It is millions of Australians' dream to quit their job and enjoy a passive income. Rather than spending most of your time working for a company, you could be building your own business, travelling the world, or enjoying the simple pleasures this great country has to offer.
Through smart real estate investments, you can make this dream a reality.
Creating wealth through real estate is possible, you just have to know what you’re doing. Here are a few things to help you get started.
One of the first things you need to understand about property is that it is a long term investment.
Unfortunately, you can rarely buy one property and expect to quit your job overnight. Building up your portfolio so that it is strong enough to give you financial independence can take years.
The other thing to consider is that you don’t want to just be making enough to survive, you want your investment property to build your wealth and cover beyond just your cost of living.
Before you can consider quitting your job and living off your property investment, you will need to spend time growing your assets.
Investing in real estate means you can use your rental properties as a passive income. These multiple streams of income can boost your cash flow and supplement the income you are receiving from your full time job.
Before you quit your job completely though, you should consider other investments you can make during this time, and any savings plans you have for the future.
In the early stages, it’s crucial you don’t rely on your rental income to pay off your properties.
In order to live off the income from your investment portfolio, you will need to be constantly managing and reassessing your portfolio.
You may want to sell off some of your investment properties, so you can reduce the amount you have to spend on these investments.
You can also reduce your expenses and debt by paying off your principal and interest, and other debt you may have accumulated.
In the later stages of your investment, you may want to slow down the rate at which you are buying properties so that the value of your portfolio increases, but the amount you are spending on it either reduces or remains the same.
With the right investment decisions, you can work on your own terms. While you are growing the value of your assets, you can use your rental income to cover some of your living expenses.
This can allow you to drop down to part time work, and spend more of your time doing things that are important to you.
Because of the long term nature of this industry, it may be a gradual process of reducing the hours you spend at your day job.
A slower, more stable investment is one of the best things you can do for yourself and your family.
DDP Property has helped thousands of investors build a portfolio that works for them. If your end goal is to retire early and build your future wealth through property, then you have to make calculated decisions about your investments.
The expert team at DDP can help you choose the right properties to invest in, and guide you through the entire investment process.
Living off your investment properties isn’t as simple as it may sound at first, so it’s important to consult with industry professionals who have extensive experience and knowledge on how to achieve exactly this.
Different properties are suited for different purposes, and not every property can help you achieve this dream.
Ready to start your journey? Get in touch today!