Len Pears, Director of Quagga Property Brokers, has this advice for aspiring Commercial and Industrial Property Investors on how to become a property investor millionaire:
Whatever career you are in ALWAYS spend less than what you earn!
Save roughly 20% to 30% of your salary each month so that you are able to put together a substantial deposit to purchase your first commercial and industrial property.
Ensure that you put down a significant deposit, so that the bond required (if any) is at a level where your rental income will be sufficient to pay the monthly bond repayments, rates, taxes and levies if applicable.
Continue with your savings of 20% to 30% of your salary after purchasing your first property and pay this amount into your bond each month so that you are able to reduce your capital borrowed as quickly as possible.
Once you have paid off your first property, the next step is to purchase another Commercial and Industrial property, and use the rental, after your rates, taxes and levies and any other expenses from your first property along with the rental of your second property to pay off your 2nd property as quickly as possible.
With each additional property that you purchase you can use the income from the paid off properties to speed up the process.
Keep repeating this process and you will very soon become a Commercial and Industrial property investor millionaire. I truly believe that this is by far the most effective retirement plan available.
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