1. KNOW WHERE YOU’RE HEADED!
Identify your end goal and then
formulate a plan to get you there in a time frame that works for you. Most
investors don’t have a plan and that’s why they get lost along the way or get
distracted by the latest investment fad or the next "hot spot.”
OUT YOUR STRATEGY AND STICK TO IT!
Once you have worked out where you are going, formulate a
strategy and stick to it. Don’t change mid game.
3. THE RIGHT TYPE OF PROPERTY
The property you choose should yield continuously strong demand from both
tenants and home owners.
4. OLD OR NEW?
New or "off the plan” apartments tend to be very small and
you will pay a premium to the developer. You will miss out on the first few
years of capital growth and most of the other owners are likely to be investors
Buying where owner occupiers are the majority means that the
building will be looked GENERALLY WELL LOOKED AFTER, and you can increase your
rental income and experience some "capital growth”
5. LOCATION, LOCATION, LOCATION
·Location is critical to long term performance
·Look for suburbs going through gentrification or that have
always outperformed the others
·Choose "Lifestyle” Suburbs i.e. close to CBD, Water and
·Then choose the best spots in the best suburbs
6. WHAT’S YOUR PRICE RANGE
·Get your loan Pre Approved
·Set aside extra Capital for Acquisition and holding costs and
any other expenses
7. SETTING UP
Set up an entity that protects your Assets and legally
minimizes your tax.
8. GET A TEAM BEHIND YOU
Real Estate is a Team Sport. Make sure you have a good:
·RealRenta.com.au to save money on Property Management
Friday, 10 June 2016