I’ve learned many lessons in my multi decade career as a professional wealth advisor.
Today I’d like to share two property investment tips and two success tips I would have liked to learn earlier in life.
Two property tips
1. Buy the type of property that will be in continual strong demand in the future.
Successful property investors own “investment grade properties” – the type that will be in continual strong demand by owner occupiers in the future.
Not that they plan to sell their properties, but they want owner occupiers to be buying similar properties in the neighbourhood pushing up local values.
Remember home buyers buy with their hearts, while investors buy with their calculators.
Of course you also want the type of property that will be popular with tenants so study the local demographics, do your research and be very strict on your buying criteria and be patient.
2. Treat your property investment like a business.
As an accountant I would be remiss if I didn’t suggest using the correct ownership structure to protect your assets and to protect yourself with life and income protection insurance.
And while you lock in your profit by buying a good property, you must regularly review its performance to ensure it’s living up to your expectations.
You should also regularly review your finance structuring to ensure maximum cash flow
Along the way, get a good property manager to look after your property and optimise your rents, and keep your property in top condition by periodically freshening it up when needed.
Two success tips
1. Life is hard but you are smarter
Don’t kid yourself – life is hard, but you already knew that didn’t you?
There will always be more problems: economic and investment uncertainty, world tensions, uncertain work prospects, children etc, but remember you’ve survived 100% of all the problems life has hurled at you.
To make it easier to overcome these obstacles, surround yourself with the right people, get a mentor and a team of experts
And minimise the dangers by understanding risk and mitigating them as much as possible
2. Always learn how to improve at whatever you do
Ensure you’re the best version of yourself.
Keep challenging yourself, ask yourself what you still need to learn, how can I be a better role model, who do I still need to forgive.
And cultivate an attitude of gratitude – focus on what’s going well in your life, what you have and the person you’re becoming.