Investing in property can be a very successful strategy to create wealth and retire successfully and in recent years I have seen a number of people become millionaires through property investing with a long term, well structured, professional approach.
Unfortunately, the harsh financial reality is that many first time property investors never go beyond purchasing their first investment property.
Simple mistakes with your first investment property purchase can hold investors back from expanding their property portfolio and growing their wealth.
Your very first investment property purchase will determine your success in building a successful property portfolio. So, it is important that you do as much research as possible before investing and seek professional advice from a specialist property investment accountant to maximise your opportunity of successfully achieving a property portfolio to fund your retirement.
The Do’s of property investing
Building a successful property portfolio to fund your retirement is not a matter of luck (except for a very small minority) and will require a commitment to, at the very least, do the following:
The Don’ts of property investing
In choosing to enter the investment property market for the first time with a view to building a successful property portfolio to grow wealth and comfortably fund your retirement, at the very least, you must not:
Property investing to build wealth to fund your retirement is a long term strategy which, if undertaken carefully and with a well considered professional approach, is achievable.
Do not underestimate the value of good advice from a qualified tax advisor, who is experienced in property investing advice, should you require advice and support. Hindsight is a cruel tormentor when facing loved ones having lost considerable financial resources.
Paul Baggetta, Founder and Principal of Baggetta & Co, has been a Taxation Accountant for over 32 years, a Financial Planner since 1998 and in 1983 qualified as a Real Estate Licensee holding a Triennial Certificate (currently not trading), and operated his own Real Estate business for over 5 years as a second business.
October 8, 2013
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November 21, 2012
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The information provided on this website is for general guidance only and is no substitute for professional advice. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice.