Psycho Dad’s Property Lessons

As the father of a 3-year-old girl – my little Angel Sophia – I imagine that once she reaches her teenage years, I will be quite ‘protective’ of her.

That is why I laughed when I saw a T-shirt listing ‘10 rules for dating my daughter’.

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The rules are…

1. Get a job.

2. Understand I don’t like you.

3. I’m everywhere.

4. You hurt her, I hurt you.

5. Be home 30 minutes early.

6. Get a lawyer.

7. If you lie to me, I will find out.

8. She’s my princess, not your conquest.

9. I don’t mind going back to jail.

10. Whatever you do to her, I will do to you.

Now, these rules are great – obviously.

But what these rules made me think of is the importance of ‘rules’ for property investing…

After all, there are thousands upon thousands of properties on the market every year.

How do you know which investment is right for you?

How do you pick the right suburbs?

How do you find the right opportunities?

How do you separate the wheat from the chaff?

The answers simple – you need ‘buying rules’.

For example, maybe you will only invest in properties with 7% annual capital growth or more over the past 5-10 years.

Maybe you will only invest in newer, low-maintenance properties…

Or maybe you will only invest in positive cashflow properties – yields of 8% plus.

Maybe you want a cheap capital city property with super-hot growth potential because of billions of dollars of infrastructure spending in vicinity.

The list goes on. The question is…

How do you work out your own personal ‘buying rules’?

The secret to is to figure out why you are investing in the first place.

What’s your financial goal?

You see, once you have worked out your financial goal then you can develop the right buying rules, finance strategy and timeline to achieve it.

So when you have some free time today…grab a glass of wine…a pen and paper…put your feet up…and ‘blue sky’ your financial goals.

Then write down the ‘buying rules’ that will help you get there in the fastest possible time with least amount of risk.

Oh and in 13 years if any any potential suitors are looking to date my daughter… I will refer them to rules above.

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