Buying an investment property can be one of the most exciting things that you do. In fact, we find that lots of people become addicted to buying properties not only for the excitement of the purchase, but also for the great income you can get when you find the right property. So how do you know if you've found the right property?
I've used my experience, plus I've picked the brains of some much more experienced investors, to put together an easy to follow check-list for people that are new to property investing. This check-list will walk you through the basic steps from the beginning of the process - when you are just determining your budget - through to actually setting the property up with what type of tenants you want. This is a perfect tool for planning as it helps you map out a strategy in advance.
You should always have more than one exit plan when you buy an investment property. I recommend that you use this guide to consider what else you could do with the property if, once you get down the line and have purchased the property, something changes. For instance - maybe your circumstances have changed and you originally bought with cash and thought you could leave it in the property for 10 years, but now you need the cash. If you had talked to a mortgage broker in the beginning you would have an idea of how to refinance the property with a deposit and take out up to 75% of the value. Instant cash :)
I hope this checklist helps you to get started. And remember you can always give me a call. I offer complementary consultations and help you make a plan and understand the different strategies available so that you get the best investment possible!
I'm Jacquie the Property Go-To Girl. I am passionate about property. I love to help people make the most out of their property investments!