Here are my 4 top tips for aspiring property investors:
- Run it as a business. Property Investment is not a hobby. Treat it as a business and the business will treat you well in return. Create a plan, set goals, write (and stick to) a budget and most importantly, take action.
- Surround yourself with an experienced team. Ensure you have a reputable accountant, bank manager, and solicitor. Work with people who understand your passion for property – and learn from them.
- Minimise your debt. My advice to people with a large amount of debt is to get it down before investing. When personal debt is minimal, the risks are smaller, it’s easier to get started and it opens the door for success moving forward.
- Get good advice. Consider enlisting the services of a property coach or adviser you can trust that will give you the support you need on your exciting journey to creating your own wealth.
Wayne Densem is an Investment Property Specialist who has been advising clients on how to set up and maintain property investment portfolios for over 20 years. He has major property portfolios and has developed property investment into a family business.