Making Money With Property
We hear so much these days about the property seminars and coaches (spruikers) that can teach you to be a property guru in 5, 7 or even 9 easy steps, why they use odd numbers I don’t know? They spruik that you can build a multi-million dollar property portfolio in a matter of years! In my experience it is more often than not that the people doing the seminars and the coaching are the ones with the multi-million dollar property portfolios and their students are mostly aspiring to be. Many establish early on that it is far more lucrative to have a strategy of telling people you know it all and will let them into your secrets, because everyone loves a good secret! The reality is there are no real ‘secrets’ to making money in property, only knowledge gained by doing research on the market, which can be online or in person by inspecting property.
Marketing companies can also be engaged by developers to sell their stock, like a large 200 unit complex or a 100 townhouse development. These will be sold by the tax depreciation benefits that can be achieved and maybe a guaranteed return for two years given by the developer. If a property is being sold on this basis alarm bells should ring as it could mean the property can’t stand alone and rent easily in the surrounding market, not surprising if you have 199 other units competing for the same tenant pool.
The secret to property investing is there are no secrets, only hard work and knowledge found through either research or paying for advice from an independent professional. The best way to accumulate wealth is to invest in good quality property with a sound rental return. Buying in a quality area with good capital growth history will mean your investment achieves good capital growth over the medium to long term.
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