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Building a multi-million dollar portfolio is not as hard as you might imagine. In fact, it can be achieved in as little as 10 to 15 years.<\/p>\n
All it takes is a bit of planning combined with knowledge and support from others who are where you want to be.<\/p>\n
Following are 10 things you\u2019ll need to do and to understand before starting out on your new venture:<\/p>\n
Be selective in who you discuss property investing with.<\/p>\n
Rather than share every little detail about your latest find with your Uncle Joe \u2013 who knows nothing about property investing \u2013 find a group of successful property investors who can provide an invaluable resource of property investing knowledge.<\/p>\n
One behaviour that stands out between the rich and the poor is that the rich define what they want.<\/p>\n
They determine what it will take to achieve their goals and then methodically set out to do precisely that.<\/p>\n
A key goal should include the acquisition of at least 5 to 6 investment properties. It\u2019s at this point where you\u2019ll achieve financial freedom.<\/p>\n
The ABS statistics show that only a small percentage of individuals are able to achieve this goal. They are stopped by a number of things, but the most common problem investors face is cash flow.<\/p>\n
Learn how to manage your cash flow and you\u2019ll eliminate a major stumbling block to your success.<\/p>\n
Do you need lots of feedback, or do you simply want to be pointed in the right direction?<\/p>\n
Choose a mentor who is an active investor with a multi-million dollar portfolio and who has a mentoring style that works best for you.<\/p>\n
If the crowd is buying property, the market is probably either near or at the top of its cycle. You\u2019ll pay top dollar if you buy at this time and it could take years to get any returns on your investment.<\/p>\n
When the market seems to be at its lowest, savvy investors will find good deals and ride the increase in property values when it comes.<\/p>\n
You don\u2019t have to live like a pauper, but you\u2019ve got to be a great budgeter. If you\u2019re not, then learn to be one, because it\u2019s a sure way to achieve your financial goals.<\/p>\n
Need to refinance or pay off loans or credit card debt? What about cutting back on your expenses or selling items you no longer use or need to add to your stash?<\/p>\n
Clean up your credit (if necessary), establish a long history of consistently saving and eliminate unnecessary expenditures to make yourself more appealing to a lender.<\/p>\n
Learn everything you can about property investing, only make sure that your source is well experienced and can provide evidence of results.<\/p>\n
Once you think you know everything you need to know \u2013 learn some more yet again! I\u2019ve been investing for many years and I\u2019m always learning something new.<\/p>\n
Find opportunities that will deliver a 100% return on your investment in a short time frame \u2013 preferably anywhere from one to three years.<\/p>\n
For example, let\u2019s say you deposit $50,000 on an investment property. You want to be able to draw that money out in the form of equity as quickly as you can.<\/p>\n
You\u2019ll then continue the process, buying more and more properties until you\u2019re able to pay each of them off. At this point you\u2019ll really be growing your portfolio.<\/p>\n
Capital growth is what we\u2019re after. It\u2019s what creates our wealth.<\/p>\n
Cash flow will give us the money we need to fund and grow our portfolios, but property values need to increase for real wealth creation to take place.<\/p>\n
One saying to remember \u2013 \u201ccapital growth follows rental returns.\u201d<\/p>\n
Tip: Look for rental compression. This is an indication that capital growth is beginning to take off.<\/p>\n
Ideally, you want to already own property in a market before \u2013 or just as \u2013 growth is beginning to happen.<\/p>\n
You do this by learning how to recognise a flat market and buying in that market.<\/p>\n
Now this means you\u2019ll have to wait some time for growth to begin so you\u2019ll need to have the capacity to wait for growth to happen.<\/p>\n
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\nClick here to like us on Facebook and see more updates like this.<\/a><\/strong><\/p>\n Hey there, do you enjoy the TRC-Gorod Blog? If you did, why don\u2019t you book into a Property Information Night in your area and get more information from our team. You can do so here<\/a>.<\/p>\n