By buying, leasing, renovating, developing and selling investment properties, countless investors have improved their financial situation, created passive income, or set themselves up for a comfortable retirement.
Property investment can be challenging for a beginner, with many complex concepts to understand and different strategies that can be employed. Residential property has higher entry prices than other investments such as shares, which can make it difficult to get started.
Investing in property is a huge decision, so it’s important to get it right from the beginning.
We have compiled this guide to explain how to get started, build skills and knowledge and eventually become successful in property investment.
It’s designed to provide you with general advice about key investing concepts and strategies, to help you make confident property decisions.
Where to start when buying an investment property
Before looking for properties to buy, it’s important to understand why you want to invest in property. Find out how to choose a strategy, how much money you need to get started, and how to access your equity to invest
How to choose an investment property
Not all properties are created equal, and some will prove to be better investments than others. Find out the fundamentals of a good investment property, the signs of a good suburb, as well as what types of properties and areas to avoid. Finding the right property for sale is a crucial part of successful real estate investing. Once you’ve determined a budget, you can narrow down your search to particular suburbs which meet your investment objectives. These are generally properties that will have the greatest potential for capital growth and rental return.
How to manage an investment property
Managing an investment property is a bit like running a business, and you need to ensure the property remains profitable while providing a desirable product to your customers: the tenants. Find out how to make managing an investment property simple and easy, as well as how to reduce costs.
Common investing terms explained
There are a lot of terms and concepts that might not be straightforward to the novice investor. These are some of the common terms you may encounter and an explanation of how they relate to property investing.
Renovations and House Flipping Strategies
If you are planning on renovating and flipping a property, you’ll need to be organised. Why? Because at the end of the day, if your sale price doesn’t exceed the cost of buying, holding and your reno outlay, your flip will have flopped – and you’ll be in the red.
To make house flipping profitable, you’ll need to be supremely organised.
Contrary to popular belief, house flipping is not easy money. There is no guarantee you’ll make a fat profit, or any profit at all for that matter.
To make it work you need to be supremely organised, because time is money – remembering that every day you spend renovating you will be paying interest on your home loan. Many a novice flipper has flopped, normally because they got carried away and paid too much for a property, or blew their reno budget.
Sourced: www.domain.com.au & www.openagent.com.au
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