The number of investors that have more than 2 investment properties really drops off. (as per rpdata, ATO stats below). IMHO these maybe the serious real investors who are investing towards the goal of total financial freedom & independence. In the beginning it may not be a lack of ambition. However as they progress they will begin to come up against more and more issues (walls) that may prevent or inhibit from progressing further. This is the vital time that if they are not truly committed to their 'reason' for investing in the first instance then they tend to flounder and not continue on their investment journey. This is commonly referred to as, hitting the wall. Over the years I've been actively investing I've come up against lots of walls that may have prevented myself and others from continuing on. Some of the common ones (in no particular order) being .... No defined investment strategy plan. Lack of knowledge to overcome perceived issues. Not being able to access further finance Selling up to Realise profits. Sick of any day to day type Property management issues The list is endless...feel free to add others. Basically all these 'perceived walls' comes down to ones mindset or head space. There is a classic quote I read a while ago that IMHO sums up why most investors do not continue on. It went something like this.... "To over come a problem requires a higher level of thinking than the thinking that created the problem in the instance". Its a sad to say unfortunately most investors start out fine with the one or two properties however when the inevitable walls do start showing up they tend to splat instead of finding a way around. I hope this provides others, food for thought.