Once you know why you want to invest in property, ask yourself what you want and when do you want it?
In other words, what does your property portfolio need to deliver to set you on the path to achieving your financial goals?
Write this figure down and focus on it. Stick it on your notice board or bathroom mirror so you see it and read it often. Be specific, for example, I want to own seven properties and have a net worth of $3million by 30 June 2020, or I want a passive income of $200,000 by 2020.
Knowing what you want and when, helps us to find the right properties for you.
For example, if you are looking to build a property portfolio that will deliver a future income in retirement, say 10 years from now, then you may be more focused on property with high capital growth.
Alternatively, if you are nearing retirement, positive cash flow property may be more important than growth. Property is not a one size fits all strategy. So take the time to be clear about your goals.