Build A Property Portfolio: Three Things Women Renovators Learn Too Late, And Three Fixes
Bernadette Janson, who has worked with many women, understands how difficult it can be to recover from failures and procrastination in the property game. She uses her expertise as a property renovator here to inspire women to build a property portfolio that is strong for the long-term, hopefully catching them before they go down the path of no return.
The Mistakes Women Make To Build A Property Portfolio
- Women tend to underestimate their ability to make savvy decisions and often rely on advisers with conflicting interests
- Women renovators delay their start to build a property portfolio by investing in the wrong projects and missing the opportunity to save for retirement.
- Their properties are not delivering the desired output. They end up with large portfolios of property that do not produce results.
So, basically, she will have a lot of properties that aren’t meeting the primary goal of making money for her and have become a noose around her neck. The prospect of replacing her income with property becomes out of reach.
Three Steps To Build A Property Portfolio To Bring Long-term Success
- Invest some time in yourself to understand what your strategy is so that you can make savvy business decisions.
- Don’t underestimate yourself. Avoid becoming overwhelmed or believing you are incapable of achieving your goals. Building a strong property portfolio is not rocket science.
- Work at two speeds – this means buying, renovating and selling property while at the same time expanding your property portfolio so that you are set up for the short term as well as the long term.
As you build a property portfolio it is critical to plan for long-term success because you want to end up with income-generating properties for when you are no longer working.
You really need to be thinking about both sides of the coin.”
You can make a lot of money flipping property and be financially secure in the short term. However, the downside is that there is no income when you are not working. You really need to be thinking about both sides of the coin.
Some women choose not to flip since they are content with their 9-5 jobs, so they instead go down the renovating to hold path, which is still fine.
Apply a strategy to your property that increases the income and the value.”
If you buy the property to hold, make certain you can apply a strategy to it that raises both the income and the value. Obviously renovating features really highly in that. But of course, you need to get the right property so that it covers the yield and the growth needs in your portfolio.
Build A Property Portfolio To Deliver Future Wealth And Income
The most crucial lesson to learn to achieve long-term success in property renovation is to avoid being the type of woman who spends years investing in property and ends up with nothing to support her retirement.
Thank you for taking the time to read. I’d be really interested to hear your thoughts on this. Please leave a comment below or share this article with someone who you believe will benefit from it.
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