Admit it; you want to strike it rich through property investing. Who wouldn’t? It’s one of the most reliable and safest investments around. But if you’re stuck and unable to move forward, these lies might be holding you back.
Lie #1 – “I have to already be rich to get started.”
Bulldust. Some of Your Investment Property readers have managed to create multi-million dollar portfolios with less than $8,000 start-up capital. In our February 2014 issue
, reader Glenn Trainor told us how he built a portfolio worth $1.69m after starting out with an initial investment of just $7,000 plus stamp duty costs. By starting out investing in cheap properties located in the regional area of Ballarat, and later joining forces with his partner, they together built their portfolio using a combination of savings and equity.
Lie # Two – “Only property close to a CBD is worth buying and I could never afford it.”
Bulldust. Some of the most successful investors started their portfolio with properties located in regional areas. Understanding a potential area and what it has to offer is important, but if you do your research, regional areas can provide great rental yields as well as capital gain. A few years back our readers Nadja and Jamie Moore
told their story of regional investment success after properties purchased in the NSW regional areas of Queanbeyan, Wagga Wagga and Calwell in ACT, in conjunction with their PPR, created a portfolio worth $1,325,000.
Lie # Three – “I couldn’t make up the rental difference on more than one property.”
Bulldust. By choosing your properties carefully you can own positively geared, or neutrally geared, investments that will not require you to fork out cash every month to make up the difference between rental yield and the mortgage payment – you might even make some money! One of our former Investor of the Year Award winners Patrick Cornwell
showed us it is possible to build a portfolio worth more than $10m, by investing in areas that offer positively geared properties. By doing his research and investing in mining areas, Patrick secured four properties, each with a rental yield of 30% or higher which more than cover his expenses.
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