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