Tuesday, 26th January 2016
Suddenly single at the age of 35, circumstance forced me to start again. The moment I realised property was the secret to independent wealth - and I'm talking property portfolio, rather than one or two individual houses - was when things really changed for me.
I discovered that once I owned a few properties, they could all work together. If one wasn't making the capital gains I'd hoped - I still had a foot in the door with my other investments. And if I decided to move one of them on, I wasn't going to be overly taxed because I could offset any losses against my other properties.
It was an 'aha' moment that has served me well and set me up with a real understanding of how easy residential investment could be once I got the formula right.
If you were to ask me now how many properties you need in your portfolio, I would say that it comes down to your individual investment aims. Do you want to retire early or in 20 years' time? Do you need a full-time income equivalent or will you be topping up to cover education expenses and holidays?
As a general rule (and to have a comfortable lifestyle), I suggest between 3-5 properties. If you have at least 20 years left to work, this is achievable without hassle. Even if you only have 10-15 years until retirement, I believe you can comfortably acquire 3 properties in that period of time.
Now that we've covered the reasons for building a property portfolio, is there anything more you would like to know? Please feel free to email or phone with any questions about how you too can reach Destination Freedom.