The 3 Golden Rules of Property Investing
To make that work, there are three golden rules of property investing.
Rule one is buy where it’s about to boom! Don’t buy locally. If you buy locally and it’s not about to boom, then guess what? You’re not going to make any money and you’re going to be stuck where you are.
Now, people say to me “Oh Daimien, but I just, I’m so nervous, I don’t know what to do.”
Don’t be nervous. There are people with half the brains that you have who are doing this and they’re killing it.
If you don’t know how to do something, what do you do? You go get an expert to help you. So, if you’re nervous, go get an expert to help you. Let me help you. Let my team help you. This is what we do and we love it.
Buy only positive cashflow properties! If you buy negative cashflow properties, what’s going to happen is you’re going to run out of money and you’re not going to be able to buy anymore and you’re not going to be able to buy anymore. Even though you’ve got equity and you could leverage that equity, you’re not going to have the cashflow to keep it going. And the banks won’t lend you the money. Buy only positive cashflow properties.
And finally, never, ever sell! When you sell an investment property, you get taxed capital gains tax. But you also lose the golden goose. You kill the goose that lays the golden eggs. You might have a feast that day when you sell that property, but that property will never make you a dollar ever again in your life. You’ll be charged capital gains tax on it and then you’ll be charged disposal costs like agent’s commission to sell it, legal fees, and then if you want to buy a replacement property, you’re then going to be charged stamp duty and legal fees again to get into that property. Never, ever sell.
Time and time and time again I have clients come to me and they confess, they say, “Daimien, I used to have this great property, but I sold it.”
Why do people sell? They sell because they’re afraid. They think the market’s going to collapse. They sell because they need the money but they don’t understand how to work the finance to get money out of the property without having to sell it.
If you’re thinking about selling one of your properties, don’t. The only time you should ever sell a property is if it’s an absolute lemon that has got serious problems that are costing you serious amounts of money. Otherwise, hang onto it.
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