Dear Fellow Property Investors,
One of the most important concepts that you can learn in your lifetime is how to correctly structure your personal finances, and create a system that enables you to pay off a typical 30 year principal and interest home loan in 10 years or less.
And whilst this process is ‘simple’ to set up and implement, (once you know how), the vast majority of Australians still have no idea how it works, or who to turn to for the right advice on how to set this up.
Whether or not you are aware of this, this is costing you money, and more importantly, it’s the opportunity cost of time, and missing out on the potential of paying off your (non-tax deductible ‘bad debt’) home loan sooner, as well as missing out on accumulating more investment properties (tax deductible ‘good debt’) in your property portfolio.
And let me tell you something….most mortgage brokers and bank branch managers have no idea how to set this up correctly…
I know as I used to work for a bank and later I ran a mortgage broking company with 13 mortgage brokers…
Anyway, that’s just one of the many mistakes that novice property investors make every day in Australia…
Having said that, here are my top 10 BIGGEST MISTAKES PROPERTY INVESTORS MAKE. HOW TO AVOID THEM AND TRIPLE YOUR RETURNS…
1. Buying your first investment before developing an all encompassing investment strategy.
2. Buying your first investment before setting up your team of independent industry experts.
3. Buy a house located 2 km to 5 km of where you live because you know the area.
4. Buy a house and land package in Melbourne because houses double every 10 years.
5. Buy off-the-plan apartments in Melbourne because you are priced out of the detached houses and townhouses in the same area.
6. Buy properties for cash-flow rather than growth. Inner city blue chip areas vs. outer area cash flow positive properties.
7. Waiting for the perfect time in the market cycle to buy…timing of the market vs. time In the market.
8. Taking advice from friends, family and colleagues who are broke and have no results themselves.
9. Having a ‘Get Rich Quick’ psychology and chasing the latest ‘Hot Spots’, rather than focusing on areas that have long term fundamentals.
10. Buying investment properties in the wrong structure…personal names vs. corporate trustees and trusts.
So what are you waiting for?
Watch this video now and learn how to avoid these common mistakes made by novice property investors now!