Tips On How To Start Property Investing
Make no mistake, for the younger generations retirement is going to have to be funded by themselves and the sooner one starts to set up their retirement the better and easier it will be. Property investment is still one of the best ways to build your wealth.
For Baby Boomers it was “buy your own home” and enjoy life. It wasn’t until most Baby Boomers got into their 40’s that they seriously started thinking about putting money aside for retirement.
Not so today.
Today people need to start looking at investing in their 20’s and it is great to see different reports that some people in this age bracket are doing this very successfully.
So what are some property investing strategies that will help get you across the line to owning your first investment property?
1. Hang on to your home and pay it off as fast as you can
2. Stay away from credit cards and only buy with cash
3. Start a ‘no touch’ savings account with an automatic deposit from your everyday account on pay day
4. As soon as you can comfortably afford it, use your savings and your house equity to purchase your first investment property
Basically to grow a property portfolio it is a matter of the old saying “no pain, no gain”. You may have to suffer living in a smaller property for a few years until you can upgrade, but once you can get a couple of properties in your portfolio it won’t be long before you can quickly grow your investments and also have the house of your dreams. Hang on to those dreams and you will get to where you want to go.
There are many other articles in this site about how to buy your first property and the steps to take to do so, so check them out for more information on the buying process.
Filed Under: Property Investment Tips
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All good stuff , tracey!
Even better than an online savings account is using either an offset account or a loan that allows additional repayments with a re-draw.
This is becuase the interest on a savings account (even higher interest online savings accounts) wil always be lower than the interest on a home loan.
If you have two incomes try to live off one and use 100% of the other as savings for your next property.
Out of all my mates – I have the crappiest car. The only thing stopping buying a new one is the motivation to keep saving and buy property #2. Getting in the right frame of mind is key.