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    Discover the 10 Secrets of Professional Property Investors: Solving the property investment puzzle for everyday people
    Discover the 10 Secrets of Professional Property Investors: Solving the property investment puzzle for everyday people
    Discover the 10 Secrets of Professional Property Investors: Solving the property investment puzzle for everyday people
    Ebook143 pages2 hours

    Discover the 10 Secrets of Professional Property Investors: Solving the property investment puzzle for everyday people

    By Daniel Goodwin

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    About this ebook

    Professional Property Investors think differently. They understand the rules of the game, and know how to use them to their advantage. Covering basic to advanced strategies, you too can achieve the results that professional property investors enjoy. Written for the Australian residential property market.
    LanguageEnglish
    PublisherBookBaby
    Release dateMar 1, 2009
    ISBN9781617927928
    Discover the 10 Secrets of Professional Property Investors: Solving the property investment puzzle for everyday people
    Author

    Daniel Goodwin

    Daniel Goodwin is an award-winning Canadian poet and novelist. His first novel, Sons and Fathers, was pubished in 2014, and his first poetry collection, Catullus’s Soldiers, received a 2016 Vine Award for Canadian Jewish Literature. His second novel, The Art of Being Lewis, was published in 2019. He lives in Ottawa with his wife and children.

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      Book preview

      Discover the 10 Secrets of Professional Property Investors - Daniel Goodwin

      Chapter 1

      Introduction

      Introduction

      This book has been produced to give you an understanding of the world of property investment which can often be confusing and complex especially if you’re a first timer! We have broken the book into 4 main areas, being

      You,

      Property,

      Finance and

      Tax

      These are the crucial pieces in completing your investment property puzzle. Each chapter will give you an insight into the different strategies, techniques and secrets professional property investors use to build their portfolios. I encourage you to have a pencil ready, as you will need to jot notes and interact with our examples in order to get the most benefit from the strategies and techniques that we’ll reveal. You will also need to jump on the book’s website -

      www.prowealth.com.au/10secretsbook

      to download the free calculators and book updates.

      To implement these strategies, you’ll need an advisor, coach or mentor, someone who has done what you want to do, to show you how each strategy relates to your circumstances and someone to push you to take action. Fortunately, Prowealth Investments can do just that. So please read on, but at the end, make sure you take action by getting in touch with us to start or continue your journey to financial freedom through investment property.

      Daniel Goodwin

      Chapter 2

      You

      You

      If the thought of retiring or stopping work scares you, now is the time to act! Retirement, financial freedom, a holiday property, the kid’s education, helping the kids with a deposit on a home – CHOICES.

      The best reason to invest in anything is to have choices. Most people, although they love their work, would prefer to have the choice of when to stop working. The question is, could you live the way you want?

      Do you realise by the time you are 65 there will be a

      45% Chance you’ll depend on family for financial help.

      28% Possibility you’ll rely on a pension.

      22% Likelihood you’ll still be working.

      4% Probability you’ll only meet your basic needs.

      1% Chance you’ll be financially independent.

      Source - Trump University

      We’re going to get interactive early on which means it’s time to take out your pencil and complete the following questions.

      Activity

      1 - What is your current income per year ?

      ________________________

      Eg, If you earn $50,000 per year, you can write it in, or if you earn $500 per

      week, simply multiply it by 52 weeks of the year.

      2 - Assuming your home and other consumer debt was paid off, what amount would you like to have coming in every year to live off during retirement or when you stop work?

      ________________________

      Eg, $60,000 per year.

      Hint - Many people don’t know how much they need or would like to live on, if that’s you, we suggest using your current salary as a starting point.

      The amount of money you will need at retirement or when you stop work will of course depend on your lifestyle choices, present and future commitments and the action you have taken already to build wealth. Now, take a look at our current age pension:

      When we conduct this simple exercise at seminars and with clients, we find that nobody writes down a figure lower than the age pension.

      Whilst this is a good thing, it shows you that it would be an enormous adjustment for you to give up the salary you wrote in question 1 (by your choice or your employer) and revert to the pension. Almost a third of our population will be forced to live on $22,536 per year ($13,488 for singles), so if you recognise that the age pension will be insufficient for you, you will need to take action and put in place a strategy that will enable you to hold a portfolio of income producing assets to provide the lifestyle you desire when you stop work.

      So how much will you need?

      Below is a simple formula often used by financial planners to allow you to see how much you might need in income-producing assets to fund your retirement. Income producing means just that, your family home is excluded, as you don’t derive an income from it.

      If you can plan in advance how much you want to live on when you stop work or retire you can plan how much you will need to have accumulated by retirement. Don’t forget, you could be in retirement for at least 20 years.

      As this table shows, if you want to live off $50,000 per year in retirement, you’ll need approximately $1,000,000 in income producing assets. It is said that if you had the $1 million invested, earning an average return of 5%, it would give you your $50,000 per year. But wait, there are a few flaws in this calculation.

      Firstly, it does not take into account inflation and is calculated in today’s values. Put simply, inflation is when your money loses value over time, or doesn’t buy as much as it used to. At a rate of 3% inflation, $50,000 today would only buy you around $36,000 worth of goods in ten years time.

      Secondly, It does not take into account the effect of fees, taxes and payments to financial advisors. If you have someone else manage your investment, you’ll be paying a fee. This could be your super fund or your financial planner and could result in thousands of dollars between now and retirement.

      Finally, It also assumes you are only going to live for 20 years in retirement. Advances in medicine and technology, combined with healthier lifestyle choices, have resulted in an increase in life expectancy. Women are now expected to live to the age of 83 and men to the age of 79. This would mean if we retired at 55, we’ve only put away enough money to live for 20 years, or until we are 75. So, unless you’re planning on dying at 75, you may want a bit more! Finally, it assumes you will pay off your home and all other consumer debt like credit cards, personal loans etc before you retire. For many of us, this is simply not possible as we struggle with things like rising interest rates and cost of living throughout our lives.

      So while the table above is not perfect, it’s certainly a starting point.

      In this book, we’ll teach you the secrets that professional investors are using to achieve their retirement goals, through the use of a very unique asset class - property, and the finance and tax know how to make it work for you.

      What’s keeping you from moving forward?

      Many of our older generation, and most financial planners, have a passive investor philosophy that often sounds something like this:

      …Work hard, make sure you’re contributing extra to your super, if you own a home, pay off the mortgage as soon as you can, if you have credit cards, pay them off.

      "Also, have a balanced portfolio of

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