Whats the MOST important TIP you can tell someone....?

As the title suggests...

What's the MOST important TIP you can tell someone just going into home or investment property ownership?

To start with one...

Focus on quality, especially in the current climate. Often people get hung up on the buzz words and positive cash flow. Whilst cash flow is an important consideration and it enables you to hold as many properties as possible, buying in suburbia without fundamentals and a little bit of positive cash flow may not give you the growth to leap frog forward.

Believe there was a post by Peter T in the Finance section which suggested people really need 12% rental yield to really have an impact on their borrowing.

So if your budget allows, look at quality properties: near infrastructure - transport, shopping malls, schools, hospitals, universities etc.

Well located properties remain in demand with tenants and owner occupiers a like and give future upside when it comes to being able to develop as well.

What's your tip?

 

Don't be too greedy

I can't see the point with those rich people trying to get richer and richer at the expense of enjoying life.

 

Good thread.

Network, network, network and then network some more... real estate agents can make you money

Manage debt, consider interest rates are in low historical climate today, when this changes and it will, can you hold these properties?

Time the market, consider market conditions, in other words don't buy at peak.

Not everything is equal, you may buy where there is good infrastructure etc, but if there is an oversupply of a certain product then you may find it will not be a great long term performer?

Step outside your comfort zone, look at ways to be an active investor to grow your wealth. If you can do this you will probably have more choices in life and don't forget to have fun along the way.

Reward yourself, don't be a tight arse, you deserve it.

MTR

 

Have your finances in order and make sure you budget for unforeseen costs/expenses.

 

Hang in there, it gets easier.

 

Run your own race....... don't listen to naysayers.......don't come to a gun fight with a knife....and above all it is always lonely at the top!

 

I am a big believer in setting clear goals, reviewing them regularly and working damn hard on them. Stay positive and don't be limited by other people's reality. If those things are in place then the universe will get out of your way.

If you are looking for something more tangible and investment centric - diversify as much as possible. Balance cashflow and capital gains they both have a place and focussing too much on one will limit the other. And properly consider and mitigate risk as much as possible.

 

Another tip - not a crime to sell, in fact you may achieve your end goal in shorter time frame.

Don't reinvent the wheel, if you find a formula that works keep using it.

 

Work out what works for you. Don't be a sheep & play follow the leader. There are many different strategies out there & they won't all suit you. Find your niche.

 

Work hard on increasing your cash flow/income, outside of property.
This will compound your rate of success immensely.

 

Yep, love it or hate it, you need your day job until either passive income or property becomes your income, then you need to work hard on keeping that income source.

 

I read the book Living Forward Living Forward | A Proven Plan to Stop Drifting and Get the Life You Want which gave me a nice framework for this. The book is quite simple, and is very US centric, with all the US quirks, but gives a nice little approach for the reader to stop and take stock.

 

Everyone needs a bit of luck at the right time

 

Saving is finite; earning income is infinte!

pinkboy

 

luck = planning + opportunity

 

You’re going to Die!

Time is running out - So Focus….

 

But make it sustainable and balanced. Burnout doesn't get you anyhere and brings on dying faster....

 

Debatable, as we are all built differently.
How you get there & at what pace is entirely up to you.

Just don’t have any regrets!

My best learning's have been from my own mistakes.
Taking action and failing rather than regretting & wishing id taken action.

 

Absolutely, know yourself and your approach.

 

it's dangerous to believe everything you think

Blacky