The ability to build wealth through multiple property transactions should not be determined by how deep your pockets are, but rather identifying niches in the property market and maximizing assets and expertise that you already have at your disposal.
Wealth creation is a process and cannot be achieved overnight. Therefore, the first step is having a clearly defined, long-term strategy and objectives that will support your venture into real estate investment and identifying the types of properties and market you want to target is vital.
However, as you progress in growing your property investment portfolio, you can then consider property diversification by understanding where to buy, when to buy, how much to offer for a property and knowing the right time to sell an underperforming asset will determine your success in this sector.
If you want to build wealth through properties investment and transactions, it is highly advised to start small and work your way up – the biggest mistake that individuals make when starting out is overstretching themselves financially by going for properties that are beyond their reach. Start investing in more affordable property and build your way up.
Most importantly, take advantage of using the right professionals to consider investing in a team of professionals as your portfolio grows. Depending on the type of property portfolio you are pursuing, you need a list of qualified experts such as:
- Legal practitioners who will help you through the real estate journey,
- Land or property surveyors and estate valuers,
- Tax practitioners',
- Builders or renovation contractors, electricians, plumbers depending on the nature of the property and
- Estate rental agents.
Although, engaging the services of some of these experts mentioned above may come at a premium, however, the investment will be worth it in the long-term. It is also very important to note that without the services of a legal practitioner who will assist to conduct due diligence search to confirm the authenticity of land title, it will be very difficult to conclude and complete a seamless and legally binding land transaction. Thus, it is very important to engage and involve a legal practitioner in every stage of property transaction to avoid purchasing property that has defective title or a land that is subject matter of litigation or perhaps under government acquisition.
Lastly, developing a long-term relationship with a private banker who truly understands your financial needs and goals, and can deliver exclusive, carefully considered solutions to help you grow your bottom line into real estate empire.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.