Tag Archives: rental property

What Dieting And Buying Rental Property Have In Common

 

What Dieting And Buying Rental Property Have In Common

Could dieting really be anything like buying rental property?  

I’m one of these people who only have to look at food to gain weight. Maybe you’re like that too? In fact, my tendency to gain weight so easily is the main reason I’ve developed a lifetime habit of regularly working out pretty hard for six days of the week.

I’ve just returned from a fabulous holiday to New Zealand where I (abnormally) did no workouts at all except for some days skiing and the usual walking to see attractions. Add to this the fabulous chocolate café we discovered together with the delicious ice-cream in New Zealand – and it’s a recipe for a waistline disaster!!

Back home and the dial on the scales has shot way up and all my clothes are far too snug!

Then it hits me – BOOM – time to take serious action!

You might already be wondering what the heck this has to do with your progress as you work towards buying rental property. Stick with me here for a bit and you’ll see……

So I start to ask myself “Exactly what changes do I want?”

To tone up and lose centimetres from my middle? To drop 5 kilograms? To run a half marathon? These are important questions because unless I can answer specifically, I won’t know the right action to take to achieve my goals.

I’ve decided that my focus needs to be on following a healthy eating plan and avoid the sugars (I love my lollies and icecream!).

So next decision is what ‘diet’ should I follow? Lots of diets to choose from: low carb, sugar free, calorie counting, weight watchers and loads more. It’s important I choose the right nutritional plan. For example, I wouldn’t want to be eating a low carb diet if I expected to be running a half marathon again any time soon.

Now I’ve got my objectives worked out and how I plan on achieving them. But I’ve learnt over the years that I get the best results when I have some sort of support or accountability. I know I’m going to need help. And asking for help will mean I’ll reach my goals a lot faster too.

I love taking sessions with a personal trainer or joining group classes at the gym for motivation and inspiration. I’ve already pulled out some editions of the fitness magazines I’ve got to help me design a variety of workouts and I was back cycling with the group this morning even though it was only 1 degree outside. But – sometimes you will find there is a little bit of pain associated with getting the results you are after icon_smile

It’s going to be so much easier to have the support of other people around me.

You can probably start to see the similarities coming through here now because you will go through exactly the same decision making process at some time during your investment journey.

Buying Rental Property Can Change Your Life

There will be a moment when you finally make and commit to your decision to take some serious action.

For me, that moment was when Murray and I looked desperately at our property spreadsheeet. And saw for one time too often, the figure of almost $70,000 it was costing us to hold our negatively geared property portfolio.

Thankfully, we were finally jolted into action and knew that serious steps needed to be taken to turn the situation around.

bigproblemPerhaps for you it’s the day you finish work so late or feel frustrated and ‘snap’ to the decision that you are going to change your financial situation. You recognize that serious action needs to be taken to change your circumstances.

Once that decision has been made you also need to decide exactly what results you actually want to achieve. Do you want to create a passive income of $100,000 per year? Do you simply want to have access to an additional $5,000 per month? Do you want to pay off your principal place of residence (PPR) first?

Being clear on what results you want will help you decide which investment strategies will work best to achieve your objectives. Becoming involved with property development is quite different to renovating a run down cottage which is quite different again to buying a newer townhouse that is already tenanted.

And all of these strategies will provide different financial returns. So you might start to feel a little confused at this stage. Not sure which way to turn. Maybe you’re unsure exactly what location to buy a property. Perhaps you don’t know how much you could afford to pay for a property.

It’s time to find the trainers, mentors and support groups that can help you with your buying decisions.   Without this kind of support your journey can be a long, slow and painful one.

But when you find a good support crew, turning around even the most difficult situation can be exciting, fun and extremely rewarding. And, you’ll get the results you are after so much quicker too!

Researching, reading books, attending seminars and workshops are all great (and I encourage all of them). But eventually you need to take action.

One of the things that prevent most people from investing in property is fear. But if you look at things realistically, you can see that the process is actually no different to making a decision to go on a diet.

Understanding this will help take some of the fear out of your investing decisions or how you think about buying rental property. After all – no one gets fearful about starting a diet…. Do they?

Taking that next step is sometimes the hardest, and I want you to know I’m here to help you all the way

What about you? What is preventing you from moving forward with your investment plans?

I challenge you to schedule in some time to “take the next step” this week… and let some magic happen.

Leave a comment below with your best method of overcoming your fears, or your experience with this simple creative thinking exercise. I’d love to hear what works for you and/or your experience with “changing your thought process”!

Here’s to your success!

p.s. It can be really helpful to get an outside perspective, to brainstorm with someone else who may add ideas to yours, or to get feedback on your investment plans. I offer creative ideas, creative angles, and new concepts to consider in our regular emails and on our Facebook page. Join us! I’d love to help YOU spark some action plan ideas in your investing journey.

If you prefer one-to-one discussion, the Wealth Building Strategy Call is a great alternative! There are currently a limited number of complimentary call sessions available. To apply for one of these complimentary sessions, click here.

The Best Place To Buy Investment Property – A Trip To The Coffee Shop Confirms It!

coffee_artI’d love for you to join me for my cup of coffee and I’ll share how to locate the best place to buy investment property.

I’m not going to give you a long formal list of ‘must haves’. I’ll give that to you in another post. Instead, these are my recent thoughts I had over a cup of coffee the other morning icon_smile

We spent the weekend in the city visiting our 7 week old grandson. We don’t like too much time passing by without a visit, so trips to the city these days are frequent. Apart from spending time with the family, the change of scenery, coffee shops and restaurants are always nice. (I’m a big fan of coffee shops and eating out!)

Our son and his family rent one of our properties from us. It’s a 3×2 very spacious apartment we bought in 2004 for $265,000 and is now valued in the high $500,000’s. This is where we often stay for our city visits.townhouse in the best place to buy investment property

It’s just across the road from a gorgeous parkland area called Herdsman Lake. The Lake has great walking tracks all around it. You may not know, but I love to get out most mornings for a run or cycle and when we’re away from home for the weekend it’s no different. These tracks around the lake are so close and just perfect for a run or walk.

I’d had a tip recently about a great little coffee shop called The Ingredient Tree that was only a few minutes off the walk tracks. So on Sunday Murray and I took off for our run with the intention of taking a little detour at the end of our run to stop in there for a morning coffee.

We weren’t disappointed and I couldn’t believe I had not come across this little gem before. The coffee and atmosphere was great. While we were sipping our hot coffee and hot chocolate, what struck me was how busy this little place was, even though it was not on any major traffic strip.

Then it dawned on me – this little café might have been tucked away from the main stream of traffic, but it was in fact, located right smack bang in the middle of several blocks of high rise apartments that would be home to thousands of potential customers all in one spot.

This is an example of a few of the ideal facilities that are attractive to renters when you are considering the location of an investment property. The types of nearby facilities renters want when they are considering a property to rent are parks, shops, café’s, transport stations, bus services, schools and hospitals.

Too often buyers will purchase a property they like, fall in love with, can afford, but is not in a high density population area, nor very close to any or many of these types of facilities.

The Ingredient TreeThe Ingredient Tree made a smart move in setting up right in the middle of thousands of potential customers. You need to be just as smart and make your investment property purchase right in the middle of where your potential tenants or buyers are too!

This is why I prefer to purchase within a reasonable distance of a major CBD. Good deals can be found in regional areas, although generally capital growth will be slower and rental demand less.

The “West Australian” reported on June 22, that properties available for rent in the Perth area rose from just over 4,000 this time last year, to over 5,700 this year. This means the more attractive the area and the more facilities that surround an area you have your eye on, are all great indicators to start with when you’re looking for the best place to buy investment property!

The way I turn my ‘coffee shop’ thoughts into proven research is to open up my Investar program so I know I’m getting location selections right for the best place to buy investment property. Try it out for yourself and see if it helps (I’m sure it will!). Enjoy!

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Here’s to your success (and the next cup of coffee!)

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