Have you been thinking about getting into Property Investing?
Here are our top tips for getting your foot in the door…
? Boost your income and reduce any unneeded personal expenses.
?? Speak with a reputable Mortgage Broker to work out how much you can borrow.
? Work with your Financial Advisor and Accountant to plan your asset structure and ensure all financial requirements are set up correctly and streamlined.
? Get the right insurance from the beginning to protect your investment.
? Work out what suburbs you are interested in, research the market thoroughly and create a shortlist of potential properties.
? Analyze things such as price, comparable sales, cashflow forecasts, and any maintenance that you may need to conduct immediately, in the short term and long term.
? Speak with the Real Estate Agent and begin negotiations.
✍ Put your offer down on an Offer & Acceptance Contract with your conditions and negotiate until all parties are happy, and the contract has been agreed upon.
? Interview Property Managers and Settlement Agents assessing their portfolio, success rates, professionalism, and reviews from previous and current clients.
? Proceed to a successful settlement.
? Set up your depreciation schedule.
? Carry out any upgrades or maintenance that may be required before your first Tenant can move in.
? Watch over time your investment, grow and flourish as you manage it wisely and actively…then start looking for your next investment property to continue to build your portfolio!