Want to be a successful property investor? Warrnambool mortage brokers explain where to start
Those living in Regional Victoria and South East South Australia Australians love investing in Warrnambool property – and it’s no wonder – the regional property market offers plenty of opportunity to potentially grow wealth, regardless of background or skill set.
That said, there are some common traits that those who have mastered the property market share and exhibit. The good news is, they are easy to develop yourself, to ensure that you can join them on the upward scale of the property ladder.
1. Successful investors self-educate. All the time
To stay ahead of the game, experienced property investors are proactive about self-education. They understand the property market is ever-changing, and that they must keep up to speed with developments to be successful.
This means that successful investors are across the economic factors driving local and city markets, and the cycles of these markets. They know how to recognise when a market is shifting, and, as a result, know when to act early. This means they can seize opportunities… or bypass offers that aren’t in their best long-term interests.
But where to start with this learning? Some good places to start are: If you want to be a successful investor, you need to become an avid learner. Some suggestions to get you learning include:
- Listen to podcasts (examples include Equity Mates, The Property Couchand The Investors Podcast)
- Devour books, investment magazines, and blogs on the topic
- Do property investment courses online or through a local learning institution.
2. Successful investors get help from professionals
Smart property investors know what they don’t know, and what others do better than them. So they are the people they work with.
Successful investors leverage the abilities of experts; Mortgage Brokers, real estate agents, Financial Planners, Accountants, conveyancers, buyers’ agents, property managers – all of these professionals are resources to be drawn on in order to make smart property investment decisions.
3. Successful investors regularly review their investment loans
The right investment loan for you today may no longer suit your needs in a year’s time. Successful property investors continually review their loans to make sure they still measure up.
This keeps them across new In this way, clever investors can identify new opportunities along the way. For example, they may refinance their loans to include offset accounts and redraw facilities to save interest, or they may set up lines of credit to renovate their investments.
4. Successful investors have vision
Experienced property investors look past the current market movements to see the big picture. They understand the nature of property cycles. Sometimes it pays to buy and hold property; other times it’s best to flip. Having vision is what sets the successful investor apart from the mediocre one. This is also where point number one – self-education – comes into play.
Successful investors also plan for contingencies. Buying an investment property comes with financial benefits, but there is risk involved. For example, what happens if the tenant falls behind in rent or something major needs to be repaired? What if the property value falls? Smart investors plan ahead and have strategies in place for these kinds of challenges.
Like to know more?
Whether you’re a seasoned property investor with a multi-property portfolio or a rookie investor, we can help you achieve your financial goals. We’ll line you up with the right finance for your specific needs and future aspirations. An upside is that, as a full-service professional advisory firm, we have Financial Planners and Accountants on hand to help with any other questions you may have about how best to build your property portfolio.
Contact us today to take the first steps towards success.