In real estate there is no such thing as “get rich quick” – it just doesn’t exist. Anyone telling you this is probably just trying to take your money. Between our team of experts, we have probably tried everything there is to try in property investing.
We’ve looked under every rock, under every bush, behind every tree… I’m telling you, it’s just not there.
Yes, some ways are faster than others, and some people luck out buying a great deal in a market experiencing rapid growth.
But, in general, most people massively overestimate what can be achieved in five years and massively underestimate what can be achieved in 15 years.
In 10-15 years, it is entirely possible to replace your earned income with your property portfolio income to become financially free. This takes a lot of strategy and planning, but most of all it takes commitment to stay on track.
Here are the 5 key things you need to remember in order to construct a successful property portfolio:
- Property investing is a business and needs to be treated that way.
This means that it needs to be separate from your personal life and should not absorb all your cash now. Your portfolio is supposed to enhance your life, not take away from it. - Focus on the outcome, don’t get caught up on the property itself.
Focus on the fundamentals of the deal itself and make strategic investment decisions based on facts, not on personal emotional decisions. - There are stages in your portfolio to focus on.
It is important to focus on just one stage at a time. The three main stages are:
Acquisition: The main priority is creating leverage in the market and expanding your portfolio
Consolidation: This is when you begin consolidating your portfolio and your debt.
Lifestyle: This is when you create strategic results in your portfolio based on your outcomes. - It is not about the number of properties you have.
Don’t get caught up in the number of properties you own; instead focus on how they are helping you achieve results. - Buy every property and make every financial decision with the next three moves in mind.
Always ask the question: “How is this property going to get me closer towards my goal?”
Does a 10-year journey to financial freedom sound daunting? It shouldn’t. Using a long-term, diversified property investment strategy is one of the most reliable ways to create wealth for the future.
“The best time to plant a tree was 20 years ago. The second best time is now.”
– Chinese Proverb
Right now is the best time to start planning for your future. Whether you want to retire early, focus on starting and growing your own business, saving for a home or focusing on long-term wealth-building, now is the best time to begin.
Not next week, not even tomorrow, today. You must devise a plan to begin investing in your future self. Part of this is to get educated and start taking the guesswork out of investing.
Get started on it today. Your future self will thank you!
To learn more about replacing your income and achieving financial freedom, register for a free 2-hour Property Investor Night.
Disclaimer: All information provided is of a general nature only and does not constitute professional advice. Seek advice from licensed professionals to see if advertised results are possible for your situation.