How do I buy my first investment property?
I'm a working mum, Just recently gone back to work and goal is to buy an investment property, any advice would be amazing! Thanks all!!
Investment property
Investment property
Posted in:
Money
4 Replies
It's not all the glitz and glamour it's meant to be, the only people I know who do well with investment properties are people who own them outright. There's quite a few in my family and my parents and their siblings are lucky enough to have one or two investments each but people who are relying on rent to cover the mortgage struggle.
With a deposit or equity in your home. There are no government grants for investment properties and interest rates are generally higher. Best to see a broker and get their advice.
Ring a Mobile lender and get them out to speak with you or go to a mortgage broker. We went through Anz mobile lender who was fantastic. They will give you all the info etc and tell you what you need. Well done and good luck with it all. Don’t let anyone put you off.
Study it. Read books etc. by Australian investment property experts, keep up with real estate news, learn terminology, and learn how to invest properly (or course beware those selling their wares). Where to buy, how to run the numbers and understand what property will make a good investment. Understand the benefits, rewards, risks, expenses etc. and even exit strategies.
Also consider other forms of investment, such as managed funds or share trading, etc. Investing is one of those things you need to understand exactly what you are doing and what options there are.
It sounds a bit negative, but I don't mean to be! Investing, in whatever form you decide to take, is fantastic and has made a massive difference to our lives. Just know what you're doing.