Episode Details

As we move into a new property cycle, a whole new generation of people are going to become financially independent through property.

So, today's show is going to be dedicated to helping you become one of those. I've got two segments for you today.

The first segment is a chat with Brett Warrant about 10 questions you should ask yourself when you're going to buy an investment property – whether you're a beginner or an experienced investor.

Then, in my next segment, I'm going to share five things that you can do today to become more successful tomorrow. 10 things to consider when buying an investment property

With our housing markets entering a new cycle - a new phase of strong growth - there are more people interested in getting into property investment.

Close to 50% of investors who buy a property sell up in the first five years and 92% never get past the first or second property.

In fact there around 1.9 million Australian investors never get past the first or second property and less than 21,000 Australian investors only six or more properties

So how do you succeed, how do you get into that small group of investors who build a substantial property portfolio?

Currently, there are so many options out there. Everyone seems to have become a property expert with an opinion of how to create wealth through property.

And, I don't know if you've noticed - many of their suggestions are conflicting.

So whether you're a beginning property investor or an experienced investor, I'd like to help you take advantage of this new property cycle by discussing 10 questions that I believe all investors need to get their head around with Brett Warren, National Director of Metropole Properties, and my business partner who is based in Brisbane.

1. What do I want to achieve?

Is it money? Wealth? Financial freedom? Maybe all of the above!

Remember the bricks and mortar are not really the end goal; rather they're just the vehicle you choose to get there.

So firstly, identify your end goal and then formulate a plan to get you there in a time frame that works for you.

Unfortunately, most investors don't have a plan and that's why they get lost along the way or get distracted by the latest investment fad or the next "hot spot."

And if they do have a plan, I've found they rarely review it to make sure they're on track.

Maybe you don't know what the future will hold – but you do know you need a substantial asset base.

2. What is my preferred strategy?

Once you know where you are going, you need to implement an investment strategy that helps you get there.

Since you can't save your way to wealth, my goal is to build a substantial asset base through capital growth.

3. Where should I buy?

Location is critical to the long-term performance of your investment.

I look for suburbs that have always outperformed the averages or one's going through gentrification.

These are generally lifestyle suburbs in major capital cities close to the CBD, amenities, or the water.

And the significance of the neighbourhood has only become more important. In urban planning circles, it's a concept known as the 20-minute neighbourhood.

4. What type of property?

This will depend upon your budget and while, in general, houses deliver stronger capital growth than apartments, this has a lot to do with the location of your property.

I'd rather own a villa unit, townhouse, or apartment in a great neighborhood in an inner or middle ring suburb than a house out in the sticks

Today more people are trading their backyards for courtyards and balconies to be situated in the right locations.

6 Stranded Strategic Approach – only buy a property:

1. That would appeal to owner-occupiers. Not that I plan to s