The more you understand the most common mistakes that investors make, the better your likelihood of building lasting wealth.
In this series of short videos, I discuss the common mistakes I’ve seen investors make.
Today we discuss how long (and why) it takes a property investor to become financially independent.
You may not like the answer.
Watch as we explain:
• It often takes 30 years to develop financial independence through property.
o The first 10 years you tend to lean what not to do as you try out a number of systems, strategies
o The you have to build a substantial asset base and next
o Lower your loan to value ratio
• 50% of those who buy an investment property sell up in the first five years
• Sure you’ll get emails in your inbox telling you to go along to a seminar or watch a webinar where you can buy 7 properties in 7 minutes, or that you can buy property with no money down or buy a property with your lunch money
• Property is not a get rich quick scheme, but people are in a hurry so many look for the next hot spot
• Can shorten that 30 year time frame by getting a mentor
With thanks to Michael Yardney's PropertyUpdate.com.au