For the majority of people, investing in property can be a pretty scary thing to do. There are so many options that are thrown at you and so many questions to ask.
We have outlined 6 easy steps in getting started on your way to financial freedom through investing in property wisely.
1. Set a Goal
This is the most important part of the wealth building journey. Deciding what you want and setting goals will have a big impact on what type of property you will need. Are you more focused on cash flow or capital growth? Our aim is to match you with the right property and ensure your portfolio is structured correctly.
2. Find a mentor
A great way to avoid the traps and pit falls that a lot of people fall into when they are not sure how to invest in property, is to follow someone who has already been through it and succeeded. Not only does it help you avoid losing money, having a mentor can inspire and motivate you to be your very best.
3. Check your Borrowing Capacity
Unless you have an unlimited amount of cash in the bank, you will have to borrow to invest. Having your borrowing capacity (BC) checked by a qualified mortgage broker that knows what they are doing is going to let you know what you have to start with and what changes you have to make to fit within bank policy.
4. Build a Team
It is important that you have a good team of professionals there to support you on your journey. This will include an accountant, solicitor, mortgage broker and property manager. By having the right team supporting you, giving you the right property investment advice, your journey will be so much easier.
Research the property market and potential areas (or have someone that knows what they are doing do it for you) but be careful not to over analyse.
6. Buy an investment property
Yes. Unfortunately to make money out of property investment, you have to buy one! Many people would like there to be another way but unfortunately there isn’t. At some stage you have to put all your fears and all that negativity behind you and actually step up to the plate and have a go. Do you remember the first time you rode a bicycle? It was terrifying. But after the first time it became easy and you wondered why you were ever scared. The same goes when you are not sure about how to invest in property.