What is a “set and forget” property investor?
Below is the first draft for the introduction on my forthcoming book, would love comments.
How to be a “set and forget” property investor! - Introduction
I didn’t mean to write a book with a title like this. If anything I would have opted for a much more conservative title. In property I have found it is the conservative investors that end up the most successful. I had previously ran seminars with titles like “millionaire in 3 to 5 years” and whilst it undoubtedly can be done, it’s beyond most people.
I do however believe that it is within everyone to achieve it.
I used to travel the country running seminars and speaking to people about how to build wealth through property and the average person would immediately associate wealth with being a millionaire, but most people were too busy just trying to make ends meet and pay the mortgage to become a millionaire.
So these people continued living in hope that some day it would all work out.
As time went on though more and more of them realised that in fact they couldn’t rely on pensions, the government even their employer. They realised that the only person who could look after them, was them.
They then took stock of what they had:
- a home with a mortgage, albeit small because of all the times they went without.
- a job - that regular income that although they hated to admit it, they actually enjoyed it (well most of the time)
Realising that they wanted a good life and a fulfilling retirement they looked at how they could achieve it.
- Shares - but with all the ups & downs and look what happen to their pensions, if huge multinationals couldn’t make it work how could I.
- Running a business - look at all the risks, not to mention the hours.
- Finally, property, it was really the only investment they had ever truly made money in and that they see they could make more.
And then for most of us began an interest in property as the only secure way to self fund our retirement.
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I first came across property in 1996 when I trained as a real estate agent. After this I moved onto mortgages because l realised that properties were easy to sell but the deals would fall down due to finance. So in 1999 I became a mortgage broker. Before long l was training brokers all around Australia - some 500 in fact - and in 2002 was accepted onto the state committee of the Mortgage Industry Association of Australasia.
I then uprooted myself and moved to the UK to do the Australian Dream (backpack around Europe) I still haven’t returned.
One of the reasons l have remained, (besides the great weather and long summers - just kidding.) It is the wonderful opportunity you have to build a portfolio of properties with great returns.
In Australia I learned how to buy property and renovate. In the UK I have not taken a single paintbrush, hammered a nail, nor have I knocked down a single wall. I have bought only off plan and newly built property, each time at a considerable discount and structured in such a way as I required minimal capital outlay. l have sat in my armchair and watched my portfolio grow without lifting a finger. I have set my portfolio up so that someone else takes responsibility for each area and in return I sit in my armchair doing whatever l want to do.
Yes l still have to pay my mortgages, ensure rents are received and pay my charges but for the most part my portfolio is in set & forget mode. My armchair gets put to good use.
The question l pose is what is your armchair, this book will teach you everything you need to know to become an armchair millionaire but the question is what is your armchair, armchair is simply the metaphor for your life, your goals and your passions. Certainly I don’t mean sitting in front of the TV, it means something much more adventurous.
Regardless of what your armchair is, my commitment to you is to teach and support you to build a portfolio using off plan and new build property, to be brutally honest based on my experience and to ensure you safely and securely achieve whatever you choose.
Live with Passion,
Brett Wood :-)