What Seven Property Experts Wish They Knew Before Investing
What do you need to know before investing in your first property; here is what seven property experts wish they knew before investing.
The service offered by Lime Property Solutions covers all areas you Must have some understanding about before buying your first investment property. The easiest way for you to find out what you need to know is by making an obligation free appointment with one of the investment property experts at Lime.
It’s always interesting to have a look at what some of the people our media dub as ‘experts’ think about what you need to know. Let’s have a look at some of these broad headings.
What seven property experts wish they knew before investing.
Charles Tarbey: The concept of land banking – the chairman of Century 21
“I wish I had better understood the relationship between capital growth and rental return. When I started investing it seemed that the holy grail was to achieve high rental yields from investments. Many people, myself included, sought out high rental returns by buying cheap properties. Looking back, I should not have worried so much about purchase prices and instead tried to find properties in great locations that would see strong capital gains. By using this strategy I would have been able to use the equity from any capital gains to buy more properties and create a larger portfolio”.
Victor Kumar: Ignore the naysayers director of a property group
“If I started over, I would make my goals clearer and more specific. The goals I would set wouldn’t be a number of properties, or a specific location, but would be an income goal that relates to the rental income of an unencumbered portfolio.”
Patrick Bright: Lots of little deals trump waiting for one big one – Director of EPS Property Search
“It’s better to do lots of small deals than to hang out looking for one big one.”
Margaret Lomas: How to use leverage to get you ahead – Author
“I wish I had understood leverage. Many years ago I sold an owner-occupied property I had in Perth for $175,000 and five years later it was worth $600,000.”
Your big picture becomes affected with every transaction and you want to be sure you don’t look back in the future and regret a decision you made.”
Margaret Lomas is the founder of Destiny Financial Solutions
Terry Ryder: Accumulate property rather than ‘trade’ it – Founder of hotspotting
“I wish I’d understood, back in the 1980s when I first bought property, the importance of holding good real estate and accumulating, rather than trading.”
Nathan Birch: Structure and finance is more important than the property itself – o-founder of BInvested
“That you don’t have to be an expert in everything but rather just need the experts around you. Having the right team includes accountant, broker, solicitor, financial planner and
Rich Harvey: Patience to allow capital growth to occur –
“When I first started out in property, the first thing I did was get educated. I used to commute to the city and I’d read a book a day on property. Get as much education as you can. Jumping in and listening to one expert’s opinion and taking action can be quite dangerous – that expert could be a commission-based sales person and they’re not independent or giving independent advice.”
To read the full article on what these experts think go to; http://goo.gl/akp0K1
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~ Lime Property Solutions
