7 Steps to becoming a property investor
I’m sure we have all looked at property investors and thought, how did they do it? What makes them different to me? And we tell ourselves a story about why we can’t do it, either we don’t come from a rich family, we don’t have the support or simply we are not lucky enough. Because of this most people get overwhelmed by the whole process and give up before they even start.
It doesn’t have to be that way, here are 7 steps to help you get you started on your investment portfolio.
1. Check your finance
This can be as simple as listing all of your assets, income and expenses, this will give you a rough idea on how much funds you have available to invest. Don’t just assume that you can’t afford to invest, as long as you have a stable and reasonably good paying job with a solid employment history and a good credit file you shouldn’t have a problem getting a loan.
2. Set your goals
Knowing what you want and focus your energy towards it. Property investors generally invest in the property market to secure their financial future or to be financial free to do what they want when they want.
3. Research Research Research!
A very important part of any investment decisions is research, this will help you make a more informed decision. Knowing the market can be the key to making the right investment choice, but in no means does this guarantee you a sure thing. There’s no such thing as a sure thing, but it will lower your risk of a bad investment return.
4. Have a plan
If you fail to plan, you’re planning to fail. Having a goal without a plan is like travelling across the country without a map, unless you know the direction you are heading you will never make it. In order for you to achieve your goals, you must first know what you want.
Give yourself a deadline to when you want to achieve these goals and break them down to short term and long term goals. This will make it easier for you to plan and not be overwhelmed by the journey.
Once you have set out your goals and set out a plan to achieve your goals, now it is time to budget. Start by listing all of your income and expenses down on either a spreadsheet or even just on paper. It allows you to see where you’ve been spending your money and cut back on any unnecessary items.
There are plenty of free on-line budget planners that will help you keep track of your spending, such as budget planner or even download an application on your mobile phone.
6. Change your thinking
By changing your thinking you will allow ideas and change to happen, this will in turn set you on the path of becoming a property investor. If you automatically assume that you cannot invest then you will never begin to invest.
7. Get a pre-approval
The mortgage market is extremely complex, and getting what’s right for you is not as simple as visiting your local bank. Having a savvy Mortgage Broker can be very beneficial to achieving your Investment dreams. They can assess your financial position and increase your chances of getting a loan by recommending to you what is right.
Now that you are ready to become a Property Investor. Don’t give up, stay focused, set your goals, make your plans and most importantly phone a friend. Contact one of our friendly Mortgage Brokers today on 0433 590 621.
"Disclaimer: Your full financial situation would need to be reviewed prior to accetance of any offer or product"