When you buy an investment property, you become a property manager whether you like it or not.
Many investors don't even think about this when they are in the market and can get a shock when they realise how much responsibility it requires.
So as a self-managed owner, what questions should you ask when you are in the market?
1. Why are you buying this property?
2. Do you want a capital gain or a lower risk investment with longer returns?
3. Do you want to positively (or negatively) gear the investment?
4. What sort of tenant do you want in your property and what sort of issues are you likely to encounter as a result?
5. Look at the demographics of the area and what sort of tenants/buyers are attracted to it.
6. If you are going to buy a unit, look for a unit that is on a block of less than 8 properties-preferably detached with 3/4 bedrooms (less wear and tear)
7. Research the nearby transport infrastructure,schools, shops and view.
8. Avoid properties with a pool/outdoor spa.
9. Use RealRenta to automatically self-manage your property and save THOUSANDS of your rental revenue in management fees.
Sign up for your Free Trial here: https://app.realrenta.com/Signup.aspx
Saturday, 15 June 2019