to ask yourself when getting started in property
What do I want my portfolio to do for me?
Do you want it to pay you profit in the form of cashflow forever? Grow the most equity as possible so you can sell off properties to fund your retirement? A mix of both? Sell off a couple to pay out the debt on others?
What will me income look like over the life of my investing career?
Do you have the ability to save deposits for new properties or will you be relying solely on the properties to produce equity for the next one? This could mean leaning towards capital growth properties or value add through renovation or development.
How involved do I want to be?
Do you want to be hands on in the process learning new skillsets etc? Some strategies pay great returns, but the work involved is high. Just because there’s a high return doesn’t mean you’re going to make the most money from it. If you hate it don’t do it well or do it less than you would a more suitable strategy you won’t pocket as much as something you love and consistently contribute to.
Once you’ve answered these the process of researching the most enjoyable and efficient way to achieve the desired outcome of your portfolio should be much more simple.
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