Smart Property Investment’s Phil Tarrant has successfully built an impressive multi-property portfolio worth $7 million over the years—what’s the next best step for seasoned property investors such as himself?
Throughout his property investment journey, Phil has worked with trusted property professionals who help him make smart financial decisions so he could make the most out of his assets, including his buyer’s agent Steve Waters. After recently acquiring five connected properties in one go, the property investor and his team are already working out a plan to continue expanding the portfolio.
According to Steve, “being opportunistic” is the key to growth for advanced property portfolios like Phil’s.
He explained: “We do need that kickstart ... or that capital input … in terms of growth and equity position and what have you because the cash flow [is] okay … I think ‘opportunistic’ is the key word here.”
Seasoned property investors must be more careful about selecting their next property purchase, which could very well make or break their journey. If it was all about acquiring multiple assets during the first few years, the following years must be dedicated to maintaining the good standing of the portfolio by striking a good balance between capital growth and cash flow through your assets
Right now, Phil and his financial team are done looking for a nice house that will deliver consistent growth and yield.
The property investor said: “We're looking for stuff with … [a twist, an X-factor] … We need to be a bit opportunistic with that.”
“They don't come up every day,” Steve added.
The importance of a financial team
No matter how successful he becomes as a property investor, Phil always attributes a huge part of his success to the experts and professionals that he surrounds himself with. Considering the additional costs it entails to work with a financial team, the property investor believes that having these professionals’ wisdom guiding you throughout your journey will always be worth its weight in gold.
Phil explained: “It buys us accessibility to markets, it means that we've got a sentinel who's out there, always looking for stuff for us, who's always patrolling and policing and looking for that property which suits our needs and our portfolio.”
Aside from getting guidance and mentorship, having a reliable financial team also gives him the opportunity to make more time for his family, his friends, and other things that matter to him.
“If I was going to do that myself, it'd just be impossible, right?” he quipped.
Tune in to Phil Tarrant’s portfolio update on The Smart Property Investment Show to know more about the current state of different Australian property markets and where they are headed, as well as the best suburb for your next investment property.