Making money from property or storing money in property, which do you prefer?

Are you confused about what property investment strategy you should use? After all, there are a lot of options out there. You need to pick the right one. The one that will suit your risk profile, your time and your skills. If you get it wrong it could cost you. What works for me may not work for you. It took a business mentor to open my eyes to the two main ways that people use property as an investment vehicle and I thought I’d share that with you.

Confused about the whole investing in property thing? Read on.

Confused about the whole investing in property thing? Read on.

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Defining Your Investment Strategy

For those of you who have made the decision to stop living from pay cheque to pay cheque, or are facing a less than stellar Superannuation fund payout in years to come and are considering getting into investment, a word of warning. While it’s great that you want to take control of your future (well as much as we can control), if you haven’t sat down and defined your investment strategy you may end up just throwing your hard earned cash away.

An investment strategy forms part of your plans for moving forward. It is a tool to keep you on track.

So what is an investment strategy and why do you need one? Well settle back and I’ll tell you our story of investment, what I found when investigating different options for investment and how we developed our investment strategy. Perhaps you might find inspiration to start your journey.

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My New Year’s Resolution – that I’ll get to in February (maybe)

Ok, it’s the start of a new year and I’m sure that a lot of us have made all sorts of resolutions a few weeks ago. Now that we have passed the middle of January (January is always the shortest month of the year for me – to my mind it whizzes by so quickly and February appears out of nowhere), many of those resolutions and goals have been dropped and we are possibly back to square one. I decided that since January is such a short month that I would just enjoy it, take the time to set my goals and get started somewhere around February 1st (although, yes I know, technically February is shorter than January!). Since we are in the middle of a searingly hot summer here in Brisbane, Australia I don’t see the need to push myself too much – I’ll potter around in my air-conditioned office, concentrating on completing the work tasks we set last November. I’m sure when we did our planning we forgot how short January really is, because to achieve everything we put on our January to-do list we’d need a 60 day month! Oh well.

January seems so short, one minute you are relaxing on the beach thinking about what you should accomplish this year and the next thing you know it's nearly February, that's why I leave New Years resolutions till 1st February.

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Preparing the house for rent

Well with the imminent completion of the new home, we listed the Queenslander on the rental market, one viewing and it was rented and to a preferred tenant. How did that happen? This result I believe is because we followed a deliberate approach to the renovation combined with using a premium rental service and being clear about the sort of tenant we preferred.

Preparation is the key to getting a good tenant

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Finding the ideal house for renovation and development

I’ve actually learned a few things over our years of buying and renovating properties, some of these have been hard lessons where we made mistakes that cost us, while others I have learnt by listening to others who have trod a path before us. Now that we are getting to the end of our current small development I can see that those earlier lessons have paid off with positive results. Recently I have been reflecting on what we did right and what could have been done better, at least with the renovated Queenslander and general development process.

Finding the right property is essential when planning for a development. The costs can blow out if you don't do your homework.

When we initially ventured into purchasing properties for renovation we generally didn’t end up making a lot of money or creating much equity in the property; mainly this was because we didn’t purchase the right properties. After listening to, and learning from, other more experienced renovators and developers I gained a better idea of what we needed to look for when seeking a property to develop. Read more

Moving Forward – Goal Setting

Goals for 2015

What are your top three property goals for 2015?

Yep, it’s that time of year again where we all reflect on what has happened throughout the previous year and where we want to be this time next year.

Although I’m not a big one for New Years Resolutions, I do think it is good to set goals and January is as good a time as any to set them.
It is usually a quiet time for me work-wise so it makes good sense to set a bit of time aside to look at what I need or want to do in the coming year.

I find writing down my long-term goals is effective. Actually, I find writing down my medium and short-term goals effective too, as my mind tends to get a bit scattered and I can easily lose focus. Everyone seems to have different ideas of what long and short term goals are. When I talk about long-term goals, I am talking about where I want to be in two to five years time. My medium term goals are my six to twelve month targets, and my short term goals are anywhere between 6 weeks to three months away. But always, always, they are written down. Read more

Banyo, 4014

When I give my address out to people I often get blank looks – where on earth is Banyo? I actually quite like that. Banyo is a hidden gem of a suburb in my opinion.

Banyo 4014

Banyo 4014

Originally named Clapham Junction the suburb was renamed in 1897 by the Commissioner of Railways. In the 1920’s, when our area of Banyo was subdivided there were approximately 400 people living here; now there are more than 5,000 people. Read more