FREE Property Tours

Set back, relax and enjoy the properties

Tips For Buying Investment Property

Tips for buying investment property in Brisbane

Property Investing – Before You Begin

Create a Property Investment Plan

 

Find a Property Investment Mentor. Following in the footsteps of someone who is already successful is a lot quicker than learning by trial and error. And, when you are dealing with something as expensive as Real Estate, a mentor is a whole lot cheaper than learning from experience.

 

Create a Team. Leverage the expertise of specialists in Real Estate Law, Property Investment Finance experts, and especially Income Tax. Create a team to handle things required for Pre Purchase Inspections – sort out your Pest Control agent, your Plumber, etc. ahead of time – be prepared.

 

Create an Investment Property “Dream Home Plan.” Have a Check List of things to tick off – School nearby? Shopping Centre nearby? Sports Facilities in the area? Without a list of “Must Have” qualities to tick off, you might get carried away by emotion when viewing a Property. Also, create a “negatives” list. A Rubbish Dump two streets away might not be a problem when you view the property – until you find the wind usually blows straight from the dump to your house.

 

Create an Exit Plan. Have clear guidelines about when, and under what circumstances, you get out. This should include a positive and negative aspect. If you are clear on this before you begin, it gets emotion out of the way – Do I hang on for more (or cash out before the losses get any worse). Be “guided by the numbers” not your emotions.

 

Use a Buyers Agent. Get the emotions out of the way, and the experts in place. Make sure your Buyers Agent has the latest Property Reports for the area you are considering. We specialize in Brisbane and Gold Coast Investment Properties; if you are from Interstate, benefit from our local knowledge of the areas we work in every day. Having local knowledge, from specialist Buyers Agents can also reduce the “fear factor” – we give you unbiased opinions, including advise on Timing.

 

Create a Property Investment Financing Strategy

 

If you watch those TV shows on building houses, a common thread is that it always costs more than originally anticipated. Financing the cost overrun on Credit Cards is “high cost financing.” Have plans in place to use Low Cost Financing for 120% of what you expect to pay out. Even when buying an established Investment Property, you could get nasty surprizes that the vendor “forgot” to tell you about, but that your new tenant rings every day to find out when it is going to get fixed. These times are not good times to find your credit is maxed out and you have to stress about finding new sources of credit.

Shop around and have adequate Finance pre-approved.

 

Things to Avoid When Buying a Property Investment

 

Don’t rush. Act in haste, repent at leisure. Always “sleep on it” and get advice from those you trust. Check the Property carefully against the Guidelines in the Plans you established above.

Be wary of buying “at the bottom of the market.” Usually good advice – provided you know it really is the bottom. Consider waiting for the line to turn upwards before you buy.

To discuss your Property Investment Plans further, ring us now on 0437 399 927.

Next Step?

Have a question or want to get started?

Call Khalid Nayab on 0437 399 927