Information supplied by W Financial
For investors who’ve been around the traps of property investment long enough to become accustomed to the lingo of the game, then there’s a special group known as the 1% Club that serious players strive to become an unwritten member of. Basically the 1% Club is for investors in the possession of six or more investment properties.
Michelle Coleman, W Financial Managing Director, and veteran rockstar of the Australian Finance world happens to be one such member. This article contains a simple blueprint that can help any investor pave the road from no property, to your first, second, third; and on the way to the hall of fame of property investor elite.
Here’s how to get on the 1% Club track:
- Do YOUR Math
Know exactly where your every penny goes. As an exercise, challenge yourself to carry a notepad and pen for an entire week. We all have patterns of behavior and of course- spending patterns that work just the same. For that one week jot down everything from commute costs, to breakfast, lunch, dinner, the flat white you probably drink 2 of a day, right down to your most basic incidentals. Factor this against what you make a year and you’ll get a pretty good idea of what level of loan you can service to finance your property portfolio.
- Get Lean
If being a serious property investor is important to you and the future of your family then sacrifice now to gain fruit later. Once you do the notepad exercise for a week you’ll likely find yourself shocked at some of the places your money goes. You’ll more
than likely get an even bigger shock when you realise just how much you COULD
be saving by conditioning new behaviors into your spending habits. A typical flat white costs $4 these days: 20 working days a month for most, 2 coffees a day at $4 a pop is $160 a month- $1,920 a year! That’s probably 2 to 3 weeks worth of mortgage repayments! Bottom line- what won’t you miss that you could cut out of your unconscious daily spending?
- Nail Down The RIGHT Finance
If you can go see a mortgage broker worth their salt with your numbers in check and your budget in toe, then there’s ultimately no limit to what you can achieve in the long run with investment property. With the right finance in place you will find yourself with the opportunity to go back into the market faster each time to boost that portfolio and build your wealth. Seek the right advice by not simply settling for the first broker you come across. Do you homework, and find out who can get you what terms, at which rates, under what conditions. Finance is not a one size fits all!
At W Financial we’ve secured over $500 million dollars
in loans for our property investor clients. One of the key factors that makes us great at our job is the fact that as a team we all own successful property investment portfolios and we preach only what we’ve practiced over and over again. The finance you secure in going into the property investment world can make all of the difference to the growth of your portfolio.
In the mean time we’d love to give you a free eBook to help you understand what to look for when finding a perfect lender for you.
Visit http://theinvestorsguidetolending.com/ to get your free downloadable copy of Michelle Coleman’s “What Every Investor Must Know Before You Choose a Lender”
Disclaimer: information supplied by W Financial. While due care is taken, the viewpoints expressed by contributors and/or sponsors do not necessarily reflect the opinions of Your Investment Property.
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