Opportunity is a funny word. The Websters dictionary definition is: 1 : “a favourable juncture of circumstances
There are several property investment opportunities currently presenting, in a few months there will be a dozen or so. You don’t need to rush out and slam a deposit down on just any piece of land. The opportunities I talk of will be available over the next five to seven years and will make a lot of thinking mums, average blokes and generation y kids wealthy.
The first step any of us need to take is to decide to be wealthy. Property will just be the means. Once you decide to be wealthy, get yourself a hard bound personal journal and write down in your own handwriting, the type of home, income and lifestyle you want to be enjoying in ten years. Date your entry and hold your image in your head. Every two months or so review what you have written, edit your entry if you want, but create and hold the image in your head.
The first opportunity presenting is that of property development. With many people in a panic about the their future, some very good property, with excellent development potential, is becoming liquid and available for the first time in two decades. Remember, property development does not necessarily mean building or construction. Property developement is really about increasing the value of your property purchase by any means available and managing your mortgages!
More about property development in my next post. In the mean time contact your mortgage broker and find out what your lender is doing about reducing your mortgage rate. Historical interest rates reveal a lot about the opportunities coming our way.