There are many strategies that successful investors have used to build wealth from property. All strategies have their merits and their defenders.

Many investors find that taking a different approach and combining different strategies at different times in their investing careers can pay big dividends.

Some of the more popular strategies include buying a new property, buying an existing property, renovating, adding a granny flat, subdivisions or development.

There are strategies that focus on profit from the sale, long term ownership, cash flow, capital growth and some focus on both. Some of them are very low risk and do not require intervention, others are higher risk and very convenient.

Sometimes when choosing a strategy, an investor gets bored, has difficulty, or even stops investing again due to a bad experience.

Changing and combining strategies can provide new energy for their portfolio growth and can help these investors get back on track and successfully progress towards their goals.

Life events

You bought your first property to renovate after many weekends of open days attendances. It was competitive and more expensive than you thought, but you liked it. But then your circumstances changed.

Life happens! You can start a new job, start a new relationship, move interstate, get married, have children, get a divorce, settle assets with your ex. May get sick, take care of aging parents, or exercise or take other injuries.

Suddenly, you run out of time do your research and find a property, or adopt a renovation or development strategy. You are running out of time now.

This doesn’t mean you have to give up your goals, you simply need to find a strategy that is more practical and engage an expert who can make life easier for you.

Skills and experience

Investors can be inspired by expensive TV shows and courses that promise instant success to make their fortune in real estate. However, in reality, it may or may not work out. It can cost a lot of time and money.

Investors can get discouraged after a dud project and will never want to try to build a property portfolio again. The skill and experience required to make a project a success is usually acquired on the job and often over numerous years.

Even a seasoned investor who has sacrificed valuable family time every weekend and every night for months to renovate or develop a property may not be willing to do it over and over again. The lifestyle sacrifice is too great. Again, the option is there to take a lower risk hands-off strategy by engaging an expert to project manage.

Buying sight unseen

Shopping for an investment property on the internet seems so easy that anyone can do it.

The price is right and you read in one of the property magazines that this area was a "hotspot", so you buy the property based on photos and real estate details, even if it feels a little risky.

Only time will tell if this is a good investment. However, this whole experience gave you many sleepless nights, and you were so nervous that you did the wrong thing and wished you had more support throughout the process.

The future of real estate is online, yes, buyers will still want to walk through and eyeball the property. Over time though, purchasing a property after only a virtual tour will become more common.

To lower your risk of buying a dud property, reach out to a local real estate agent to act as your proxy to physically inspect the proposed property for a small fee until you gain more experience.

Check your savings

Building your portfolio

Newbies should seek any help they can get and look for a simple strategy to get started quickly. You need to be open to guidance of an expert to assist in achieving your goals while learning as much as you can.

On the other hand, if you’re a seasoned investors who have tried different strategies and are looking to accelerate your portfolio growth. You may benefit from transitioning to a simple, low-risk strategy like buying and letting existing property in areas with high rental demand.

Tell us: Enjoyed this article? Don’t forget to like and share.

And while you’re here, take our mortgage shredder challenge and discover how much you can save on your home and investment loans by using loansHub technology as your personal mortgage manager. To discover why loansHub and what we do, click here.

This article via Your Investment Property does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.