How to become a young property tycoon

How to become a young property tycoon

At age 40, today’s ‘youth’  will be purchasing their first properties later than any generation before them.

2013’s average first homebuyer is already an alarming 31 years old, a sizeable departure from the 1980s when most first time buyers were in their mid-20s.

Fuelling this trend is the fact that Australian property prices are increasingly out of reach based on the salaries that most young people are on. For most Aussies in their early 20s, purchasing a property in a major Australian cities doesn’t seem like a realistic prospect when you’re at the start of your career and earning less than $50,000 a year.

Amid these higher entry prices, motivated youngsters are still managing to build healthy property portfolios at a very young age.

What are young property tycoons doing that everyone else isn’t?

  • Getting into the market earlier
  • Buying in areas with strong rental demand
  • Thinking out side the square
  • Finding a mortgage broker they can trust
  • Building a team of advisers (accountant, solicitor, mortgage broker, builder and quantity surveyor)
  • Learning from people who have been there before
  • Stretching beyond their comfort zones to make their goals a reality
  • Buying for value
  • Holding high performing assets
  • Reinvesting their profits
  • Placing a fixed percentage of their income into investing each week
  • Taking calculated risks

Whats interesting is that most successful investors and property tycoons do not start as high income earners and most struggle to save a deposit. Most do not come from rich parents.

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Disclaimer:

The information provided in this article is of a general nature only and in no way constitutes legal or professional advice, or specific advice in relation to any finance, tax or the law. In all cases we recommend you receive professional advice based on your own personal circumstances.

Pumped on Property does not claim rights to any media posted unless specifically stated otherwise. Media are used solely for the purpose of discussion, comment or visual aid. We are not responsible for the source or editing of any media, unless stated.

Ben Everingham

About

Ben founded Pumped On Property after building a multi-million dollar property portfolio over a 5 year period. His mission is to show you how to replace your income through property investing so you can do what you love…full time.