In a previous article, we outlined the initial steps that you should follow in order to successfully invest in property. Below, we will outline the final range of things that you should do in order to ensure that all of the most important things are taken care of. That way, you can minimise your chances of running into trouble – and maximise your chances for making a really good income.
Make An Offer – Once you’ve set your sights on a reasonable looking property, make your initial offer. Assuming that it is accepted, the property will be withdrawn from the market; this will give you the time that you’ll need to double-check various things, and to make sure that everything about the property is as you expected it to be.
Get A Market Rental Appraisal – After making your offer, the first thing that you should do – even before hiring a Real Estate Brisbane firm – is to have a market rental appraisal performed. This appraisal will let you get a firm idea about what you can expect to earn from renters.
Negotiate, Negotiate, Negotiate – Depending on current market conditions, you should be able to negotiate a decent percentage off of the initial offer that you made on the property. It is absolutely in your best interests to negotiate the price down as much as possible, since every dollar you save is cash in your pocket.
Have Inspections Performed – One step that you never want to skip is having pest and building inspections performed. Nothing can cut into the profit that you could generate quite like an undetected termite infestation or very bad plumbing.
Get Financing – Now that you’ve made sure the property is in good order and that you’ll make decent rental income from it, you’ll need to arrange financing. Use a reputable broker to get a financing arrangement that will work for you.
Don’t Forget Insurance – There are many different types of insurance that you’ll need to consider when you own an investment property, but landlord’s insurance is among the most important. Check out various landlord’s insurance policies and find the one that will protect you the most.
Settlement Time – Assuming that everything has gone as planned, settlement will eventually come to pass. Once it is complete – and the property is officially yours – you’ll need to hire a property management Brisbane firm to help you keep it up and to find you a renter. From beginning to end, a decent property manager will make your life as a property investor a whole lot easier.
Get A Depreciation Schedule – Finally, don’t forget to acquire a depreciation schedule so you don’t miss out on any tax breaks in the future.