Choosing your first Investment Property
Your first investment property can be the most difficult purchase you’ll make – but what happens next? In the Cover Story of November 2014 Issue of Smart Property Investment (SPI) Magazine, Vivienne Kelly interviewed Ben Kingsley and other property experts for some property investment advice and investigates why so many investors stop at one property and speaks to three investors at different life stages who are using their first purchase to build wealth.
Here’s a snippet of the article.
“Over 70% of property investors hold just one investment property, according to statistics from the Australian Taxation Office (ATO). Indeed of the 1,764,924 property investors in 2011, just 96,991 had three properties (the “minimum” amount to build a sustainable retirement through property, according to Damian Collins, managing director of Momentum Wealth) and just 15,264 had six or more. Ben Kingsley, director of Empower Wealth, says it’s astounding how many people save and struggle to buy their first investment property and then simply give up. “Usually one property is not enough to retire comfortably. But people..”
Click on the article to read the rest of the article.