How To Build A Portfolio While Also Establishing Yourself Professionally
One of the most challenging factors of the accumulation phase of a property portfolio is balancing that finite resource we all have, time.
One of the most challenging factors of the accumulation phase of a property portfolio is balancing that finite resource of time.
It's impossible to create more hours in the day...or is it?
If you look into the lives of many successful business people and indeed investors, one common thread reveals itself. They are habitually early risers.
It's not a surprise that waking up at 5 am enables you to optimise your productivity. An extra 2 hours of activity you would have otherwise been unable to complete if you slept until 7 am. If you add this up over the working week, that's an additional 10 hours - imagine what you could accomplish with a spare 10 hours!
In this time successful individuals either get an extra 2 hours of work in, take time to meditate, undertake physical exercise, read a book or whatever it is that they desire.
The magic behind this is by the time you start your ‘business day’ you’re already ahead of the game with a spring in your step while others go about the usual 9 am ritual.
The 2 hour window may be used to research property for the interested investor or it may be used wisely as a hustling window of opportunity for the entrepreneur looking to make some extra money outside of usual business hours.
When starting to build a property portfolio, you require a regular income to save for a deposit and to prove to lenders that you’re capable of servicing a mortgage. Therefore it’s vitally important to work, earning an income as young as possible.
By first establishing yourself within a professional career, with drive, determination and hard work come the potential for pay rises, bonuses and position upgrades which will allow you to begin your investment journey. All of these increase serviceability and therefore the capacity move into your next property purchase and gives you the option of selecting from better quality assets.
Effectively allocate your time and use the additional hours gained to carry out your property research and leverage off professionals who have a proven track record and have achieved what you’re about to undertake. Making waves as a young professional is extremely difficult and often requires the sweat equity of upwards of 10 hours a day in the office. If you deem this necessary to further your career, employ the services of an investment savvy buyers agent to do the hard yards for you in terms of building out the portfolio, researching the possibilities on and off market to deliver you an asset that meets your brief within your desired budget.
Successful property investing requires countless hours of research which the time poor professional may not have available to dedicate. This is where the time efficient individuals prioritise their efforts and outsource the tedious task of property hunting to a trusted professional. The service offering of a buyer's agent not only has the capacity to save you money but it gives you back the precious commodity of time, to focus on the more important aspects of life, be that your career or personal hobbies and interests.
While establishing yourself professionally in the workplace, take time to learn from your colleagues, many of which have years of experience both within the industry you work in and potentially even in the property space. Some may have lived through numerous property cycles, these individuals have the wisdom and knowledge gained through watching capital appreciation unfold before their eyes.
Spend your newly found 2 hours on dollar producing activities or on enriching ones that have the capacity to lead to income in the future for example networking, prospecting or educating yourself. Harness the power of the 2 hour window and understand that opportunities are available to those who seek them.