My Wealth MasteryResources for Creating the Wealth You Deserve

If you are new to real estate, the following 3 part series on suggestions may help you make profit with property.

Step 2: Building your investment property portfolio.

• Prepare a budget: You have to do your calculations thoroughly so you will know how much you can afford.
• Borrow against your property equity: As you build up your properties use the equity in them as a deposit for your next property.
• Let your property: Get your property tenanted so an income is produced.
• Service your loan: Make sure you have enough to pay your loan as you go. If your rental property is running at a loss, it may be possible to get the tax advantages that will allow the loss to be written off against your other income.
• Protect your property: Make sure you are fully covered by insurance etc.
• Take your time: Most people are very impatient to get quick success. You will have to wait it out and allow your investments to grow.
• Borrow more money if necessary: As you increase your property numbers borrow as necessary to grow the number of properties you own.
• Buy more properties: Using the borrowed money from your refinancing, buy more properties using the same principles as with your first property. The speed with which you can accumulate your properties will depend not only on property growth, but also on the rate of increase and the cash flow you get from your income through rent and your salary.

Please click here if you missed Part 1.

Part 3 of the series will be released soon. Stay tuned….

Happy Investing!

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If you are new to real estate, the following 3 part series on suggestions may help you make profit with property.

Step 1: Prepare your property portfolio.
You need to follow the following basics:

• Adopt sound financial principles: You need to adopt basic financial principles in all you do.
• Get an income: You need an income in order to support your borrowings.
• Set yourself a goal: Determine when you are going to start and your goals, and calculate when you want to reach those goals.
• Start your saving programme: The earlier you start saving for your investments, the better.
• Buy your first investment property: Use your deposit and borrow to make up the purchase of your first property.
• Build equity in your property: As you pay off your property loan and as property values increase due to inflation and demand, the equity in your property will rise.

Part 2 of the series will be released soon. Stay tuned….

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If you are new to real estate, the following suggestion may help you in your investment career.

Never give up: Very few deals are completed the first time round. Most take a number of attempts to finalise. Set up your plan and don’t give up until you have succeeded. Remember, failure is not falling; failure is not getting up. Learn from your experience and past failures and keep trying until you succeed.

We hope you enjoyed this seven part series of suggestions to get started on real estate investment.

Happy investing!

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If you are new to real estate, the following suggestion may help you in your investment career.

Be informed: If you don’t educate yourself, you will learn from trial and error and these mistakes can cost a fortune. Take a real estate course and keep up with the current trends of what is happening with property in your area. Go to the seminars you can afford and make sure you pay attention and get something out if it that will help you in your quest. It was a wise person who said, “If you think education is expensive, try ignorance.” You lose more money with mistakes than by learning how to avoid them.

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If you are new to real estate, the following suggestion may help you in your investment career.

Avoid sellers who are not motivated: This is one of the biggest mistakes to avoid. Don’t waste your time talking to potential sellers of properties who are not motivated. If there is no interest coming from them, move on to the next one. Never go to a house until you have spoken with the seller over the telephone first, and engaged their interest.

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If you are new to real estate, the following suggestions may help you in your investment career.

Make sure you have a team of good people: You need the right people available, so you can refer to them as needed. These include; a good property lawyer, a mortgage broker, a valuer, an architect, a property manager and a good real estate agent. This suggestion is based on the concept of using Other People’s Expertise.

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If you are new to real estate, the following suggestions may help you in your investment career.

Work with like-minded people: If you can, join a group of other real estate investors who meet for breakfast once a week (or month) and go over the deals available in the area. Surrounding yourself with people who are involved in the same game will keep you motivated and gives you an opportunity to share your experiences and learn from other people’s experiences.

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If you are new to real estate, the following suggestions may help you in your investment career:

Make sure you have a plan: Property investment is not a matter of waiting around for the deals to come to you. You need to actively look for properties that have the potential to either produce good income, or turn your investment into an attractive capital gain.

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If you are new to real estate, the following suggestions may help you in your investment career:

Treat it as a serious business: Many people go into real estate to make a ‘quick buck’. Most experienced real estate people will tell you that this attitude won’t get you rich. Property investment is not about an overnight profit, because those who make money usually take about five to seven years.

A lot of people who go into property quit after a matter of months because they realise there is more involved than what they first thought. It is a business, like any other business and it does take months and even years to cultivate the people you deal with and the method of operation. Like any other business, you need to give it time, effort and attention, as well as professionalism or it will not grow.

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Typically these types of properties are found in:

• Small pockets within central major cities. This is becoming less common.
• Outside of major city centres (ie outside of a 10-15 kilometre radius of the main centre).
• In the provincial regions, just outside the main town centre.
• Definitely in the fringes and outer areas.
• Blocks of flats and multiple income properties are typically better cash flow
• Use the Guiding Rule of $100K purchase = $200+ rent per week to give a Gross yield of 10% is also a good starting point but this does not necessarily mean that it is a good cash flow property.

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