You don't need a uni degree to be a successful property investor, you just need some good solid advice from people in the industry. Here's part 1 of our our guide to help you through maze of information available.
Buy a property you can afford
The property you decide to purchase must fit within your budget; what you can spend and what you can afford to pay long term.
Work on the numbers before buying
Make sure the property has the right rental return and tax deductibility, an investment first and a tax deduction second.
Talk to the right people
Trust your friends, family, financial advisor, real estate agent and accountant to give you advice within their specialty field. A property investment specialist should always be consulted for accurate property investment advice.
Define and understand your situation
Do you need more cash flow to pay off your mortgage or are you debt free? Once your goals are defined then you can put your strategy into place, for example do you buy a brand new house and land package or an older property to develop.
Buy with your head not your heart
You shouldn’t get emotionally involved, always buy with your head and not your heart. The house next door isn’t always the best investment option.
Buy the right investment
Some investors buy in regional areas and commercial property to take advantage of high rental yields. These properties are great when things are going well but on the flip side, they are more likely to be empty for long periods and are exposed to volatile economic conditions.
Put the right structures in place
This is very important without the right structure you are setting yourself up to FAIL, ask an expert property advisor.
We have seven more tips that will guide you in the direction of success. Look for Part 2 of our blog or download the entire pdf version here.
*This article is for general information purposes only. It is not intended as financial or investment advice and should not be construed or relied on as such. Before making any commitment of a financial nature you should seek advice from a qualified and registered financial or investment adviser.
PEB Group is a complete property advisory service for Perth families. Offices are located in Inglewood and Willetton, Perth, Western Australia and offer service in - Financial Planning · Finance Broking · Property Management · Property Sales · Property Investment · Development
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