If you’re looking to break into the market and seize some investment opportunities, you have come to the right place.
Here, we’ll give you some sound advice on how to make the most of what you find. We won’t outline the best suburbs in Perth, but you will get strategic advice that most beginners don’t learn until later on.
First, spread out. One or two investments are not going to secure your financial future.
You need a portfolio. A portfolio is a collection of investments, not just one or two properties in the best suburbs in Perth.
At the same time, you need to have paid off the remaining mortgages. This leaves you free to spend on other investment property for sale and puts you in a position to own more than you intend to hold. With that, you can find yourself paying off any debts and gain rental income.
Any investment property for sale you look at must be easy to hold.
If you can’t keep it, it isn’t a smart investment. Choose low-risk properties. Newer ones are usually easier to keep than older ones, due to tax depreciation and higher rental costs.
Get the right property for where you are investing. Invest in where you want other people to live, not where you’d like to live.
If you are purchasing close to a business district, trade space for convenience and ease of access. If you are buying property away from a busy area, look for investments with more space. Different types of rentals appeal to different tenants.
Finally, remember there is no magic bullet. An excellent investment opportunity today is a bust tomorrow.
You need to be flexible and not overly focus on one type of property or area. Be diverse in your portfolios, reduce the risks, and maximise the returns. Specialisation is the way to extinction. Generalisation is the way to success.
And one bonus piece of advice: DIY costs more than you think it does. When available, get professionals for renovations.