If you’re interested in learning about property investing, in order to increase your passive income and to prepare for your financial future, simply continue reading to learn about a few basic property investing tips.
Essential property investing tips:
Make sure to request an independent property report before purchasing a new investment property:
While you may be in a rush to quickly acquire a new investment property in order to increase your monthly passive income or to earn capital gains, it’s a wise idea to request an independent property report form a reputable third party, before you make an offer on an investment property. As the last thing you want to do is to purchase a new property as an investment, which requires hundreds of thousands of dollars of structural work. As you could end up losing money on your investment, instead of making a sizeable profit on your investment.
Consider trying to earn passive income from your investment properties as well as capital gains:
If you plan on selling your investment properties in 5 or 10 years for a sizeable profit, you should make a sizeable profit when you successfully sell your investment property. However, if you want to create two revenue streams from a single property investment, it’s a great idea to rent out your investment properties, until you’re ready to sell them for a lucrative profit. So that you’ll be able to earn monthly rent from your properties, which will increase your income as a property investor.
Regularly read an investment property mag:
One way to discover new investment properties which you may be interested in purchasing is to get into the habit of regularly reading a property investment magazine. Which will contain current investment opportunities, that you may be interested in pursuing further.
Consider leveraging your first home in order to be able to purchase a second investment property:
If you’re relatively new to property investing and already own your own property out right, you may want to find out more information on leveraging your current property, in order to be able to purchase a second investment property. Which should pay for itself, if you’re able to rent your investment property out for a fair sum.
Never purchase an investment property without seeing it in person:
Whatever you do, don’t make the mistake of purchasing an investment property without touring it in person. As often pictures can be deceiving and photos can hide extensive damage to a property.
Don’t make the mistake of purchasing a hotel room as an investment:
While you may be tempted to purchase an investment property as an investment to diversify your investment portfolio, doing so may not be such a wise idea as you’ll have to sign a lengthy contract. That may leave you at the mercy of a large, international hotel chain. So make sure to think twice before signing on the dotted line to own a hotel room.
Try to purchase three and four bedroom investment properties:
Three and four bedroom properties are always in high demand as they are suitable for families as well as for groups of professionals.
So if you’re seriously interested in becoming a successful property investor, it’s well worth rereading the article above in order to avoid making rookie mistakes as a property investor.