What does a successful property investment strategy look like?
Think about your key motivators behind entering the exciting, intense world of property investing. This could be as simple as a personal mission statement: “In five years, I would like to have…”
Set a budget.
The best property investment strategies feature a clear, in-depth budget, which investors should stick to. Too often ill-prepared investors get in too deep and struggle to recoup debts.
Look into what types of property investment appeal most to you: renovations, flipping, holiday homes, buying & holding or capital growth, and how you aim to achieve your goal using your preferred method.
Understand the numbers.
The more you research during the property investment strategy phase, the better informed you’ll be further down the road. Knowing how things like positive cash flow, negative gearing, equity and tax benefits work is crucial.
Preparing for all eventualities.
Preparing contingencies for any and all possible scenarios now will spare you plenty of headaches later on. Remember that strategy is about foresight.
Enjoying the ride.
Property investment should be about having fun and making profit symbiotically. At OpenCorp, we’re strong proponents of enjoying yourself along the way.
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