Building A Big Portfolio
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It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of The Real Estate Podcast, available on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcasts from. Well, it's a Friday, May the 20th, just one more day to go before the federal election, and Kevin Rudd is feeling pretty up. about a Labour win tomorrow when he appeared on the project last night. He was asked if he would get a tattoo if Scott Morrison wins the election to which he said yes on the condition it was removable. So plenty of confidence from Rudd and tomorrow of course is the biggest political day of the year and this election feels like one of the most important elections for a very long time so don't forget to place your vote here.
And coming up in just a moment, we're going to be talking about how to build a quality property portfolio with Rich Harvey. It is one thing to have a lot of stock in your portfolio, but the makeup of that stock and the quality can often be two different things. It's the main centre forecast with propertybuyer.com.au. Okay, let's have a look at weather around Australia today where it's going to be pretty wet. First we go to Sydney expecting the wet stuff, some showers and a high of 20 degrees. Melbourne is the only dry spot today with our main centre forecast. Cloudy with dry conditions and a high of 15 degrees in Melbourne. Brisbane expecting showers to increase and a high of 22. And in Perth, expecting one or two showers and a high of 21 degrees.
And many people dream of building a large sustainable property portfolio and retiring on positive cash flow. But how hard is that to do in reality to achieve? Well, of course, there is so much information out there like books, webinars, seminars or even listening to podcasts like ours. But the execution of then deciding to move into action and making the move to buy your first investment property can be really challenging. and many people get stuck after buying just one property and lose that all-important momentum because of either mistakes made along the way or a fear of getting into greater debt. It's another great talking point of discussion, and it is a Friday which can only mean one thing.
Rich Harvey, CEO and propertybuyer.com.au, is here to break it all down this morning. Good morning, Rich. Good morning, Craig. I've had a great week, actually. I'm pretty happy because I've just bought another property and in the process of buying another one, actually. So I'm having a bit of fun. You are always busy every week. Well, let's dive into this podcast because how should people approach this idea of building wealth through property investment from the very outset? It's a great question, Craig, because really less than 3% of the population actually have written financial goals or even timeframe frames. I think people really need to have a clear objective and it becomes then much easier to work out what to buy.
A lot of investors get pretty much stuck on first base deciding what to buy as they don't have a clearly articulated strategy in mind. So, it's really important to start with a goal, then to have a strategy, then to select a location or an area to buy in, and lastly, to pick the specific property. But most people just jump onto the real estate portals and start looking at properties and go, looks nice. I think I'll buy that one because it fits my budget without taking a step back. So those people are confusing searching from research. So what I'm saying is that research is the thing that has to come first. That's identifying the right area and and the right strategy to use to buy in that area. And secondly, comes finding the individual properties that's going to tick the right boxes.
And one of my favorite authors, you know that guy, Stephen Covey, who wrote that book, Seven Habits of Highly Affected People. One of his habits is begin with the end in mind. So let's say to the listeners out there, you want to have retirement yearly cash flow around $100,000.
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