When a young Australian decides to invest in property for the first time, it can be quite daunting.
Because of all the pitfalls and unforseen problems that can arise within the property market, it is crucial that young investors make the right choices from the beginning.
Looking back on the way I built my own property empire, there are five key requirements that all young investors must consider before jumping into the property market:
- Have a rock solid foundation
Before a young investor even considers moving into the property market, they need to have a stable job. Banks don’t just hand out loans to anyone and young investors need to demonstrate their stability by holding down a job and remaining debt-free. If a young investor can’t handle the basic responsibilities of an adult, how do they expect themselves to manage an entire property?
- Find a mentor
Young investors need to learn from a mentor who has a proven track record with property. Whether this is a family friend, or someone they meet at a seminar, it is crucial that young property investors aspiring for greatness really soak in the experiences of those who succeeded before them. Many small tips are only learnt once someone has a lot of experience within the property market, and a mentor is the perfect person to relay these to an aspiring young investor.
- RP Data
While it may cost a little extra to sign up for these services, the information provided by property data websites is invaluable to young entrepreneurs when they first enter the market. This data allows young investors to clearly identify property trends within different regions across Australia, and narrow down the best time to start investing.
- Visualise the finish line
Property investors must have their eye on the finish line from the onset of their foray into the property market. As property tends to bubble every 10 years, this is the best length of time for a young investor to keep their property. With a clear end in mind, young property investors can map out exactly what they want to get out of their investments.
- Positive Attitude
From the moment they embark on their journey into the property market, young investors must be equipped with a positive attitude. Investors need to be prepared for the many challenges that the property market can throw at them. With a positive attitude, young investors will be able to persevere through any problems that may arise.
For all media enquiries, images or interviews with Zaki Ameer please contact Geraldine Somers at
Agent99 PR on 02 9779 0999/0423 162 232 or Geraldine@agent99pr.com