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WHO WANTS TO BE A MILLIONAIRRE?

Making big bucks out of realestate..

If you think the wealthy make their money slaving over a desk like ordinary folk you’ll never be rich. Scan a rich list & you’ll soon see how many Aussies made their fortunes out of real estate. Check out these tips maturing millionaires.
A combination of low interest rates, falling house prices & the lure of first-home buyer schemes all make for the perfect moment for you to start building that property empire.
So, where does a budding property mogul start?
Experts say one of the quickest ways to build your wealth is to reduce your risk on the properties you purchase which in turn will enable you to keep investing in your portfolio.
Here’s some very simple tips on buying low-risk property.
1. Looks count!
Many people buy rough diamonds believing they’ll add value by renovating. Then they get mired in a much more expensive & time consuming property than they expected. More money into the property means lower investment returns for you. Skip fixers & instead buy properties that are in good shape to get those rental dollars coming into your bank account quickly.
2. Ugly duckling suburbs are hot:
The properties in the best locations – beach areas, CBDs, wealthy enclaves – generally have negative cash flows, so those are the locations you want to avoid. The moderately priced properties in ugly duckling areas are the real gems; they generally have the less appealing locations but better cash flows.
3. Quality not quantity:
There is nothing better than buying a property with a decent tenant already in place. You get the security deposit & you don’t have to go in & get your hands dirty with cleaning, painting, updating or fixing too many things in the property. If you buy properties in areas that have good tenants, that’s hopefully the type of tenant you will inherit. Take a look at the current tenant’s lease, credit application & credit report, if you can, before you make the decision to purchase the property.
4. Do a drive by:
Avoid properties in areas with many unoccupied units. Remember that vacant units get robbed, incur vandalism & don’t have any rent coming in to cover the bills. If you buy in places with high vacancies, it might be months before the property rents. A good idea is to do a drive around the area you are looking at buying in, especially around dinner time. No lights in a lot of houses means no one is residing there, and & shouldn’t, either.
5. Love you long time:
The most important factor in real estate investment property is to own it for a long time. So do your due diligence & buy quality properties that you really like for all the right reasons, & plan to own them for good.

Remember us when you’re rich…..pleeeeeease! Good luck.

The Goss!
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WHO WANTS TO BE A MILLIONAIRRE?