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    Home»Investment»The Most Effective Wealth Building Strategy For Real Estate Newbies
    Investment

    The Most Effective Wealth Building Strategy For Real Estate Newbies

    bentalabcod@gmail.comBy bentalabcod@gmail.comApril 18, 2023No Comments2 Mins Read
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    This is the first and probably the most basic strategy you will start with. It is used for those who do not have enough experience in buying to rent the market.

    In a nutshell, it works like this: once you’re in a position to invest, just buy a property or two, then stop. Either or both properties will allow you to learn about the process of buying, finding tenants, dealing with agents, arranging mortgages and all other aspects of the ownership process.

    Throughout this process, it is important to have someone who can answer all your questions and guide you through the process. But the real power of this strategy does not lie in the practicality of investing, although that is important. It lies in its ability to allow you to develop mentally and emotionally or to accept that you are now an owner, an investor.

    I had a client who had paid for his property a long time ago, he was making around £20,000 a year so he never thought he could build up a significant portfolio. Over the years, his house has doubled, doubled again, and doubled another two times. This left him with a considerable amount of equity that he was not using.

    In his first conversation with me he mentioned that for a long time he had known he had to do something but had lived for years in fear of using his capital, worrying that if he invested and couldn’t find tenants, if real estate prices crashed and all the other problems of newbie investors.

    These fears are born of a lack of proper education. The important thing to do, therefore, is to replace the old, outdated beliefs with a new set of aligned beliefs. The reason we stop after two hours is to let your emotional state catch up to your wallet. If you continued to build the portfolio, you would invariably stumble or the stress would become too much.

    The only thing to consider now is the length of the downtime. It totally depends on you. Don’t keep investing until you’re ready. Saying that, if you’re a year behind and haven’t started, you may be resting in your comfort zone. This is where the help of an experienced portfolio manager can ensure you take the next step.

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