Top 10 Property Investment Tips
- Buy, Don’t Sell – Buy a quality property in a blue-chip area and where possible, never sell. Once you have one appreciating asset you can build up equity, which you can use to purchase your next property.
- Buy blue-chip – As mentioned, it’s worth paying market value for a better property in a top suburb than it is to get a lower price for a property no-one else really wants. There are always better performing suburbs that retain their value from decade to decade.
- It’s time in the market, not timing the market that counts – Don’t try to be a millionaire overnight. The real secret to wealth is compounding your investments. Aim for consistency.
- Go against the grain – Consider doing the opposite to what everyone else is doing. Buy when everyone sells; sell when they buy. Don’t listen to negative people telling you you’re doing it wrong.
- Don’t fear the gear – It’s perceived that debt is dangerous. Property debt can increase your return and get you a return faster. Know how much debt you are comfortable with.
- Be passionate about your investments – Believe in your investments. It will feed your drive and keep you focused.
- Be driven – Drive enables you to take risks that very few others would make and get you to where you want to be faster. Constantly focus on the results of your investments
- Keep refinancing – Keep tapping into the equity in your properties to buy more properties… and maybe a few luxury items along the way.
- Stick to your strategy – Work out what works for you. Once you develop a strategy, stick to it.
- Don’t retire on property rents – Most people think you’ve got to pay property off as quickly as possible, and retire on rents. But often it’s the capital growth that makes the real money.
BONUS TIP – Always consult the professional experts in their field to assist and guide you with advice.