10 steps to get into property in 2022
My step-by-step process makes it easy for almost anyone to get their first investment property – and make it a winner.
It might sound like I'm stating the bleeding obvious, but making your first investment property pay off is crucial.
Do you remember the old saying, "once bitten, twice shy"? Most first-time investors who lose a bunch of money tend to get somewhat discouraged at the whole idea.
Well, my aim here is to make sure your first property is one that makes you money. That's what I do on a daily basis for my clients and members.
So to give you the best chance of making your first investment pay off, here's a 10-step sequence you can follow to get into property in 2022.
Because things are changing so rapidly, what worked even as recently as last year may not be good advice this year.
Pay attention to this process as it could make you a property millionaire.
Step 1: Get clear on what you want.
There's so much information out there. Every property expert tells you that you should do this or do that when the simple truth is that your ideal outcome is what YOU want.
It might be that you want to become a property mogul, with a multi-million dollar property portfolio – or maybe you just want enough money to be comfortable. Perhaps it's about leaving a high-quality asset to the children or creating passive income so you can retire early like me.
Step 2: Invest in yourself.
There are many types of investments you can make. But one of the most powerful and effective investments is the one you make in yourself.
This can take the form of education, books, courses, programs designed to teach you what the authors have learned over many years, so they're legitimate shortcuts. My only regret in life is that I didn't invest in myself sooner.
Step 3: Have a positive mental attitude.
Our attitude determines our results – I'm 100% convinced of that. We've all met somebody who seems smart, but also jaded and cynical, and they're often doing worse financially than they otherwise would have.
In a real way, you create the environment you live in via your attitude. Always shoot for the stars. If you fall short and land on the moon, then that's still pretty good, isn't it?
Step 4: Remember the tax man.
The problem with making money is that you usually have to hand over some of it to the government… unless you structure things right.
Did you know there are ways to use positive gearing – i.e. make a profit with your investment property – but still get the tax breaks that people think only negatively geared deals can access? With the right advice, you can have the best of both worlds.
Step 5: Create a strategic plan.
If you fail to plan, you plan to fail. It's an old saying, but it's 100% true. You can't get to a destination without knowing the way; just ask any airline pilot. They follow a comprehensive plan to make sure you arrive at your destination on time without any incidents on the way.
And sure, they're looking after a planeload of passengers. But isn't your financial future just as important? I think it's far too valuable to be left up to chance or luck.
Step 6: Surround yourself with achievers.
The 5 people closest to you will determine your success in life. I call it the "Circle of 5" and it's the reason why I've spent over $250,000 on seminars and masterminds around the world, and will continue to do so.
No man or woman is an island, and I was able to retire at 37 with passive income because of the support and encouragement of my Circle of 5.
Step 7: Build an effective team.
Many property investors think they are a one-man band – and they're wrong. In addition to your Circle of 5, you build up your team of legal representatives, accountants, agents and others who you can go to for help with things outside of your expertise.
Your team is invaluable because of this, and unless you fancy learning law, accounting, taxation in detail, start building your team today.
Step 8: Decide to find time to do the work.
It's easy to find yourself putting something off until tomorrow. Unfortunately, tomorrow never comes, as they say, and as a result most people interested in property will never actually take the step.
The power of a decision is tremendous. Once you decide in your heart that you're going to do this, you'll find a way to get it done.
Step 9: Eat the elephant 1 bite at a time.
Here's an old saying: How do you eat an elephant? 1 bite at a time.
Property investing can be daunting for those new to it. The trick is to take things 1 at a time and not get overwhelmed.
Step 10: Learn from other people's experience.
There's no need to become a pioneer in property investing. It's all been done before. You just need access to the hard-won lessons we've learned over the years.
That way you can shortcut your learning process and get experienced in property in a much shorter time. And as a bonus, it's far less expensive than buying even 1 property that doesn't make you money.
If you're ready to benefit from my years of experience, I'm running a live virtual event with a legend of personal finance, Robert Kiyosaki, and I'd love to invite you to join us for free. Robert is the author of the number 1 finance book of all time, Rich Dad, Poor Dad, and one of the biggest names in real estate in the world. Register here.
George Markoski is the founder and CEO of Positive Property. An author and educator, he is passionate about helping everyday people create financial security and wealth.