by The Landlord
Could you quit your day job and turn your property investment into your full-time job?
While many people are perfectly content with having property investment as a sideline to their jobs, others take the plunge and rely entirely on their rents for income.
If you would love to say goodbye to your nine to five and live off your properties, there is hard work ahead, but the rewards can be impressive over the long haul.
This month NZ Property Investor magazine speaks to four Kiwis who may their money from their rentals to find out what it takes to become a professional investor.
First up, to make property investment your career you’re going to need a plan for how to create enough income to leave your old job behind.
Once you have a goal in place it helps you make the right decisions as you build your wealth.
Think about – how much you need to live on; what type of properties can you find that will contribute to that amount; how many of them you will need; and how long it will take you to buy them.
Having worked out your goal and the property plans that will help you to achieve it, our experts identified a number of key tactics and tips to assist you on your journey.
They are:
1. Buy below value or find a way to add value.
2. This is a business: cash flow is compulsory.
3. You can’t do it on your own: an efficient team is necessary.
4. Keep the big picture in mind.
5. Be on good terms with the banks.
To read the full details of what the professional investors recommend to make the jump into full time property, click here to get the digital issue of NZ Property Investor magazine.
Subscribe to NZ Property Investor magazine here to get great stories like this delivered to your mailbox every month.
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