1. Educate yourself.
When talking about education, I’m not talking about opening the financial review or realestate.com. I am talking about educating yourself on the numbers, understanding what drives capital growth, market cycles and learning from somebody who has not only done it but has done it extremely well and repeatedly so.
There are a lot of books out there and the internet is a weird and wonderful place, but a book that has not only been applicable for the last 20 years but has been endorsed by three of Australia Billionaires is 7 Steps To Wealth.
The 7 Steps To Wealth’s missions are to Engage, Educate and Motivate Australians to build Wealth, especially for their retirement and their young generation. We have delivered over 10,000 investment properties in 5 states of Australia without one property costing any client $1 over budget.
2. Find out what your borrowing capacity is.
I purchased my first investment property through Custodian at the age of 22 in Queensland and purchased the second at 24. I am currently saving my third property and will most likely purchase in another state to diversify my portfolio. Surprising? You can do the same, or even more. Just need to find out your money capacity. How much can you borrow? How could you plan for it?
I’d like to be clear – I am not talking about going to the one bank that you have all your savings and salary accounts with. Go to a broker who has access to many lenders – because, believe it or not, they will all assess your situation very differently! When I bought my second property, one lender was only prepared to lend me $250,000 (clearly not enough to buy property) and another was prepared to lend me $620,000 based on the exact same figures!
A lot of people don’t realize it; there are a lot of options out there and going with the lowest interest rate and your own bank can often limit and delay you from buying property #1 (your own home or investment property alike).
So what are you waiting for? Get to it! It’s your next turn to trust Custodian team, who can walk you through all the obstacles.
Are you ready? Learning how to build wealth through property investment today.