Property Investment Articles
Hi there, Salena Kulkarni here from Phoenix Wealth Group, in today’s short video, I actually want to share maybe a little bit about my personal journey of frustrations when it comes to building my own property portfolio.
So I’ve started investing in 2001, and at that time was working as a professional and I guess, one of the things that kind of striking me when I started to get involved in property was just how lucrative it could be and how there was still such a great element of creativity that you could bring every deal and from a strategy point of view.
What I felt, I experience in my early years with some degree of frustrations about the fact that I could not just keep on going again and going again, limits on the cost of capital, on my serviceability, on borrowing, on a whole range of different things, meant that I had to relatively patient, with how quickly I could purchase my next property, and add to the layer of that, but sometimes maybe in the early days, I was not making as good decisions as I am able to do now, which has come through experience.
What I would say to anyone who is looking to start building a property portfolio because, ultimately the portfolio base approach is what will take you to a seven figure wealth asset base, is that you need to have a degree of patience, you need to have a strong awareness of what is happening economically and how that may impinge upon your aspirations, for example, even in the last two years, the banking environment has changed so drastically in terms of how easily and freely they are giving out money that it is certainly caused a lot of investors to do a complete 180 in terms of their strategy around investing.
So I guess the lesson I want to share with you is that patience will certainly pay off a hell of a lot more than rushing into whatever deal you can afford, because ultimately the more strategic and sophisticated you can get with your thinking around the properties that you acquire the greater the financial outcome
at the end of the day.
I hope you found this useful, I do not often share my personal story, but yeah, I look forward to connecting to you in the future.
Salena Kulkarni from Phoenix Wealth Group.