This week’s tip is for property investors looking to purchase their first investment property and build a property portfolio, and the number one reason, most people in Australia don’t get past their first investment property.
I speak to a lot of people who have purchased their first investment property and it has not been a good experience. They have generally purchased their first property on their own without any prior investing experience or speaking to someone who has a good understanding of investment properties.
They often have not considered all the important factors that will make a successful first property. Often, they are very disappointed as that property hasn’t performed, it’s costing them money, it hasn’t gone up in value, and they have struggled for tenants.
Because it was such a bad experience for them, they often don’t proceed with next property to build their portfolio.
Number one tip for property investment
My number one tip would be to seek advice from property investors that have built a multiple property portfolio. The ones that have got it right and are successful investors.
Find out why they were successful and the things they looked out for when purchasing that first property.
There’s no reason in Australia with a good income where we can’t build a multiple property portfolio. But the key is getting that first property, and understanding before we start looking at property, the fundamentals around property investment.
Cash flow and location are ultra important, and that’ll give you the confidence of the success to build your property portfolio.
If you don’t have a good understanding of property investing however, it is very difficult to know what the perfect property for your situation is.
I am an experienced property investor and have helped many clients over the years to build their portfolio. If you are not sure where to start with your property investment journey, I am happy to have a chat with you to give you some advice and a plan how to get started so your successful investment journey.
Webinar on property investment
I’m hosting a webinar this Thursday at 7:00pm Queensland time. I am going to explain what I have discussed today in more details and show you some other ways of increasing your chances in your ability to build your property portfolio.
I am going to discuss some of these multiple income properties where they’re giving you more than the standard cashflow, which helps them in terms of finance.
At the end of the webinar their will be a live Q&A session to answer any questions you may have.
If you would like to register for this webinar, please click here. We would love to see you there.
Please share this link with any of your friends that you feel would be interested in this event.
Regards,
Geoff Tomkins
GCT Property
Buyers Advocate
PH: 0404 852 781
