There is a lot to learn about the property investment arena; that is for sure. There are several industry gurus who are full of good advice and tips on how to get the best out of your investments. Bunbury Real Estate have a few favourites of our own that we would like to share with you.
Start with the end in mind
This is the fun part, the part where you get to think of all the reasons you are actually considering becoming an investor at all. The cars, the home, the lifestyle. THINK BIG. When you feel lost – come back to step 1 to centre yourself.
Be Proactive – Pilot your own life
Once you have worked out what you want as per step 1, you will able to draw up a plan of action. Get detail orientated about the ‘whats’, ‘whens’, ‘wheres’ of your goals and the style of investment you are considering and DON’T PROCRASTINATE!
Find a group of like-minded people
Mixing with like-minded goal orientated people in a positive environment is essential. You will be surprised at the energy and synergy that can be created when you find “your people”.
Build a competent team
This is our favourite tip because this is where we get involved. Having the right go-to guy for all your property purchase needs is an essential part of the mix. Other members of your team should include, but are not limited to:
An Accountant to help with taxation, wealth protection and growth, A builder or carpenter to advise on costs of repairs and or improvements and then carry them out, A plumber for all your water and sewer issues, an electrician for all your electrical issues, Landscaper for garden and outdoor areas.
Know the market
Knowing the market is a bigger task than you realise. There are so many opportunities out there. Do you choose to invest in residential or rural homes? Do you invest in commercial property or go to larger industrial style projects? It is always a good idea to pick an area that interests you and then “niche” down until you find your target market. Once you have depth in that niche and have it mastered (or grow bored) – move on and grow your portfolio’s breadth.
Maintain and repair
It can be a hard pill to swallow but the bottom line is if you do not properly maintain your property and keep everything working and looking as it should there is a very good chance its full growth potential will not be realised.