Get There Faster
If you are already a property investor with one or even two properties, first of all, congratulations. You’ve taken some seriously great steps in creating your future wealth and a pathway to a work-less, play-more retirement with passive income.
But what’s next? Where do you find the next deposit amount to grow and build your property portfolio and increase your positive cash flows?
Initially you may have used savings, income or equity in your own home to find a deposit for a new investment property. Once those resources are spent and your financial situation is geared towards maintaing your properties, what’s next?
Here are some options for you to look into.
How To: Build A Property Portfolio For The Future
Equity growth – If you made a smart investment or two, your current properties will have increased in value from what you paid, meaning you can use that additional equity as a deposit on another property.
Tax deductions and savings – Buying newer builds or properties that give you tax deductions, will save you money, and help create that next deposit amount.
Joint ventures – Joining forces (and cash) with friends, family or business partners means you can accumulate a deposit amount quicker. Just be wary of pooling cash and investment opportunities with those close to you as there can be emotional issues that get in the way.
Borrow money – If you have ageing parents who have equity in their home loan that they don’t know what to do with, or savings they want to invest, why not borrow from them? They will see a return on their investment, and you’ll have your next deposit.
Cut back on spending – If you’re serious about wanting to expand your portfolio and raise your next deposit then you won’t mind tightening your belt for a while.
Cut back on unnecessary expenses for a short time and you’ll reap the rewards long term. Look at what you could do without – the second car, expensive holidays, flashy clothes etc – and spend only what you really need to.
Increase Your Income
One of the other primary ways we can raise money is to earn more. If that sounds too simple to be true, it’s because it is.
Finding a job or career with a higher salary, getting a second job, or starting a side-hustle, can all up your cash flow and help you raise another deposit.
Here are some easy ways to increase your annual income:
- Study – Do a course or degree that can help get you a promotion at work or push you into a better career or earning bracket.
- Work harder – Show up to work an hour early every day, go the extra mile and show your boss you’re invaluable, then ask for a raise and promotion. Prove your worth before you ask for more.
- Work more – A second job can be something as simple as Uber driving on the weekend or at night, and will earn you extra cash in your pocket quickly and easily.
- Side-hustle – Starting your own business is another way to create an extra income. Do something you love and that you’re good at, and you can do outside your normal working hours, and as well as making you more money, it will be fun and rewarding.
- Look for greater opportunities – Find out what other companies are paying for your role and find out if a simple sideways move to another organisation could increase your salary significantly.
Find Someone Who Can Help
When it comes to growing your investment portfolio there are many different ways to skin a cat. However, there are also many mistakes you can make along the way that could ultimately hold you up, or worse, hold you back.
To learn how to grow your portfolio and create long-lasting wealth join our free property investing masterclass.
Book your spot now and find out what you need to know about the current market landscape and how you can make it work for the ultimate wealth creation opportunities.
Limited spaces available.
Book here – Property Investment Seminar
Founder – Positive Real Estate