Hey,
What are some big first time mistakes that I should avoid? Most of all, How should I start out? Buying a condo or low-income housing and renting it out? Please, if you have experience or first hand knowledge about real estate investment, I would love to hear your take on it and what you would’ve done better if given a second chance.
Thanks
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If you buy condo ask yourself how many people can afford to rent it out from you ?
If you buy cheaper property how many people can afford to rent it from you ?
It is important to look at population movements. As an example today many people do not get married and many people do not have kids. Therefore those people and many retirees will live in inner city areas of our major cities. I think that there is a danger that if you buy property in far out areas there is likely to be little capital growth. As an example we build development projects but generally look to within 10 km of a major city. Or in Brisbane it might be 5 or 6 km. The real problem is that most people investing do little or no due diligence. It will be one of the most expensive investments that you make. So get the right advice and do your research carefully.
Nigel Kibel | Property Know How
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I've always looked for cheaper houses in good growth suburbs which we can, with little expense, smarten up…even add a 3rd bedroom under the existing roof (i.e. not requiring DAs etc)… and thus enable a slightly higher return on investment in relation to rent prices. It's worked for me…
Seriously though, do your research, because whatever you do has to sit right with your personal situation.
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