Have you seen those ‘success stories’ in the media, the ones showing how an investor has gone from zero to millionaire overnight?
I bet you’ve sat there and thought, “Gee that person is lucky. They hit the jackpot on a property and it just snowballed from there!” or “They’re lucky they got into the market at the right time.”
But I’m sure if you sat down with that person they would tell you that it was actually a lot of hard work to get where they are today – blood, sweat and tears poured into seeing their portfolio grow. And that it didn’t happen overnight; in fact it took 15 years to be ‘an overnight success’.
If investing were as simple as luck, everyone would be a millionaire!
In reality, investing has nothing to do with luck - it takes hard work, good financial management and a solid strategy.
Many people think, “They have an investment portfolio because they’re rich and they can afford it. I don’t have the money to start investing.”
In reality though, an investment portfolio is well within the reach of most people who earn between $50,000 - $80,000 per year and are prepared to put a savings plan and investment strategy plan in place, and then commit to working towards rolling out those plans.
But the key is discipline. You don’t have to be a high income earner to be a property investor, you just have to work smarter – not harder, and have the ability to stick to a plan.
Success is the outcome of the effort and sacrifice you put in up front. It takes financial intelligence, emotional intelligence and discipline – and you have to actually take action to make it happen.
“The price of success must be paid in full, in advance.”
- Brian Tracy
Armed with a well-structured and tailored strategy that is based on your budget, time frame and risk profile, together with a willingness to take the necessary steps to put it in motion, a solid property investment portfolio is indeed achievable.
If you’re hoping to take a back seat and see things happen on their own then you may face a rude awakening, as passive intention alone will rarely, if ever, enable you to achieve successful financial outcomes.
You need to be proactive by having a clear understanding of where you are currently at, where you want to be, what you want to achieve and by when.
What are your financial goals, your overall strategy, and what criteria do you need to take into account to ensure that you are not only investing with a specific purpose but that the purchase is not counterproductive to the growth and success of your portfolio?
It all starts with detailed evaluation and careful planning.
You may need to determine where you need to adjust your financial habits and lifestyle practices to accommodate your goals.
Be realistic about your goals too – it’s unlikely the type of investment properties you’ll be buying will be beachfront mega-mansions.
Your strategy and portfolio must be matched to your current income as well as your desired outcomes for the future.
Then you need to define your approach – your strategy, taking into account your goals, appetite for risk, financial situation and your level of engagement in the process.
You need to be fully engaged in the process to be successful and see your portfolio multiply in value over the long term.
Once you are clear on your strategy you can then begin researching the properties that meet your criteria.
Broaden your horizons and look outside the area you live in. Use the resources available to source properties that meet your criteria, and get an education on the market.
It’s a good idea to look for areas that could be emerging markets, areas with population and employment growth or regions with identified and sustainable investment in infrastructure.
If you’re new to property investing, sometimes it can be hard to see past the white noise – the constant property chatter on what’s hot and what’s not.
A big key here is to start by getting advice from a qualified and experienced property expert. An expert can help define and implement your strategy, walk you through the process and mentor you every step of the way.
A property expert will also have a broader view of the marketplace, often on a national scale, and will always be on the lookout for good investment opportunities.
The level of care, service and advice a property expert can provide can give you the competitive edge that may fast track you in taking your investing to the next level while keeping you grounded and focused on the input needed to ensure you reach your financial goals.
If this resonates with you, book in for an obligation-free strategy consultation with Paul from We Find Houses and discover how to achieve the lifestyle you deserve.
Call 1800 600 890 or email firstname.lastname@example.org to get started.