Tips For Young Property Investors – Demonstrate financial discipline

The ability to save and practice financial discipline is a crucial part of real estate investing and getting approved for finance:

It’s easy to put expenses on your credit card and take on extra debts.

So you’ve got to learn the three fundamental rules:

1. Spend less than you earn,

2. Save the difference, and

3. Invest the difference and keep re-investing it until you have a big enough deposit.

Learn to sacrifice and don’t borrow more than you can afford, especially in a low-interest rate environment.

When interest rates creep up, some people get caught out, so don’t bite off more than you can chew, because there are lots of hidden costs.

When you buy a property, there’s the insurance, the rates, body corporate fees, the maintenance, and the land tax.

So you’ve really got to make sure that you understand all the costs – not just the settlement costs but the ongoing costs.”

RealRenta has all the tools that a property manager has, but less than ¼the cost of a property manager.

Join now and the cost is less than a cup of coffee a week to manage your rental property

RealRenta also has a free vision, so why not check it out

Jason Gwerder
Friday, 18 March 2022

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