A couple of months ago, my daughter lost one of her favourite Harry Potter books at school. She couldn’t remember where she left it and she really liked the book.
She went to the lost property desk, no book to be found.
She searched every spot she can think of, no book to be found.
She spoke to all classmates, still no book to be found.
“Daddy, what shall I do now” she asked.
“Do you want to speak to school office to see whether they can make a little announcement in your school newsletter to help you find the book?” I said.
She tried, but was refused.
“What do I do now daddy?” she asked again.
“Do you want to speak to your principle to see whether she can let you speak at the end of assemble about your lost book?”
She tried, but was politely declined.
“Daddy, it is only a book, I don’t want it anymore” she said.
“Ok, Sophie, I know it is only a book, do you still like the book?”
“Yes, I still like the book, but it is too hard to find it” she said
“Don’t give up sweetie, let’s try again, what about daddy prints a poster with a photo of your book on it, and you write the reasons why you love the book and want it back” me.
We printed 20 copies of the coloured posters (which costed a lot more than the book). She got her friends to help her put around the school. The book magically appeared on her desk in a few days.
Building a property portfolio requires persistence and lots of hard work, there are so many moving parts, so many variables to work with and manage. It definitely takes teamwork, you are at the centre of the team, only your persistence can help you build a portfolio (it might be 1 or 2 properties, or it might be 5-10 properties). From initial research, find the areas and the types of properties you want to buy, working out the cashflow, working with the REA & vendor, working with your solicitor, working with lenders or your brokers, the building pest inspector, the loan application, paying the holding deposit, awaiting property to settle, find the right property manager, negotiating the terms and conditions, find the good tenants, negotiating the rent … the list goes on. It is hard, it is not meant to be easy. But the end result is worth all the effort.
Right now, we are seeing lots of changes in the lending market, it is getting increasingly difficulty to build a large portfolio, it needs lots of searching and twisting to make it work.
However, it is a good time for beginner investors, more sophisticated investors are pretty much out of the market.
If you want to make a change, be persistent.