Buying a property is easy. Really it is. Just go online, find one you like, organise the finance and settle. Sit back and watch the rent roll in and the property value keep growing. Simple really.
Ok, there is a lot of tongue in cheek in that paragraph!!
You could buy a property that way OR you could do it safely. We prefer you do it safely!
The technical aspects to buying a property are very straight forward and will be similar in all States. To understand your obligations under a Contract you should see a Solicitor and do your research before committing to the property you’ve chosen.
However, we think there are some other, rather more important issues to address before you hand over any of your hard earned cash. They can be broken down into what we call the 4D’s.
Decide, Develop yourself, Delegate by gathering a team around you and Data.
Each of these is as important as the next and when combined together will give you a better chance of succeeding. Let’s look at each one in turn.
To begin anything, one must decide to begin. I don’t mean simply saying that you will buy an investment property. Rather I’m referring to a deep seated commitment to follow through on the idea of investing. You see it’s very easy to be sold on an idea but it’s another thing to carry out that idea to the end result. When things get difficult the resolve you have to complete the process will be a direct result of the strength of your decision. When you decide, commit to the result.
How much effort are you prepared to put in? Will you do what it takes to succeed or do just enough to get by? The answer will determine what investment experience you have. Unfortunately, property investing isn’t easy. If it was, everybody would do it. There are simply too many factors to consider and process to make selection a simple decision. The thing that makes property investing attractive is that it is rewarding to those that know what to do and decide to do it. So to invest in property you first must decide to commit to your own personal development.
Make sure you are ready
The most important ingredient in the property investing recipe is YOU!. What results you get will be a direct result of what you are looking to achieve. Therefore it’s important for you to understand what it is you want out of property investing. The more you want, the more obstacles you will find in front of you because nothing of value comes easily.
Every journey has to start with a destination, otherwise there is only endless wandering and Investing is no different. Start with the end in mind. What do you want to achieve? Why do you want to invest? You have to understand why you are investing. Your reasons are for you alone. It’s alright to want to make money, to become wealthy and have a comfortable retirement. Just be clear on why you are doing it from the outset. How many properties do you want to have in 20 years’ time?
If you see yourself owning 20 properties then understand that the road to get there is different from owning 5. Focussing on what you want to achieve will keep things clear.
Persistence and determination are skills worth developing because these attributes will see you through the tough times.
Some people can get good results by themselves. Working out the issues through trial and error and finding their own way. Others find that working with a team has advantages.
First, a team means there are more people focussed on what you want, giving energy to your dreams. While you are busy on other things your team will still be working on your dream.
Secondly, there are more people working with you so the time available to make things happen is multiplied. More people means more resources are available to be tapped into. Someone once said that they would rather have 1% of 100 people’s efforts than 100% of 1 person’s effort.
Finally, your team should know where to look so they can match your needs with the most suitable property. But understand that not everything is possible. For example, you can have high growth or you can have high yield, but not both and location determines them so be clear what you want. Decide before you purchase or discuss it with your team. Remember, you don’t have to like the property, the suburb or the colour scheme because you are not going to live in it. Not everyone wants to live where you do, have the same colour scheme you like or even have a back yard as big as yours. An investment property only has to appeal to the market it’s intended for, which isn’t you.
We have property data for all postcodes gathered over a long period. By working with us, we can cut out a lot of cost and time with your research.
We use the data to target areas that banks like because those areas have an affluent demographic. We make sure our properties are very well matched to the intended occupants and we know that the banks like them too.
We have experienced property Advisors who are easy to talk to and very good at listening to your ideas. The rationale behind property selection is quite complex and we are proud of our unique methodology.
When it comes down to it there is only one thing to ask yourself. Do you want to be a property investor or someone who owns an investment property?
To find out more come and one of our upcoming Workshops where we look at all of these questions. For a more personal experience click here to request an appointment with one of our friendly Property Advisors.