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When I was 19-years-old, my mother gave me one of the best pieces of financial advice I’ve ever received.
She told me to get into a property as soon as possible.
She reminded me of this constantly from the time I turned 19 until the age I acted on upon it at 21. Though I must admit to having my savings boosted by a cash gift on my 21st birthday, this was the only way I could have afforded my first property. It was a little one bedroom unit on Waltham Street, Coogee, for which I paid $98,000.
Today I am the branch principal and wealth manager at Yellow Brick Road Sydney CBD and have been involved in the property industry for over 15 years. This advice has stuck with me to this day.
The thing I have learned most about property investing is that you really shouldn’t sell unless you are nearly forced to. If you do decide to sell, make sure it’s to buy something at the same time in the same market.
I can’t tell you how much wealth I have seen withered away by selling property when, with a little more effort and hard work, those properties could of been held on to. Rash decisions at the wrong time can prove a very costly long-term investment decision.
Committing to a property at an early age is a great way of forcing yourself to save. I lived in my first purchase and, given my frivolous spending habits, I was grateful for the advice and gift from mum and look forward to doing the same for my boys.
We have you covered on all stages of your property journey