Property investing success requires groundwork before purchasing your first investment property.
Here are some top tips to help you become a savvy property investor:
1. Plan to succeed
Consider the following: What do you want to buy? Where do you want to buy it? What are your property investing goals?
2. Are you in it for the short-term or long-term?
Defining whether you are after long-term benefits or a short-term cash flow can help decide where you invest and the type of property you buy.
3. Follow the lead of seasoned investors
You need the strength to ride out the ebbs and flows of the property market.
4. Ignore the quest for perfection
The right time to buy an investment property is when you’re prepared and ready.
5. Order a tax depreciation schedule
To ensure that you claim your maximum cash return on your investment property, organise a tax depreciation schedule soon after settlement.
Learn more: Top tips for property investment success in 2016
Do you have any tips to add?