Luke Moroney who educates investors on buying property says after you buy your first investment property, the 2 keys actions are to stay in the game & to start looking for your next deal.
1. Stay in the game
A lot of people buy their first investment property & then literally put their feet up. I’m suggesting you don’t. I’m suggesting you use this moment to start your journey, not put it on hold or end it.
Well done you have brought your first investment property, celebrate, have a moment, but don’t become complacent. This is really when the fun starts. You can speak the language a little more. You have had direct experience. You are officially ‘in the game’.
Speak to the people that have large property portfolios, learn from them, go to seminars, webinars, expos, read books, articles, listen to podcasts, etc. You are at the very beginning. The more you spend time with experienced property investors, the more this will become your normal.
2. Start looking for your next deal.
Ask yourself how quickly can I go again?
When you decide to go again, you’ll get excited, just make sure you are working with good people around you & you don’t go off the course because you are feeling excited.
Have the conversation with your broker. Get the information upfront. Plant the seed in their mind, so they know what to expect going forward.
You might even start thinking about other wealth generating strategies. Building a good base with property investing is a good place to be in, however, I recommend you always keep an open mind. Stay curious.
Any current client can set up a meeting with Michael & he can provide advice, tips & help with getting a plan in place to go again.