Become a better investor with these 4 tips
When you're a property investor, there are a lot of things you need to think about, such as maintaining your properties, vacancy rates and repairs. But, what else could you truly believe about becoming a better investor in property at a higher level? Here are four things to consider to help improve your confidence in the property for the year ahead.
Stick to the plan
You need a property investment plan before you enter the property market and you need to stick to that plan. If you're not sure where to start, you can start by reading some books or talking to local property and finance experts to get an idea of where your efforts should be centred. Note that a plan isn't going to come together immediately. Take the time to do your research and think about exactly what your investment plan is looking for.
Make your own decisions
It can be easy to get caught up in media hype and market commentators spruce the next real estate "big thing." Warren Buffett summed up his thoughts well in the middle of the GFC, "Those who invest only when analysts are upbeat end up paying a heavy price for pointless reassurance." With your preparation, market analysis and talking to your advisors (lawyers, accountants, brokers), you've got plenty of knowledge to evaluate and shape your own market views and what's going to work for you. And if you're constantly side-tracked by the latest news on doomsday or boom, try taking a brief break from these sources of information.
Crunch the numbers periodically
Harry Triguboff, Australia's richest investor in property, has a net worth of $12.77 billion-quite remarkable! Though he has a large portfolio, he still checks every sale and cost in his company. It is this attention to detail and the ability to review the numbers objectively on a regular basis which can drastically transform your investment.
Move with the market
Like everything else, the property market is moving in waves. As the market moves through booms and bust, it also impacts other elements such as loans. As credit tightened in 2018, the banks began to look in greater detail at the potential of a borrower. If you're looking to secure a mortgage or want to refinance in 2020, make sure the surprises don't come up. Get a copy of your credit report, so you know what lenders are reading (hint: lenders are now checking the repayment history for two years). Make sure you're shopping on your property for valuations as well because valuations will vary dramatically.
The concept that comes to mind when you think about becoming a successful investor is research and review. Make sure that you take the time to get these basics right in order to maximise your investment and achieve your objectives.
For further information about real estate in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle & Lake Macquarie. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or www.nobullrealestate.com.au