Finding your own property is quite a simple task, right?
Jump on Domain or Realstate and see what fits your price point, basically the amount the banks will lend to you. Then you just submit an offer similar to what the vendor is asking, the offer is then accepted, your Conveyancer ensures everything is in order with your contracts, your mortgage broker firms up your loan for you, and once the property settles in 30 to 90 days, the place is yours!
Easy as that, right?
Well, no.
If it was as easy as that, EVERY property investor would be making thousands of dollars every year from this strategy, they'd own multiple properties and they'd all live happily ever after.
The latest census data shows us that only 2% of all Australian property investors own 4 properties or
more.
Now, Australians traditionally have a love for houses and investing in property is a common topic at most barbecues or water coolers around the country. So, if this is the case, why don't more Australians own more properties? And furthermore, why don't more property investors own more property?
There are many reasons as to why this is so. For example, FEAR can stop us from making real key decisions in our life, whether that be a fear of failure or even fear of success, but my assessment as to why most property investors don't own one or two properties more, is because the investment property they bought in the first place didn't perform to the level they expected. As for the rest of Australians who don't dip their toe into the property investing pool, they simply hear the horror stories only and this puts them off forever.
Maybe the investor went in with the theory or belief that property always goes up in value, so it would be fine, and to some extent, that is correct, but if they're not closely monitoring the markets around the country to buy in, do not know what rental yield they require, do not have solid foundations in their life, and do not know why they are buying the property, it can take years to see any gains and by that stage they've probably sold it or ventured into a different asset class and given up on their own property portfolio dream.
I'm here to show you today how you can buck the trend and actually receive outstanding results from your investment properties, IF you are prepared to do the work.
To help you, I have put together the Solvere Online Academy, a one-stop-shop for first time investors and first home buyers based on my One-On-One Property Coaching Program.
Cheers,
John Pidgeon Co-Host of My Millennial Money and My Millennial Property Director and Head Property Coach of SOLVERE
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