Well I’m sure you have all heard this expression ‘It’s not Rocket Science” – what do I mean when I say this? I mean that to invest in property you don’t have to work out algebraic equations or do massive long division. As a rocket scientist, you would need to have top level mathematics, physics and chemistry just for a start. Investing in Property is about common sense and doing some homework (research). Now I love doing the research and looking out for the property deals, this is my personality and runs in my blood.
So if you are not building a rocket but want to build a property portfolio where do you start? Like building a rocket you start with a plan and drawings of the rocket you are about to build. With property we start with a plan of what your property portfolio will look like in 5 years’ time. Do you want to have a portfolio worth $5million or one that produces $100,000 passive income or maybe both? This is where you need to set your goals, dreams and desires…. this is where it all starts from.
Then like building a rocket….. you need to actually build it. This is where you need to know your numbers, look at your income, expenses, assets, liabilities, savings and equity you might already have in existing property. This is where we build your strategy on how you are going to get to the moon.
Once you have built your rocket (strategy), then we need to fly it to the destination! We need to put all the coordinates in, learn to steer and make sure it is full of fuel for the trip. Also we need to make sure we have enough food and water for the trip, ie in property terms enough income and deposits or equity to move forward. This is where we actually take action and move forward, finding a property to purchase that is going to meet the design guide lines (Goals, Dreams and Desires) and it is also built strong and sturdy (the Strategy).
To select a destination like the Moon, we need to know where to land the space craft, how fast you are going and is this a good position to land? So in property terms this is the Selection Stage we look at the infrastructure, transport, airports, population growth, availability to jobs, schools, shopping centres and life style such as beaches and mountains. All of this makes a difference when buying a property. Shortage of land is always a big driver that is why it is more expensive to buy in a capital city, however prices and capital growth is likely to be faster and larger closer to the CBD.
Also you need to look at the type of property you are going to purchase, unit, house and land, duplex, dual occupancy or an advance strategy or development deal. This is like the fuel in the engine some work better than others. Using standard unleaded versus premium unleaded – what is it going to do, it’s going to get you there faster and burn cleaner……. and if you want to use Rocket Fuel then you had better strap yourself in and get ready for the ride!
Let Blue Wave Property Strategies ride the wave to Wealth or the Moon!