🏠Getting Started in Property Investment: Are You Ready to Purchase?

When you're getting started in property investment the most important step is doing the initial groundwork to make sure you’re ready to buy when the right property comes along. We often need to act quickly and this means having your ducks lined up in a row!

Here are some steps you can take to get yourself ready to purchase your next investment property.

1️⃣ Get your financials up to date - make sure you’ve completed your latest tax return and are ready to provide your latest bank and credit statements. It’s a good idea to let your accountant know that you’ll be looking to purchase an investment property soon. They will be able to help you gather up all of the necessary information and reporting to assist you in applying for finance as well as getting some financial advice.

2️⃣ See a Financial Advisor - they will be able to advise on the best investment strategies to suit your current situation and propel you towards your future financial goals. They will be able to give you advice on tax, credit reduction and succession planning, including the best purchasing structures to suit your strategy.

3️⃣ Make sure your purchasing structure is set up - do you know what name or entity you will purchase in? If buying property under an entity or trust, is it set up and ready to go? You can ask your accountant or solicitor to assist you in establishing the best purchasing structure for your needs and investment strategy.

4️⃣ See a Mortgage Broker - they can help you get pre-approval for finance before you start looking for a property. After you see a broker you’ll have a clear idea of your borrowing power. If your borrowing power isn't where you need it to be just yet, a good broker can give you an idea of what your financials need to look like in order to get the loan you want.

5️⃣ Talk to a buyers agent - they can significantly reduce your stress levels, remove the need to deal with selling agents and take the uncertainty out of the purchasing process. All in all… saving you precious time, money and hair.