That rental won't buy itself!

Blog 09Feb19

Posted 22 months ago by Pope & Co. Mortgages

One of the common things we see is potential property investors being in a position to buy, but just not taking action.

There are various reasons for this including being busy, partners not agreeing on the strategy, being risk adverse, being too picky on property and trying to get the deal of the century with every offer.

Having a busy family and running a business I know all to well you can get caught up being too busy with life to have time to house hunt.

The journey starts with finding out just what you can borrow and what your buying position is. You don't need to grow a massive empire—it might just be one property to add to your retirement plan.

One of the hardest parts is the actual house finding and spending time looking at open homes. But you don't have to do it every weekend. Make sure you have a pre-approval and with your broker's help you can get into a cash buying position and pull the trigger on the right one.

Yes, you do want to get a good deal on a property, but if you are 'low balling' every offer then you inevitably will keep missing out especially if the market is hot. Putting in cheeky offers is fine if you have the time to put in lots of offers. If you are time poor, perhaps it's better to be more aggressive with your offer.

If you are buying as a couple, it does pay to be on the same song sheet. I've seen clients procrastinate for years and probably missed out on strong capital gain had they bought 3 or 4 years ago when they could afford to.

Buying a rental needn't be risky either. If you are risk adverse, buy in an area that is desirable so you could sell quickly if you had to. You can also hire a property manager to look after it.

The key thing is taking action sooner rather than later, talk to Pope & Co. about how to get started today!

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