what you enjoy
Getting Started:
Your first step is to arm yourself with valuable knowledge and then formulate some property investment goals.
One of the best places to start is to watch our Free Video Series as this will increase your knowledge and arm you with a bunch of valuable questions that you can ask when you are ready for your personalised Strategy Session with us.
Remember:
You have everything to gain and nothing to lose from having a discussion with us.
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Written by Darryl Simms and first published 14/7/15 on LinkedIn Pulse