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Dear Fellow Investors,
Choosing your first investment property can be a daunting task, typically laced with much uncertainty. However, it is perhaps the most important step in your property investing endeavours, as you will learn tremendously from acquiring, settling and managing your first investment property that cannot be learned from books and live events.
Perhaps the most important aspect of your investing journey is 'to start' investing; too often first time investors become overwhelmed and overloaded with due-diligence, differing opinions, and many suffer paralysis from analysis, and end up delaying the investment process indefinitely.
Building and structuring a multi-million-dollar property portfolio that will eventually free you from work is based on a specific process much like a recipe for baking a cake.
When you want to bake a cake, you locate that special recipe you want to prepare. Then it's a simple matter of sourcing the right quality ingredients, adding them in the correct sequence, and following the rest of the directions until you arrive at the finished product.
The key is, to make sure that you get quality ingredients, in the correct order, or your cake will not be a success.
Building wealth through property is basically the same.
The key is to conduct research, find out how other successful property investors have built and structured their property portfolios, who and what they have sourced, how they have made their money work for them, and for you to do the same.
Once you have found the winning recipe or plan that has worked for other successful investors, then it becomes a simple matter of repeating the process until you have built and structured your investment property portfolio correctly.
And although this process sounds simple, as you will find out by watching this video, it’s actually not easy to do, as there are very few successful property investors in Australia who have managed to build large property portfolios, and very few professionals who can help you get there.
So the million dollar question is…what’s the recipe?
Well that’s exactly what this entire video is about, and, from a high level perspective, here is the recipe, broken down into 4 essential elements or ingredients.
There are 4 critical components that make up the winning recipe for successfully building a large multi-million dollar property portfolio that will enable you to achieve financial independence;
1. Cultivating the right investor PSYCHOLOGY,
2. Developing the right PLAN and SYSTEM,
3. Developing a team of EXPERTS around you, and
4. Understanding PROPERTY SELECTION METHODOLOGY!
When all 4 components of this winning recipe are added together in the right sequence, using quality ingredients, and at the right time…magic happens!
But just like baking a cake, it’s very easy to get the quality of the ingredients wrong, or to mix them in the wrong order or to simply leave the cake in the oven too long, and burn it!
You see, behind every successful property investor or self-made millionaire there is a team of experts that has been that person’s catalyst for success. Put simply, all the psychology, and specialised knowledge in the world will not translate to actual results.
Other specialists are needed to bring the investor's plan to fruition.
That is, one needs a solicitor to settle the property, a real estate agent to sell the property, a mortgage broker to submit the loan to the bank...and so on.
These specialists form the individual's Mastermind Team of Industry Experts.
Such a team, may include, but is not limited to the following individuals:
1. A Property Mentor.
2. A Mortgage Broker or Banker,
3. A Property Accountant,
4. A Property Solicitor,
5. A Quantity Surveyor,
6. A Property Valuer,
7. A Property Manager,
8. An Insurance Broker or Financial Planner,
The difficulty with accurately identifying and pre-qualifying the relevant experts which will ultimately form part of your Mastermind Team lies with the Investor's level of Specialised Knowledge in that particular field, and their ability to ask the right questions in order to pre-qualify and shortlist them.