Buying real estate and creating a property portfolio that will lead future wealth isn’t meant to be a burden. It should actually be the opposite and should make you feel empowered and excited about your financial future, not worried about how you’re going to make ends meet each week.
There is no such thing as a ‘one size fits all’ solution to wealth creation because the reality is, what works for one person may not work for their next-door neighbour.
For some people, the ideal property portfolio for their situation could mean owning just two or three properties. If that’s all that your risk profile and financial situation will allow, then so be it; with the right due diligence and correct asset selection, owning three quality properties outright could deliver a financially comfortable retirement.
For others, a driven and determined mindset could see them owning five, 10 or even more properties.
But let’s say you’re naturally a risk-averse person who worries about money at the best of times. If this sounds like you, then perhaps right now it doesn’t make sense for you to build a property portfolio with a dozen or more assets in it.
Even if you could afford it, you need to be able to sleep at night – and if you’re the type to fret about money, then becoming a landlord 10 times over has the potential to seriously derail your quality of sleep!
Now having said that, there are many different strategies and techniques that investors can use to change their mindset and become more comfortable with debt.
Read, find a mentor and learn to analyse your investments in an un-emotional manner.
The aim is to become less fearful and more action-oriented in regards to your financial goals!