Are you looking into investment ventures that promise excellent returns, fast or otherwise?
In all likelihood, you’re probably looking past and beyond property investing, what with the real estate market in Australia being tough on investors. But did you know that some of the young millionaires in the country found their fortune in property investment?
Perhaps you can take cues from them and find the many advantages that investing in real estate offers. With these young investors as solid proof that anything is possible in real estate investment, you should definitely take their advice, follow their strategies and just take a chance with a solid plan in mind.
What advice do they offer to someone interested in an investment property?
1. Have a strategy in mind
Stephanie, a Sydneysider, recommends that you enter the property market with a strategy in mind, a solid one at that. This is one way to avoid feeling defeated. She also advises to not limit yourself to just one approach and to avoid the trap of the ‘hot spots’. With a portfolio value of $3.1 million tied to 9 properties at age 26, you can definitely take her word for it.
2. It’s about research and persistence
At 27, Jade from Newcastle has a portfolio of $2 million. She has a Newcastle-based 10-house townhouse community development underway. But success didn’t happen overnight for she bought her first property 10 years ago after many late-night trawling on real estate listings. That’s persistence and determination right there.
She also recommends that you invest in real estate where you can afford to buy a property, regardless of the distance or the possible poor condition of a property you will acquire.
3. Work with experts
With 14 properties at age 28 and a portfolio value of $20 million, Raghav from Melbourne, is a major success in property investment. But he would not have been the founder of the Oz Property Group at 17 if he didn’t recognise the limitations in his knowledge and experience in real estate and worked with experts while starting out. It might have cost him money to do so, but the returns made it a worthy investment. He also recommends to be picky with money and to resist the temptation to sell every time an opportunity presents itself.
4. Start early as much as possible
Especially in long-term investments, starting early can prove beneficial. This was the case with Lauren who bought her first and second property at 22 and 24, respectively. And before she hit the big 3-0, she started Rental Results in Toowong, a property management company.
During her journey as a young property investor, she learned that starting somewhere other than the location she had always dreamed of can have positive results. To date, her portfolio value has reached $1.3 million and with a company under her name.
5. Set criteria and stick to them
With $3 billion in projects on the books at 33, Nicholas, who hails from Melbourne, pretty much has a lot going on with investment property, but his success is primarily because he and his partner set criteria and investment theories on the outset and stick to them.
Doing so helps eliminates risks, giving him the courage to start with just a 10,000-dollar investment that has led to projects amounting to $3 billion. He recommends choosing properties that are “close to amenities, social infrastructure, schools and trains”.
If there’s anything this proves anyone can become a millionaire, regardless of age, knowledge, and level of experience. Take it from the young property millionaires featured above.
You should also know that there are industry experts you can work with to succeed in property investment. One of these is iBuildNew, who can help you find an investment property within your budget, whether you are a long time investor or a newbie.
So if you want to be part of the next list of successful property millionaires, contact our phone consultants on 1800 184 284 to discuss all your options or you can book a call online at a time that suits you.