Login
ISCOVER
Promoted by Wise Real Estate Advice.
The point of buying an investment property is to make money, how much? As much as possible.
Professional investors will tell you no two properties are the same, hence one can out preform the other when it comes time to cash in. Soit’s wise to put your best foot forward, to set yourself up the best you can and make the right choices when buying.
Let’s look at the facts of owning a second property, it kind of sucks. It brings a whole new bunch of bills that take away from your personal funds, this means less fun and more work.
You have to deal with property maintenance, tenants and the biggest one, loss of funds when you pay the difference between rent and your monthly loan repayments.
When you consider the negatives, its important to make your property purchase worth it.
If your buying your first investment property and have little experience in real estate, it’s best to work hard on understanding what you need to-do. Many buyers that are at this point typically relying on blind luck to purchase a good property. It’s wise to do you home work.
Researching real estate is a great start, understanding the book smarts of property investing, things like property trends &the market you want to buy in.
You will receive a wealth of wisdom from people that have been there and done that. Investors that own a portfolio of property and have the street smarts of owning real estate.
Most buyers find the education process too hard as advice can be conflicting.
Your best bet to buying a great investment is hiring professional help that will take the guess work out of buying.
Hired Help
A buyer’s advocate experience should be multi-faceted, this is what gives their clients a leg up when it comes to buying.
Firstly, they used to be real estate agents. They have worked with hundreds of investors when there at the point of selling there investment. They have observed how investors have made money or more importantly lost money. This is what gives a buyer’s agent there grey hair or wisdom.
They have sharp negotiating skills because they understand the games a real estate agent plays to increase a buyers price.
Buying The Right Property
The key to buying a great investment property is creating strong competition amongst buyers when selling it. Your property should attract investors, tenants and cashed up second home buyers. Good selection criteria at the start of the buying process is essential to having a good outcome at the end of it.
How do you know what makes good buying criteria? There are many books that have been written by professional inventors that are happy to share their property selection secrets. Real estate agents, buyers agents, vendor advocates, and senior property managers are a great wealth of information.
Mark Ribarsky, the founder and head buyer’s agents at Wise Real Estate Advice claims there is usually only one property out of hundreds on the market that is suitable for long-term investment in any particular metro suburb at one time.
Ribarksy quotes, ‘when I purchase property for clients, I apply over 25 points of filtering criteria to make sure I’m buying a great property.’
Once you have purchased a great investment property, the next step is protecting the long-term value by choosing a credible property manger.
A wise property manager chooses who lives in your property, there responsible for the maintenance and making sure your tenants are looking after your place. So when you choose a property manager, don’t focus on the price they charge, rather there experience and public reviews.
Make The Right Choice.
In 2019, the high cost of buying property and the financial burdens that come with owning property needs to be worth your while. Don’t really on luck, reach out and get help and do your home work.
About The Author
Mark Ribarsky, a Bachelor of Business, Licensed estate agent and the founder of Wise Real Estate Advice & Vendor Advocates Melb.
