
Investing in real estate doesn't HAVE to be complicated! Today I chat through my 5 simple property investing steps.
1) Do your research: Understand the market, narrow down to a specific area, and look at the quantitative and qualitative data to make informed decisions.
2) Set yourself up with clean financials: Have a separate bank account for each property, and get confident in dealing with brokers and banks.
3) Take action: Don't worry about timing the market, focus on time in the market. Understand your risk profile and build your asset base.
4) Find the right management: Find a set-and-forget property manager who will charge a fair fee and provide you with high-quality service.
5) Track your property portfolio: Use a spreadsheet to track all of your income and expenses. This will help you to maximise your cash flow and make informed decisions about your investments.
Don't forget... Be patient: Property investing is a long-term game. Don't expect to get rich quick. Be diversified: Don't put all your eggs in one basket. Spread your investments across different properties and locations. Get professional advice: If you're not sure about something, it's always a good idea to speak to a professional, such as a financial advisor or a real estate agent.
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