Expert Advice by Lindy Lear
Time to try a different strategy? How to combine strategies to reach your investing goals
There are many strategies that successful investors have used to create wealth through property. All strategies have their merits and their advocates. Many investors are finding that taking a different approach and combining different strategies at different times in their investing career can give great dividends.
Some of the most popular strategies include buying new properties, buying established properties, renovation, granny flats, subdivision, or development. There are strategies that aim for profit in selling, for long term holding, for cashflow, for capital growth and some aim for both. Some are very low risk and hands off, some are more high risk and very hands on.
Sometimes in choosing a strategy investors find they get bored, or run into difficulties, or even stop investing ever again because of a bad experience. Switching and combining strategies could give renewed energy to the growth of their portfolio and may help get these investors ‘back on the horse’ and moving successfully towards their goals again.
Family, work and lifestyle commitments
You bought your first property and gave up a lot of weekends for open houses or for a cosmetic renovation. It was harder and cost more than you thought, but you loved it. But then your circumstances changed and it stopped you in your tracks. Life happens! You may start a new job, begin a new relationship, move house or state, go overseas, get married, have a baby, get divorced, have a property settlement with your ex, become ill, have to care for an ageing parent, or have sports or other injury. Suddenly the time you thought you had to do your own research and find a property, or to do a renovating or a development strategy evaporates. You are now time poor. However you do not have to give up your goals, you need to look for a strategy that is more hands off and follow someone experienced who can make it easier for you.
Skills and experience
Investors can get inspired by TV shows and expensive courses promising instant success to make their fortune in property. However it may or may not work in practise. It may cost a lot in time and money. The skills and experience to bring a project through to fruition are usually gained on the job and often over many years. Investors may get deterred after one project and never want to try that strategy again. Or a an experienced investor who gave up precious family time every weekend and evening for months to renovate or develop a property, may not be willing to do that over and over again. The sacrifice of lifestyle is too great. Take heart, a more low risk and hands off strategy may suit both these investors perfectly.
Buying on the internet
Buying through the internet seems so easy that maybe anyone can do it. So you buy a property from the photos and the real estate description. The price is right and you read in one of the property magazines that this suburb or area was a “hotspot” so you dive in and buy it despite feeling it is a bit risky. It may or not be a good investment property, only time will tell. However the whole experience gave you many sleepless nights, and you were so nervous that you had done the wrong thing and you wished you had more support through the whole process. You swear you will never invest ever again. What you need is to switch to a low risk, set and forget strategy with a mentor guiding you to progress further until you restore your confidence and gain more experience.
Supercharge your portfolio
In my years as an investor and an investment advisor I have helped many at different stages of their investing career. Those just getting started appreciate all the help they can get and are looking for an easy, hands off strategy to get moving quickly. They are open for guidance from a mentor to show them the way and are prepared to learn as they go.
Those experienced investors who have tried other strategies and are looking to supercharge their portfolio growth may benefit from trying a different strategy that can give them maximum benefit and minimum risk. Being flexible and switching to an easy, low risk, hands off, set and forget type of strategy, may get them to their goals sooner and more easily. To read more on Ian Hosking Richards’ strategy and how it can help you, go to www.rocketpropertygroup.com/
and have a free download.
Lindy Lear is a successful property investor who had a late start into investing, yet has grown her portfolio to eight properties in three years. She is a qualified property advisor and general manager of Rocket Property Group, and she won the Reader’s Choice Award in 2009, 2012 & 2013 for Property Investment Advisor of the Year. Lindy is passionate about helping others realise their goals through investing in property, and can be contacted on 1300 850 038 or visit www.rocketpropertygroup.com.au
To read more Expert Advice articles by Lindy, click here
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :