We’ve said it before and we’ll say it again…. Property is not a get rich quick kinda thing. It takes hard work, time, patience, money and sacrifice.
But there are a few things that you should probably get comfortable with, quickly, to maximise scaling your portfolio.
Hard Work
It might not be what you want to hear but investing in property is hard work. Building your portfolio in order to secure financial freedom is not going to be easy. Passive income from property is a myth (unless you're investing hands free. Find out more about our hands free investing here).
Get comfortable being uncomfortable, be prepared to make sacrifices and work smarter.
Financial Capacity and Risk Profile
Deciding on an investment strategy, based on your long-term investment goals, is critical. To establish the best strategy for you, you need to understand your financial position and capacity to purchase an investment property, as well as how much risk you can handle as an investor.
You can undertake this process with the help of a suitably qualified financial or investment advisor. Just remember though, free or seemingly ‘cheap’ advice can be very expensive in the long run, so don’t be afraid to pay for a sound, honest assessment of your position. It may be that you have to wait a while to actually begin your investment journey once you know where you stand, but at least you’ll have a timeframe and with that in mind, can prepare by moving on to research.
Availability of Finance
Funding developments and multiple developments is such a key part of being able to really scale your property portfolio. Getting clear on how you’re raising finance and ensuring that funds don’t dry up is critical to sustained growth.
There are several ways to raise finance for property investments. If you don’t have bags of cash under your mattress or a great, great grandmother with a loft full of precious antiques, you’re going to have to get a little creative.
Finding out what finance options are available to YOU is incredibly important. Being primed and ready to go with those finance options could also be the difference between you securing a deal and it going to someone else.
Teamwork Makes the Dream Work
Excuse the sickly cliché but it does! Believe us, it takes a lot of combined and complementary knowledge to create a successful property investment strategy and portfolio.
It’s important to find advisers who have personally successful track records in property investment and ones that have a holistic approach and are part of a great team including a suitably qualified accountant, financial advisor and mortgage broker.
It also pays to be aware of people who are not necessarily looking after your best interests…
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