This week’s tip is for those property investors looking to build a property portfolio. Now I’m sure you have heard those success stories where people have gone from 1 to 5 to 10 investment properties and wondered how they did that.
It’s much more challenging now due to the changes in the finance world, the way lenders assess our borrowing capacity. And over multiple properties, it is much more challenging.
I heard a good case study of a previous client from finance specialist Kamlesh, whom I’ve worked with for several years, while in Sydney just over a week ago presenting our Queensland Property Investment Master Class.
Our mutual client was looking for his first investment five years ago. I found him a high-income, dual-occupancy property here in Queensland. It went very well. And he continued to build his property portfolio with great advice from the finance specialist.
This client is now currently doing his loan assessment for his fifth investment property! So, five properties in five years, that is a fantastic story. It just shows you that it can be done.
My Top Tip for Starting your Property Portfolio
So, my tips would be to have a good lender or finance specialist on your side. Explain what you’re looking to do, and always ask that finance specialist for guidance on how to build that property portfolio. Look at purchasing those higher-income properties, that helps when the banks do your assessment of your borrowing capacity.
It is a great story to hear of a very successful investor over a very short space of time. There are certainly ways of building your portfolio even in the current market, you just need to have the right team of professionals to support you.
If you would like to find out the type of property he purchased and how he did it, you are welcome to reach out to me so we can discuss it further by clicking here to book a time in my calendar.
Regards,
Geoff Tomkins
Buyers Advocate
GCT Property
PH: 0404 852 781
