A lot of my articles tell you what to do to get wealthy.
But I realised that almost none of them tell you what not to do.
And maybe if you just knew what not to do, it might make the job of replacing your income much, much easier.
I’ll mention something too at this point.
If you work with us instead of investing alone you won’t make any of these mistakes.
Yes, it sounds a bit self-serving but it’s also true. I’d be doing the wrong thing by you if I didn’t mention it.
And you can book a time with us to find out more (no obligation by the way) down below.
Back to it.
Big Mistake #1. Stopping Too Soon
Did you know that 1 in every 5 Australian adults own an investment property? That’s quite high isn’t it.
However, only 3 in 10 of us own more than one of them. And just 1 in 50 own 5 or more.
One investment property is nice to have, but it’ll never replace your income or give you the kind of money you need to retire early.
The only reason to get your first investment property is to get your second. Your first and second help you get your third. And so on.
This means your first property has to be the right kind of property in the right location for immediate capital growth. And it has to have the correct rental yield so you can afford your second.
Still, that’s only half the job. The other bit is you being prepared to keep going and not stop at one.
Big Mistake #2. Investing On Emotion
There’s a lot to be said about following your intuition.
But not when it comes to investing.
Investing isn’t really about bricks and mortar, nicely mowed lawns, pretty picket fences.
It’s about numbers bouncing around on a spreadsheet.
Numbers. That’s it.
You don’t invest in your own suburb (unless you live in one of the suburbs in our locations report) because ‘loving where you live’ doesn’t mean it’s a great investment.
Instead, do your research and make sure your investment is in an area which is just about to boom. Some are, but most aren’t.
You might love your suburb, but if it’s just gone through a growth cycle it’s probably going to stagnate for a little while, no matter how much you love the coffee around the corner.
Sure, when you marry, follow your heart.
But when you invest, follow the numbers.
Big Mistake #3. Sitting On The Sidelines
Take a look at this.
It’s a chart showing house price growth in Australia since 1880.
Long periods of growth interrupted by short periods of falls.
Rise, rise, rise, rise, rise, rise, fall.
It’s pretty clear you shouldn’t be sitting on the sidelines.
It’s time IN the market which counts.
The best time to start was 10 years ago. The next best time is today.
Big Mistake #4. You Don’t Make Time
OK, here comes some tough love.
Don’t tell me you don’t have time to invest.
This is just procrastination disguised as logic.
If creating a passive income and replacing your wage isn’t important to you, then that’s fine.
Your choice.
But if it is, and you wouldn’t be reading this if it wasn’t, then don’t tell me you don’t have time.
What’s at stake here is far too important to make excuses for.
Here’s a brutal hit of reality.
People get sick.
People’s spouses or other family members get sick and need to be looked after.
People lose jobs and can’t get another one when they’re over a certain age.
People injure themselves.
Companies close down, sometimes overnight and without warning.
It might not be important today, but there’s a fair chance it’ll be important one day.
Are you going to tell me you can’t find a few hours to set up something great?
You can and you must.
And I’ll go one better.
We made the whole process of finding and acquiring high quality property like child’s play.
Something which would take you 1000 hours to do on your own can be done by us and it’ll take you 10 hours out of your time at most.
And you’ll be in the market making headway instead of trying to find time.
How Soon Could You Be In The Market?
You’re invited to spend some time on a video call with one of our Senior Property Wealth Planners to show you how this works.
And how quickly it could happen.
They’ll show you the opportunities available in the market.
They’ll help determine your ability to replace your income by investing in real estate.
They’ll map out an overview of what you should do, and when.
Show you how many properties you could invest in right now if you choose to.
And of course answer any questions you have.
There’s no cost for this either.
We do it in the hopeful expectation that if you decide to invest, you’ll ask us how we can help you.
No obligation, no pressure.
First things first.
Enter your details below, and we’ll contact you to book in a time.