Recent Buying Selling Lifestyle Investment Cash-Flow Property Management Rent Tenant
Recent Buying Selling Lifestyle Investment Cash-Flow Property Management Rent Tenant
Investment Property Management Tenant

5 Tips for Better Property Investing - Learn How to Become a Property Investing Pro

Owning an investment property has become a favoured way to create wealth. Investing in real estate has become so popular as not only can you experience healthy increases in a property’s capital value, you can also enjoy a steady stream of income along the way, making it a very attractive investment option.

Have you been thinking about investing in real estate? Here are a few tips to help you better understand your role as a landlord, and how you can achieve the most from your property investment journey.

Tip #1 – Treat an Investment Property Like It’s a Business

Treating your property investment like it is a business is an important trait among successful real estate investors. They make careful decisions about where to buy a property, the kind of tenants that are selected to lease their property, and how long to keep their investment property according to their financial plans. Keeping a professional perspective enables them to call in experts to help them manage and improve their investment throughout its life-cycle.

Tip #2 – Purchase in the Right Location

When you buy a house to live in, you find yourself motivated by different factors compared to when you purchase as a property investor. To achieve the most from your real estate investment It is important to purchase what other people want to rent (and one day first home buyers want to own), not what you want to live in.

The most successful real estate investors know they can’t achieve the best results alone and will often team up with a good property manager or agent as they know they will experience a better long-run outcome. This kind of investor will seek out the objective opinions of real estate professionals and will often want their property manager or agent involved from the start, even asking them to come along to properties they have shortlisted.

Successful property investors understand this can be the difference between a good decision and great decision!

Tip #3 – Choosing Excellent Tenants

There are plenty of scary tenant stories out there, and while this is not the norm, making sure you select the right kind of tenant can make a huge difference to your experience of investing in real estate. A good property manager will be experienced in gathering data from multiple sources such as reference checks, applying to TICA and asking for detailed information on the tenant’s financial position. Using their professional experience and knowledge can help ensure you are on track to reaching your property investment goals.

Tip #4 – Regular Maintenance and Repairs

Knowing what needs to be done immediately, and what can be scheduled later, is an important skill when it comes to carrying out repairs and maintenance. If you are not confident in doing this yourself, a well-trained property manager should be able to help you. They know what problems need fixing as soon as possible and what can be scheduled later.

A professional property manager can also advise and help you with carrying out regular repairs and maintenance, which can head-off serious issues before they occur, as well as protecting the value of your property in the market should you later decide to sell.

Tip #5 –Planning Your Exit Strategy

At some point, after you’ve held your investment property for a long time and earned good, positive cash-flow rental income, it may make good business sense to sell your property and enjoy the benefits of the capital growth that has accumulated over the years.

Some professional investors sell their property well before it reaches a point where it costs more to keep than to sell. There are a lot of stories about Landlords that have kept their properties just a bit too long. It may be that they need to sell altogether, or just find a new property that they can hold onto for the long-term.

How to Make it Work Easier – Get Advice from a Property Professional

A property professional can help you choose the best location, help with negotiating a purchase so you don’t pay too much, assist in managing everything from selecting tenants, collecting rent and carrying out repairs and maintenance, and, can help you sell your property so you receive the maximum value for it you can achieve.

If you are considering your options for investing in property, or need advice for a property you currently own, here at 1on1 Property we work hard to make sure we offer the advice that landlords need. Phone us on 4014 1900 and speak with a property professional today.

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