As anyone at the start of their property journey knows, saving up for a deposit to enter the market is the hardest first step.
In a recent episode of The Smart Property Investment Show, property investor James Bell explained the importance of studying the market while saving for a deposit.
“In terms of how I got educated, like I got a bit obsessed because obviously we were saving for about two years, getting educated in property. It’s not the worst thing you have to wait to save, because you can get educated in the process,” Mr Bell explained.
The property investor highlighted the need to have an end goal as a motivation while spending potentially years saving to get onto the property market.
“When we were starting out on the investment journey, we’re thinking, ‘OK, what does success look like for us?’ And obviously at the end of the day there’s going to be some type of passive income that we want to generate off of the property journey,” Mr Bell said.
Having the longer-term goal of owning property within each state gives Mr Bell the motivation to “kickstart his wealth journey so [he can] retire happy and healthy”.
How others got into the market
Mr Bell explained to listeners how he managed to strip back on essential costs, including renting a smaller apartment to get ahead.
“We took stock of where our money was going, so we stripped it back, did a budget,” Mr Bell said.
Property investor Miriam Keen explained her strategy to get into the market sooner was to work two jobs as a way to not only save, but to cut back on expenses.
“The reality is when you’re working that much, you don’t actually have a lot of spare time to spend it anyway,” she said.