Property Twins | Property Twins™
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In: Property Investors0
Flying over the suburbs of Melbourne

It takes courage to take ownership for your financial future. And even more courage to ensure you take the right steps to set yourself up for success.

Starting your property investment journey can be a daunting process. Often when new property investors come to us they don’t know what they need to watch out for and how they can start this process.

Here are the 7 key things you need to take note of before you go shopping for your investment property!

  1. Work out your goal – what do you want property to do for you and what you want life to look like in 5 years, 10 years and so on. What do you want this property purchase to do for you?
  2. Know your numbers – determine your budget, your income versus expenses, what you can actually afford on a month on month basis, the rental income you require from the property without impacting your life style
  3. Build your team – a mortgage broker to help you with the lending and finance structuring arrangements. Also engage a solicitor for conveyancing to assist you with the legalities of purchasing your investment property
  4. Determine your borrowing capacity – work with your mortgage broker on what you can or can’t borrow for your investment purchase, what deposit size do you need, what lenders and finance setup is most suited to your circumstances and your goals for your investment purchase
  5. Get a pre-approval – based on your deposit size available, purchase price, goals and life circumstances work with your mortgage broker to organise a pre-approval
  6. Determine the area where you can invest – Based on your affordability determine the location, the type of property, the size and convenience factors. Most importantly choose an area that stacks up against your affordability. Your broker should be able to advise you of the rent required for your investment for numbers to work out. Look at past values of the properties in the areas you are considering (ask your mortgage broker to organise property reports)
  7. Build rapport with real estate agents and then start putting offers for your investment property purchase. Keep your mortgage broker in the loop and ask them what sort finance conditions you need to place before you sign any contracts for your investment

If you’d like to discuss more, simply call our team on 1300 97 60 60 or email [email protected]

Happy Shopping!


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Note: Please ensure you always seek specific specific credit, tax, financial, legal or investment advice. Property Twins' Blogs are not a substitute for personal and specific, taxation, financial, legal or investment advice

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