What I’d do if I had to start my investment journey again

If I had to start my property journey over in today’s market – with prices double what they were – I’d still get to 10 properties in 15 years. The only difference would be that I’d do it faster.

For context, I bought my first property in 2011. Back then, Australia’s median house price was $536,000. Today, it’s $1.09 million.

Yes, prices have doubled.

Now, I’ve managed to build a portfolio of 10 properties in 15 years, and despite all the negative headlines and excuses everyone keeps coming up with, I believe I could do it again if I began my property investment journey today, even with property prices 103 per cent higher.

Here’s exactly how I’d do it if I was starting from scratch, so first homebuyers or first-time investors take note.

1. See a broker

No one starts with money. They use someone else’s money to get started; the bank, the government, even friends and family.

There is always money if you know who and how to ask.

I’d sit down with a broker and ask these three questions:

• What’s my maximum borrowing capacity?
• How can I increase it? (renting rooms, adding income, financial guarantors, different lenders etc)
• What do I need to change in order to buy sooner?

You don’t get onto the ladder by waiting. You get on by understanding what’s possible.

2. Take the FREE money

We are living through the most generous era for first-home buyer incentives in Australian history.

Depending on your state, you’re looking at:

• no stamp duty
• no lenders mortgage insurance
• tens of thousands in government contributions (often up to $30,000 or more).

If I was starting out today, I’d buy a home where I qualify for every incentive I could get. I’d live there for 12 months (minimum requirement) and then move out and rent where I want to live.

First step on the ladder paid for, in part, by the government.

3. Skip the mistakes – buy someone else’s

There are two kinds of investors:

• those who pay for advice
• those who pay for their mistakes.

One costs money. The other costs time and money.

I’d find someone successful with property, family member, friend, or professional. If they’re a professional, I’d pay them. If they were a friend, I’d take them out and say, “Order whatever you want.”

Then I'd listen. After that, I’d then do whatever they tell me to do.

Trying to figure it all out alone is the most expensive ‘shortcut’ you'll ever take. It’s called paying the price of not knowing what you don’t know.

People think building a portfolio requires luck. It does. But luck comes to those who act.

It requires access to money (banks), access to incentives (government), and access to someone who knows what you don’t know.

I did it once. I could do it again. And someone reading this could do it too.