The more you understand the most common mistakes that investors make, the better your likelihood of building lasting wealth.
In this series of short videos, I discuss the common mistakes I’ve seen investors make.
Today we discuss how long (and why) it takes a property investor to become financially independent.
You may not like the answer.
Watch as we explain:
- It often takes 30 years to develop financial independence through property;
- The first 10 years you tend to lean what not to do as you try out a number of systems, strategies;
- The you have to build a substantial asset base and next;
- Lower your loan to value ratio;
- 50% of those who buy an investment property sell up in the first five years;
- Sure you’ll get emails in your inbox telling you to go along to a seminar or watch a webinar where you can buy 7 properties in 7 minutes, or that you can buy property with no money down or buy a property with your lunch money;
- Property is not a get rich quick scheme, but people are in a hurry so many look for the next hot spot;
- Can shorten that 30 year time frame by getting a mentor.
You may also want to watch:
Don’t count on past performance | Common Investor Mistakes [Video]
Not being prepared for the X factor | Common Investor Mistakes [Video]
HOW TO AVOID COMMON INVESTOR MISTAKES — NOT REALISING THE IMPORTANCE OF LOCATION [VIDEO]
HOW TO AVOID COMMON INVESTOR MISTAKES — THINKING NEGATIVE GEARING IS A STRATEGY [VIDEO]
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'How long will it take me to become financially independent through property? | Common Investor Mistakes [Video]' have 2 comments
August 22, 2018 Alex
Hi Michael, if an investor has built a portfolio of 7 properties in 7 years, does it not mean that he/she has found their own path to financial independence? And vice versa, if they get stuck with one property after the full property cycle (7-10 years), or even worse – had to sell, then they’re failing.
August 22, 2018 Michael Yardney
Alex
I’ve seen investors with 7, 10 and even 12 dud properties, and they are on the wrong path – so the number of properties owned doesn’t get automatically get you to financial freedom.
As for the investor who’s made a mistake – I’m a real success at failure. I’ve failed so often that I’ve eventually become successful