Building a property porfolio?
Statistically, less than 5% of Australian investors own more than 1 investment property - why?
THEY DON'T HAVE A PLAN OR THEY DON'T STICK TO THE PLAN - simple as that...




Build your 'A' Team
The most successful property investors create a team of professionals who are all on the same page as the investor. The team generally consists of:
Strategist
Tax Specialist
Legal Specialist
Property Specialist
Finance Specialist
The Investor is the captain of the team and provides a clear goals and objectives. It's not imperative that the captain knows all of the technicalities, however they do need a clear vision and an ability to communicate their instructions.
From time to time, other specialists will be required - Builders, Architects, Quantity Surveyors, Town Planners etc.
The fees you pay your team are generally recouped ten fold by avoiding costly mistakes or finding profitable opportunities. Choose your team wisely...
Plan your work - work your plan
The key to any successful plan is: SMART Goals and follow through.
Specific - be very clear about your goals
Measurable - if it can be measured - it can be managed
Achievable -make your goals realistic
Relevant - ensure your goals are aligned to your bigger picture
Time Frame - this creates urgency - ensures action is taken
Convert your goals into Action items - and then delegate to your team.
Regularly review your plan to ensure your task are kept top of mind - creating greater momentum and success.
Never, ever, give up!
Without doubt, the biggest precurser to SUCCESS is DETERMINATION.
Every plan will ultimately hit a hurdle - the bank won't lend enough money, the property is vacant, the council won't approve the development etc, etc.
While it is important to prepare for these contingencies, the number one reason we see most investors stop at one property - it's just too hard.
Our observation is that where there's a will, there's a way - and the clients we work with all have the desire and determination to continue. Sure, sometimes you need to take a step backward to move forward - however successful investors understand that there is no room for getting attached to a property - it's better to get attached to the plan.

