Top 10 tips to investing like a millionaire

My clients include high-net-worth and aspiring high-net-worth individuals who see the current market as the perfect buyer’s market and are taking action.

Many ordinary people, on the other hand, find it difficult to make it past their first or second investment property, or to even start investing, because they don’t know how to continue the process.

The investment strategies used by the millionaires are not just practical things you can do, but the mindset you should have. I had been investing for years before a mental shift took place, when I began to see how I could transform my life by investing in property – and I did.

Anyone can make serious money from property if they follow a few key strategies, stick to their decisions and stay focused.

Top 10 secrets to property investing:

1. Buy, don’t sell Buy quality property in a blue-chip area and, where possible, never sell. Once you have one appreciating asset you can build up equity, which you use to purchase your next property.
2. Buy blue chip It’s worth paying market value for a better property in a top suburb than it is to get a lower price for a property no one else really wants. The better-performing suburbs are often the best suburbs from decade to decade.
3. It's time in the market, not timing the market that counts Don’t try to be a millionaire overnight. The real secret to wealth is compounding your investments. Aim for consistency.
4. Go against the grain Do opposite to what everyone else is doing: buy when everyone sells; sell when they buy. Don’t listen to negative people telling you you’re doing it wrong.
5. Don’t fear the gear It’s perceived that debt is dangerous. Property debt can increase your return and get the return faster. Know how much debt you are comfortable with.
6. Be passionate about your investments Believe in your investments. It will feed your drive and keep you focused.
7. Be driven Drive enables you to take risks that very few others would make and get to where you want to be faster. Constantly focus on the results of your investments
8. Keep refinancing Keep tapping into the equity in your properties to buy more properties – and maybe a few luxury items along the way.
9. Stick to your strategy Work out what works for you. Once you develop a strategy, stick to it.

10. Don't retire on property rents. Most people think they’ve got to pay property off as quickly as possible and retire on rents. But often it's the capital growth that makes the real money.

Chris Gray is CEO of Empire Property Portfolios and a regular TV commentator.