Listen to any local radio stations nowadays and we are bombarded with infomercials about buying real estate property – and its little wonder with 2011 expected to be a boom year for buyers as the property market continues Romeo Abdo to get stronger again after last year’s interest rate rises and the end of the First Home Owner Grant Boost.
The rental market is improving as well and investors are getting excited and ready to strategically position themselves in the market as the first signs of yield improvement appear.
So if you are just beginning to consider the idea of investing in real estate for the first time it is more than wise to find out as much information as possible – after all you don’t want to lose your assets, funds and home along with the shirt off your back if you get it wrong!
First things first you need to work out what your strategy will be in investing in real estate. The questions that you need to think about before you invest in any piece of real estate are whether or not you want to buy a property, fix it up quickly and sell it as soon as possible or would you rather buy a property, hold it and wait for market prices to increase? Then there is the issue of whether or not you want to deal in a WRAP property or with renters?
It’s a wise decision to talk to an experienced property investor such as myself who will show you the gains and pitfalls in property investing including how to investigate the value of properties yourself – this will save you a lot of time in the long run as well as the common mistakes that nearly all fledgling property investors make.
Take a look around at the many online sites that are available to help you determine the real value of real estate. Again your expert property investor educator and mentor will help you with this as well as helping you find a real estate agent that you can work with and a broker who has experience in WRAP properties (should you choose to go down that route).
Using the experience and knowledge that you are gaining rapidly through your expert real estate mentor it’s now time to execute your strategy; one that has been created that suits your personal circumstances and finance to now move on and buy your first positive cash flow investment on the ideal start out property for you.
Without working with a personal strategy, you are likely to follow a course of action that is not really suitable to you. This is not an investment where you can afford to just follow the herd. Everything that results from your strategy has to be pre-determined and carefully researched to minimise risks and get the best outcome for you.