It’s been said many times before but creating a second stream of income is important, especially in today’s economy. South Africans have been smart with their finances lately, saving where they can, downsizing their lifestyle, investing, and having a side hustle.
By investing in property, you have the chance to not only create a second stream of income but eventually, this could become your main source of income. Wealth Alliance co-founders Milan and Sylvia Milosevic have done this after successfully building a multimillion-rand property portfolio.
“We both started looking for passive income streams and it just so happened that property journey was something that got us very interested.”
Dreaming of a secure financial future
The reason why most people invest in property is because of the financial freedom it provides. It’s why the Wealth Alliance co-founders decided to venture into real estate. “Being surrounded by people who lost their jobs and sometimes everything they had, got us thinking that this is not the solution,” the co-founders said.
They added: “We both started looking for passive income streams and it just so happened that property journey was something that got us very interested. We have seen people building their wealth through property and we wanted to do the same.”
The idea of property investment seemed like the solution for the couple, but the start of their adventure wasn’t an easy one. “We bought a flat in Pretoria North through a bank. It sounded like a good investment, predictions were good, everything sounded just right based on our limited knowledge.
However, because of an unpredictable market and limited knowledge of the property market, the property didn’t do well as planned.
“In a period of eight years, we lost not just money but time as well. We were hoping that the value will go up so that we can sell it later. Predictions were about 8% growth in one year. We got a total of 8% after eight years. We could have made more money just leaving it in the bank.”BOOK NOW
Turning failure into lessons
“Never rely on only one property, build a portfolio.”
To quote Napoleon Hill: “Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit.” Because Milan and Sylvia are ardent followers of Hill’s teachings, they turned this lesson into an opportunity to do better the second time around. After building a multimillion-rand property portfolio, they established Wealth Alliance and Think and Grow Rich: A Lifetime of Riches in Property.
The aim is to teach students about the property market. What the co-founders reiterate to their students is to always know the market to make informed decisions. They also teach their students about strategy, and to never rely on only one. The most important lesson: “Never rely on only one property, build a portfolio.”BOOK NOW
Find a property that will take care of you and your financial future
As a property investor, your ideal investment should be profitable from day one and in a good location. With these options, your property should take care of your financial future for a long period of time.
So, where do you get started? The Wealth Alliance co-founders suggest that the first thing to do is to get the right knowledge and to learn from the right people. They continued: “Another thing is to know where the path is going to take you, where buying that property will take you. Is it going to put you in a debt for the next 20 years or are you going to make a profit from day one? Do the proper due diligence, a lot of research before doing anything and then if the numbers make sense, go for it.”
Start your property journey today
Get advice from property experts and find out what it takes to create and manage your own property portfolio. Book your seat at our free property investment seminar today to get started!BOOK NOW