5/6 The 3 golden rules for a successful property portfolio. Your property investing cheat sheet.🤫
Welcome back, Crew!
When it comes to successful property investing, there are 3 golden rules that every smart investor should follow.
Golden Rule #1: Invest where it’s booming
The first golden rule is to invest in areas that are experiencing significant growth and development. By buying in booming areas, you have the potential to achieve faster and higher returns on your investment. Don’t limit yourself to your local area if it’s not experiencing substantial growth. Expand your search and explore opportunities in areas that show great potential for future appreciation.
Golden Rule #2: Make your properties pay for themselves
The second golden rule is to focus on properties that generate positive cash flow. Cash flow-positive properties bring in more income than their expenses, allowing you to cover your costs and have surplus funds for further investments. This approach ensures that your portfolio keeps growing, providing you with financial stability and the ability to acquire more properties over time.
Golden Rule #3: Never sell!
The third golden rule is to adopt a long-term mindset and resist the temptation to sell your properties too soon. Selling an investment property incurs costs and eliminates any future income potential. Instead, aim to hold onto your properties for the long haul, benefiting from both rental income and property value appreciation. By holding onto your properties, you can build wealth and create a steady stream of passive income over time.
Remember, these golden rules are essential for achieving success in property investment. Embrace them as guiding principles in your investment journey.
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To conclude this series next, we will discuss the great debate: rent or buy?
~ The Integrity Team