I am a firm believer of the saying that if you have never made a mistake in your life, then you haven’t done anything. This rings true when it comes to investment.

I’ve been wanting to take you inside the importance and intricacies of successful asset selection. And what better expert to discuss this with than my financial planner Stuart Wemyss of Pro Solution Private Clients.

Passive income is the ultimate reward of property investment.  Although most investors get stuck at 1-2 properties and are not growing a big enough portfolio to replace their incomes and give themselves a comfortable retirement… So why is that?

Are you one of those property buyers that have blind-purchased without considering all the factors affecting the future sale and growth potential?…  I sure hope not!

In this episode, I am happy to share my criteria developed from lots of trial and error, and some golden advice from other property investment experts that have come before me.

Whether it’s your first investment or not, it’s easy to get carried away with the thrill of investing in property!

You lose sight of the basics and possibly end up regretting a few things later that may not be easy to undo. I am no stranger to getting my thrills from investing and boy, did I have a lot to learn!

When you’re dead set about securing a rental property, the first thing you need to know is that competition for a tenancy is massive. Property managers can receive multiple applications before they even show the property, so you’ll need to make sure that yours gets their undivided attention!

Should you buy an establishment property or build new?… Have you ever noticed that all the spruikers seem to suggest that new is best!

Should you focus on cash flow or growth?

Most property investors fall into one of two camps. One camp invests in positive cash flow properties. And the other one prefers investing in the highest performing suburb for growth.

The Perth property market continues to hum along with some changes over who is driving the market and what is in demand.  

Where are the new train stations planned for Perth and which if any of these suburbs might be a good investment opportunity?

In Part 2 of my talk with Money School’s Lacey Filipich, she and I discuss asset selection and negative gearing.

Money School’s author. Lacey Filipich, joins me as we go through the ins and outs of financial education.