You would’ve heard these time and time again, and the reason you hear them frequently is because they remain true, which means you can never hear them enough.
So get your team in order, your finances in order and your head in order and then let’s have a look at this list.
Choose a property that tenants will like
It’s not about you, it’s about them. It’s about what tenants find attractive. What’s attractive? Close to amenities, good-sized bedrooms, clean, light-filled, not too close to a main road, off-street parking, safe neighborhood. Get as many of these as possible in a property and you will be able to attract lots of good tenants.
Choose a property that will grow in value, by choosing a property in a good location. As above, tenants want amenities so near schools, restaurants, public transport and the CBD are good choices. Properties close to these, are likely to grow in value in a good market and hold their own in a down market.
What can you do to Improve it?
Now you have your property, give it a quick spruce up to instantly improve the value of your property. Landscaping, painting, installing new curtains and flooring, change out hardware and cupboard doors, spend some time on the property and you will hopefully be financially rewarded (if you’ve chosen well that is).
Your Emergency Fund
If you haven’t got an emergency fund, then you need to get on it – PRONTO! What you can do, when your property grows in value you can refinance it, so you have a little wiggle room if things go south in the other areas of you rife.
Make Em Long-term
Keep your tenants happy. That way they (hopefully) will turn into long-term tenants, which means more money and less stress for you. A good way to do that is to hire a property manager as they are experienced in vetting the good tenants.
So would you agree with the list? Is there anything missing that you think is vital to property investing?