Most Effective Wealth Creation Strategy For Property Beginners
By Brett Wood
This is the first and probably the most fundamental strategy that you will begin with. It is used for those without sufficient experience in the buy to let market.
In a nutshell it works like this: once you are in a position to invest simply buy one or two properties and then stop. The one or two properties will allow you to experience the process of buying, finding tenants, dealing with agents, arranging mortgages and every other aspect of the property process.
Throughout this process its important to have someone who can answer all of your questions and guide you through the process. But the true power in this strategy is not in the practical side of investing, although this is important. It lies in its ability to allow you to mentally and emotionally develop or accept that you are now a landlord, an investor.
I had a client who had payed his property off a long time ago, he earned around 20,000 per year income so he never thought that he could build a significant portfolio. Over the years his home doubled, doubled again, and doubled twice more. This left him with a considerable amount of equity that he wasn t making use of.
His first time speaking with me, he mentioned that for a long time he knew that he had to do something but for years had lived in fear of using his equity, worrying that if he invested and couldn t find tenants, if property prices crash and all of the other beginning investors issues.
These fears were spawned out of a lack of correct education. So the important thing to do is replace the old outdated beliefs with a new set of aligned beliefs. The reason we stop after two is to let your emotional state catch up with your portfolio. If you did continue building the portfolio you would invariably stumble or the stress would become too much.
The only thing to consider now is how long to stop for. This is totally dependent on you. Don t continue investing until you are ready. In saying this, if you re a year down the track and you haven t started you may be resting in your comfort zone. This is where the assistance of an experienced portfolio manager can ensure you move onto the next step.
Brett Wood is an author and property investor. He runs a successful property investment consultancy in the United Kingdom. His strategies have helped thousands of investors to get on the property ladder and build successful property portfolios.
Originally from Australia where he was a successful mortgage broker he moved to the UK in 2002 and since then has build a massive portfolio of off plan and new build residential properties in the UK, Spain, Slovakia and Australia.
For further details contact Brett Wood at Real Estate Beginners Can Profit From Lease Options Strategies
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