My step-by-step process makes it easy for almost anyone to get their first investment property – and make it a winner.
It may seem like a no-brainer, but making your first investment property profitable is crucial.
Remember the old adage “once bitten, twice shy”? Most new investors who lose a lot of money tend to be somewhat put off by this idea.
Well, my goal here is to make sure your first property is the one that makes you money. That’s what I do every day for my clients and my members.
So to give you the best chance of making your first investment profitable, here is a sequence in 10 steps that you can follow to access property in 2022.
Because things change so quickly, what worked as recently as last year may not be good advice this year.
Be careful with this process because it could make you a real estate millionaire.
What type of real estate investor are you?
Step 1: Be clear about what you want.
There is so much information out there. Every real estate expert tells you you should do this or that when the simple truth is that your ideal outcome is what YOU want.
You might want to become a real estate tycoon, with a multi-million dollar real estate portfolio – or maybe you just want enough money to be comfortable. Maybe it’s about leaving a high-quality asset for the kids or creating passive income so you can retire early like me.
Step 2: Invest in yourself.
There are many types of investments you can make. But one of the most powerful and effective investments is the one you make in yourself.
This can be in the form of education, books, courses, programs designed to teach you what authors have learned over many years, so these are legitimate shortcuts. My only regret in life is not getting involved sooner.
Step 3: Have a positive mental attitude.
Our attitude determines our results, I am 100% convinced of that. We’ve all met someone who seems smart, but also jaded and cynical, and who often does worse off financially than they otherwise would have.
In a real way, you create the environment you live in through your attitude. Always aim for the stars. If you fail and land on the moon, that’s still pretty good, isn’t it?
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Step 4: Don’t forget the taxman.
The problem with making money is that you usually have to hand some of it over to the government…unless you structure things right.
Did you know that there are ways to use positive gearing – that is, making a profit with your investment property – while still getting the tax breaks that people think only geared transactions negative can access? With the right advice, you can have the best of both worlds.
Step 5: Create a strategic plan.
If you fail to plan, you plan to fail. It’s an old saying, but it’s 100% true. You cannot arrive at your destination without knowing the way; ask any airline pilot. They follow a comprehensive plan to ensure that you arrive at your destination on time without any incident on the way.
And of course, they’re dealing with a plane full of passengers. But isn’t your financial future just as important? I think it’s far too valuable to be left to chance or chance.
Step 6: Surround yourself with high performers.
The 5 people closest to you will determine your success in life. I call it the “Circle of 5” and that’s why I’ve spent over $250,000 on seminars and masterminds around the world, and will continue to do so.
No man or woman is an island, and I was able to retire at 37 on passive income with the support and encouragement of my Circle of 5.
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Step 7: Build an effective team.
Many real estate investors think they’re a one-man band – and they’re wrong. Along with your Circle of 5, you build your team of legal representatives, accountants, agents, and others you can go to for help with things outside of your area of expertise. .
Your team is invaluable because of this, and unless you fancy learning law, accounting, tax in detail, start building your team today.
Step 8: Decide to find time to do the work.
It’s easy to find yourself putting something off until tomorrow. Unfortunately, tomorrow never comes, as they say, and therefore most people interested in real estate will never take the plunge.
The power of a decision is enormous. Once you have decided in your heart that you are going to do it, you will find a way to do it.
Step 9: Eat the elephant 1 bite at a time.
Here’s an old adage: How do you eat an elephant? 1 bite at a time.
Real estate investing can be daunting for newcomers. The trick is to take things 1 at a time and not get overwhelmed.
Step 10: Learn from the experience of others.
No need to become a pioneer in real estate investing. Everything has been done before. You just need access to the hard-won lessons we’ve learned over the years.
This way you can shorten your learning process and gain real estate experience in a much shorter time. And as a bonus, it’s a lot cheaper than buying even a single property that doesn’t make you money.
If you’re ready to take advantage of my years of experience, I’m hosting a virtual live event with a personal finance legend, Robert Kiyosaki, and I’d like to invite you to join us for free. Robert is the author of the number 1 finance book of all time, rich dad, poor dad, and one of the biggest names in real estate in the world. register here.
George Markoski is the founder and CEO of Positive property. Author and educator, he is passionate about helping everyday people create financial security and wealth.