Assume you've decided to build wealth through property. How do you go from that to a pen on paper strategy that you will follow to get to your goals?
I understand a few of the various ways in which one can make money in real estate, having read books by the likes of Lomas, Yardney and McKnight. But how can one devise a strategy that is most appropriate for their own scenario?
I like Yardney's philosophy on property investing for example (chase capital gains, ignore yield, buy in capital cities, below market value, with scope to add value through reno's, in areas with limited supply). My gut however suggests that I will hit a finance wall before I can even get IP1 (bought a PPOR 6 months ago, broker says bugger all lending capacity left). On a sole income that is below 6 figures I don't think this strategy would take me very far.
So I guess my question is how do I tackle the process of formulating my own strategy. And which stakeholders would need to be involved in that process?
I understand a few of the various ways in which one can make money in real estate, having read books by the likes of Lomas, Yardney and McKnight. But how can one devise a strategy that is most appropriate for their own scenario?
I like Yardney's philosophy on property investing for example (chase capital gains, ignore yield, buy in capital cities, below market value, with scope to add value through reno's, in areas with limited supply). My gut however suggests that I will hit a finance wall before I can even get IP1 (bought a PPOR 6 months ago, broker says bugger all lending capacity left). On a sole income that is below 6 figures I don't think this strategy would take me very far.
So I guess my question is how do I tackle the process of formulating my own strategy. And which stakeholders would need to be involved in that process?