So 2015 is over and you’ve been listening to your friends and colleagues rave about the money they have made in the property market. You’ve been talking about investing for years, you’ve Googled and read and absorbed the research until you’re sure you’re an expert but you still haven’t done anything about it. When an opportunity comes knocking, you procrastinate, not sure if you can trust your own decisions, your afraid of the consequences, the risk, the what if it doesn’t work out.
You aren’t the only one. Only six percent of Australians own an investment property, a number that is staggeringly low considering we live in the land of opportunity. RPData reports that almost $7 Trillion is invested in real estate in Australia.
If you want to be one of the 6% you need to be in the right frame of mind.
Here are four tips to get you in the right mindset to becoming a property investor and on the road to financial freedom:
Be the Investor
Nothing worth having ever comes without effort. If you want something in your life, you need to make it happen, not wait for it to happen. Be the investor, take decisive action that puts you in a position to invest, restructure your debt, budget and stick to it, know the tax benefits and like all good scouts, be prepared. Stay focused on the benefits of investing, they ways investing will change your life and your children’s future. These thoughts will inspire you to get started rather than allowing you to settle for less than you and your family deserve.
Surround yourself with knowledge
Don’t let a lack of knowledge stop you. You don’t need to know everything, you just need to know people who do. There are always going to be people who know more than you who can help you make smarter decisions. They are experts in their respective fields so let them assist. Enlist people who will support you through the process, give you knowledgeable advice on the best areas to buy, how much money you need to be saving and who will generally be there when it all seems too much. These experts should include a financial planner, a property adviser and a tax adviser.
Develop a Plan
Can you go to big too early? Yes you can, so it is vital that you have a plan and even more vital that you stick to it in principle. Jumping straight in the deep end is never a good idea regardless of the venture you’re undertaking. Know your what, where and why and set goals, write down the steps it will take to get you where you want to be. What does success look like to you? Decide on the life you want to live and work backwards to determine how you’re going to get there. For example what income do you want to retire on? What do you want to leave the kids? How many properties do you need to own? Once you’ve started thinking about the logistics, it will be easier to begin to plan how to get there.
You have a plan, you’ve surrounded yourself with experts and you see yourself as an investor. Now what? Ensure you understand that investing in property is a business decision, not an emotional one and it’s easy to get caught up in the excitement. Choosing a property based on how you feel about it rather than focusing on the financial return it’s going to bring is a recipe for disaster. You need balance, keep checking your plan, consult your team when something unexpected comes up and stay connected to the big picture, the end goal. Remember investing in property is a long term plan, which will have some bumps on the way, but continually imagine yourself living the life you’re building having invested in property and allow yourself to activate the prosperity you desire.
To get started and build your team of knowledge contact me today.
Steve Purcell is located at our Sydney office and is the licensee of Launch Properties. He holds a PSBA License, is a licensed Auctioneer and holds a Masters Degree in Business. Steve brings an extraordinary depth of hands on experience to the role including twenty years in commercial and residential construction, followed by ten years in residential Real Estate sales and property development. This unique blend enables Steve to advise on selected developers, to ensure they are providing functional, quality assets with high quality finishes to mitigate potential sector risks to our clients. Become a client of Stevens and get access to RP Data suburb reports, market valuations and advocacy options.
Steve Purcell can be contacted on 1300 925 081 or by email on firstname.lastname@example.org
Disclaimer: The information, analysis, provocations, suggestions and opinions contained within this email are provided by FPS Property Pty Ltd (ACN: 169 144 361) t/as Launch Properties under Property, Stock and Business Agents Corporate Lic # 10022396. You should consider whether the information or advice contained in this email is appropriate to you having regard to these factors before acting on it. You should seek personalised advice from your financial adviser and your accountant before making any financial decision in relation to matters discussed in this email.