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Working with a Property Investment Consultant in Western Australia
From the moment you enter the workforce, it’s already time to start saving for retirement. But what if you could do more with your savings than just tuck them away for a rainy day? What if you could start building wealth with a secondary stream of income that you can access well before you hit that magic age?
For many people, real estate is the way to create a strong portfolio that can increase your net worth exponentially. And when done the right way, you can minimise your risk and start generating returns almost immediately. At Ironfish, one of Australia’s leading property investment companies, our experienced consultants can help you come up an ironclad strategy and guide you through the steps towards becoming a successful property investor.
Knowing What to Expect
The first step that our Western Australia property investment consultants walk you through is setting ambitious but reasonable goals and expectations for your investments. The most important thing to remember is that real estate investment is a long term journey, just as buying a home for yourself is. Trying to ‘flip’ a home and turn a fast profit is a highly risky proposition, since it depends on finding another seller fast before your ability to pay the loan is depleted.
Instead, you should be looking for properties that you can turn into rentals. With a tenant paying rent, you can turn that income into your loan payment and make a profit on top of it right away. It may mean paying more upfront for a turnkey apartment or home, but in the long run it means better stability and a bigger profit for you and your family.
Buying the Right Place
When purchasing a property you intend to turn into a rental, clearly you need to find a place that will be in high demand. You can start by looking in urban areas, particularly near city centres such as financial districts, waterfronts, and more. Nobody likes a long commute and competition for apartments near jobs or near beautiful views is always high.
You also want to find a home that is tenant ready. Even experienced handymen should think twice before investing their money into fixer-uppers, since the amount of fixing-upping required may be significantly higher than you anticipate. Instead, ask your Western Australian property investment consultant for the inside scoop on new construction in areas that are soon to be the next big thing.
Building a Balanced Portfolio
Once your first investment has started turning a profit, you can roll that over into purchasing the next property, and the next one after that. Owning more than one rental unit not only produces more income, it insulates you from the risk of having an apartment stand empty or needing to lower your rental rate. With multiple properties producing income, you can afford to let one stand empty a little longer in order to find the right tenant. Ask you Western Australia property investment consultant about how you can balance long term investments with short term rental profit.