Source: July 2015 issue of API
1. An investment property’s not the same as a property you’d want to make your home, so keep emotion out of it – use the numbers to guide you.
2. Investments don’t need to be purchased in the area you live in or where you grew up.
3. Don’t buy an expensive investment based on what the ‘Joneses’ will think without having looked at the numbers.
4. Start early and sacrifice. It pays off. Make sure you’re saving at least 10 per cent of your income or more. You don’t need to follow the “You only live once” (YOLO) culture. You can put your financial foundations on the front burner and that may mean cutting off multiple overseas trips a year. It builds a lot of character and gives you a foundation towards financial freedom.
5. You don’t need to buy a home first if you don’t have the funds for the home you want. You can choose to invest first to help you get into the market until you’re ready to buy your home.
6. Avoid wishful thinking that you’ll buy when the markets crash. Take action in the present moment, as that’s all you can do rather than speculate where the market will go. There will always be other markets you can look into if the market you’re in is going gangbusters.
7. Media is hyping up property when it’s hot and rubbishing property when it’s not, so don’t follow the herd – follow the numbers and your gut instinct.
8. Believe in your dreams and visions – even when it feels things aren’t moving in the present moment, know that one step at a time brings you closer to where you want to go. And only share your visions with those who encourage and support them. Don’t be detracted from your goals by uninformed opinions.
9. Take action! We’ve met people who have grand plans but they’re too busy hyping up plans that don’t come to fruition.
10. Surround yourself with a good team, including a broker, solicitor, accountant and property manager, and make sure your broker helps you draw up a plan. Don’t just believe that you can afford the next property and the one after but ask for evidence and plan around your affordability. As investors, we’re always thinking not only about the current deal but about the one after and the one after that.
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Not everyone wants to budget or deny themselves their wants unfortunately. Keep up the blog. Very inspiring.
thanks Jane!