What makes up the Property Plan
You’re probably wondering if you really need a plan? You definitely do!
Whether you are buying your first, second or twentieth property, you should always attack it the same way.
You need to have a clear and compelling WHY. Understanding why it's right for you, not your friends, family or work colleagues. There are plenty of conflicting options, but don’t start until you know why you are buying and how it fits your life plan.
A clear strategy
You need to carefully decide on what you’re buying, who will own it, how you’re borrowing, how long you’ll own it and how it fits into your life. You shouldn’t just jump into it with both feet on a wing and a prayer - the property market is unforgiving if you make a mistake.
Structure your finance
Before you set out looking for your dream investment, you need to truly understand whether you can afford it. Taking out too much debt will change your life. I will educate you on what is too much debt, how to best structure your loan and all the features you do and do not need.
Once you have me as your mortgage broker, you may need to have more people on your a-team. Conveyancer, Accountant and a Buyer’s Agent. You have to have the a-team all working together to make sure you don’t get yourself into a big muddy mess.
Find The Right Place
Most important. You’ll need to understand that every property is different and will always be different. I’ll be able to give you advice on what drives the market. I will stop you being led up the wrong path. When you’re ready to buy, you have the option to go it alone or partner with trusted buyer’s agents to make sure you get the right property at the right price.
Get it done!
This is the painful part…without help getting everything done is going to probably have you tearing your hair out in sheer frustration and stress. But if you’ve got the ‘right team’ on your side, you’re going to save time and money.
Tidy It, Rent It
Whenever you are buying property, it is likely that it will not be perfect when you first own it. Spending a small or large portion, can not only add value but increase your rent significantly. The moment you have it ready to rent, a top property management specialist should have a tenant knocking on the door to move in.
Maybe one’s enough for you, or you might be building up a property portfolio. Here’s where you need your smarts…and the right partner to build a good portfolio. Remember however, that it’s quality, not quantity that matters here and it doesn't just happen. You need to plan many years in advance.