My 10 Step Property Investment Formula

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Put your pencils down.  Don’t get out any paper.  My property investment formula is pretty basic.  Not a lot of brainpower required.  And, I guess that’s a major reason why I like property investing so much – it’s simple.  Maybe not easy; but certainly simple.

Dave’s 10 Step Property Investment Formula

1)  Find a property.

2)  Analyse the property.

3)  Make a buy/no buy decsion.

4)  If decision in step 3 is “buy”, then enter into a contract to buy the property.<

5)  Find an excellent property management team.

6)  Hire the excellent property management team.

7)  Get the property happily rented.

8)  Have property manager direct deposit rent proceeds to your favorite bank account.

9)  Monitor the property; make repairs and maintenance as you would want them if you were renting.

10)  Repeat steps 1 through 9.

But, Where are the Details?

Now, I understand, there’s a lot to read between the lines.  And, that’s why I’m going to direct you to where you can get the details.  Yes, you have to do some work.  The work involves getting educated (e.g reading a lot) and taking action (e.g. go out and do it!)  But, the more knowledge and experience you have, the better and faster you’ll reach your property investing goals.  So, here’s my recommended property investing resource/reading list:

1)  The Wealth Power of Property by Fred and Brett Johnson

One of the best books I’ve ever read on property investing.  Read this one first.

The authors, Fred and Brett Johnson, run a company called the Quartile Property Network.  I enjoy getting and reading their informative newsletter.  Keeps me updated on what’s happening with property in Australia.  Although, I notice their main focus is on the Sydney market.  And, why not?  Sydney is probably one of the best places to invest in residential real estate.  Assuming, of course, that you make smart buys!  Hence, the reason to get educated.

2) Building Wealth through Investment Property by Jan Somers

Another great book that contains the answers to questions like “Why is property investment such a good idea?”  And, “How do you do it?  Tell me the nuts and bolts details?”

Jan is “tops” in my book.  I’ve had the privilege of meeting her and hearing her speak on her property investing philosophy.  She knows what she’s talking about.  Read her book(s) and make it a priority to attend one of her talks if you get the opportunity.

And, finally, one of my all time favorites …

3)  Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money–That the Poor and Middle Class Do Not! (Paperback) by Robert Kiyosaki

This is the book that answers the question … “WHY?”  You’ve got to know your “why?”  If not, I’m afraid you may never get started.  When you don’t know why your doing something, then it somehow becomes too hard; too difficult.  Even “itty-bitty” obstacles can stop you.  But, once you have a big enough reason – a big enough “Why” – you’ll start to plow through obstacles like a hot knife through butter.

Well, there you have it, my secret formula revealed.

Go forth and become a great property investor!  Then write about it so I can learn from you.

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