Along the way, decades ago when I started investing in property. I made mistakes, I made quite a few mistakes. I also have had many, many, successes. At the moment when teaching our kids, and right now especially our daughter –which Property to invest into? where is it going to be? What type of property? It occurred to me that if I knew what I’m teaching my children today, and or what I am teaching my clients today – Wow, how successful would I have been? Would have I made the mistakes I did in the past? I did make mistakes along way and I’m teaching you how not to make those mistakes and you’ll start off with a really good foundation.
The one thing that I’d like to teach you today, that if you have started investing in property or continue to invest in property, is that you must understand the formula about how to make a Pie. Yes, a Pie. It could be Nanna’s Apple Pie, but I am going to call it the Investment Property Pie. When you think about you want to purchase the right property at the right price, in the right place and you think about location, location, location. It is not that simple. There is more of a formula to it. And the formula is as simple as this.
You must think about Population. Is there going to be people where you purchase? Infrastructure, Government infrastructure and Private Infrastructure. Is it happening around you? Employment, where you purchasing property do people have access to employment? and the final part of the Pie is supply and demand. So when you start to think about investing in property or you’re going online and you’re looking at realestate.com or you walk past a real estate agent office. I’ll just go in there and buy it. Unless the property into in the Pie formula it will not work. Something will go wrong.
So, Population, is there population in the area? Will the population continue to rise? Infrastructure, is both Government and Private Infrastructure in the surround areas? Employment where you purchase your investing property will my tenants be close to employment? Finally, Supply and Demand. Is there an oversupply or a demand for investment properties in the area? So, make sure you have all the ingredients to build a successful property portfolio, just as Nanna would have all the ingredients for a delicious Apple Pie.