Securing your first investment property

If you are confused by the amount of advice out there on how to get into the property market, perhaps it is better to start with the 5 main hazards to avoid.

I’ve seen lots of mistakes that many beginning property investors make and interestingly, they can generally be avoided by following five pieces of advice.

1. Emotionally attached – it’s not your home, it’s your income

In property, it is so easy to be lured to a cute cottage with a white picket fence and all the trimmings.

If it is going to be your home, the heart of your family, go for it.

But, if you are in this to make money, you need to look past the picket fence to the cold, hard facts.

Who will your tenants be? Will they care about, and for, the manicured lawn?

Will they pay extra for the pool (enough to cover the maintenance)?

Will they have two kids and a dog?

Or would they prefer a low maintenance property they can lock up and leave without it deteriorating and costing you money in the long-term?

2. There is always another investment property

Panic buying is a common trap, often stemming from the Fear of Missing Out.

Do not let missing out on a property, factor in your investment decisions.

There will always be another property – you need to concentrate on buying the right one, not the first one you see.

3. You need to start somewhere

A common term to describe initial investment hesitation is ‘analysis paralysis’.

There are many aspiring investors who have been ready to invest for many years but have shied away from committing to their first property or are waiting for the market to crash.

Their research is extensive and they are on a constant cycle of trying to figure out the best time to buy or the perfect property in which to invest.

Remember there is help out there and you don’t have to do it all on your own.

Once you have an idea of your requirements you can contact Monopoly Wealth to help you with your due diligence and give you the confidence to take the first step and start making money, since that’s what we specialise in, rather than just thinking about it.

4. A reduced price does not guarantee a better investment

Your due diligence should ascertain the value of a property and its potential.

It is very easy to try to negotiate with a seller to purchase below their original asking price – but this does not mean that the property is a good investment.

You make money when you buy the right property, not because you brought it cheaply.

5. Know who the professionals are

Jump on Google and you will find countless organisations and individuals who claim to be dedicated to your success.

There is a lot’s of money to be made in property and with that comes a lot of spruikers.

Everyone is out to make a dollar.

It is sensible to use your hard-earned dollars to pay for professional, qualified advice from a qualified property investment advisor; it will cost you initially but is almost guaranteed to save you money and heartache on your investment journey.

If you’re looking at buying your next home or investment property here’s 4 way’s we can help you: