5 Best Tips For Buying an Investment Property
Property Management fees are on the rise and vary considerably state to state and across localities. Many Investors are choosing to take back control of their properties and self manage them to help increase yield and sometimes due to their Property Manager not performing as expected. so Managing Your Own Investment Property has become the matter of great concern.
While ALL property Management expenses are tax deductible in most cases, the quality of the service can differ greatly and a lazy or ineffective Property Manager can cost you thousands of Dollars.
How to buy an investment property?
Due to the complex legislation that regulates the industry I highly recommend that if you are unhappy with your current Property Manager that you simply find a new one and work through the transition. Ask for references, and try and find a Property Manager that you can relate to easily, Take a look at their rental lists and see how long it is taking to tenant them. While this isn’t an exclusive measure of competence, if you are not seeing the weekly rent discounted after being advertised for 4 weeks consistently it may be a sign that the PM is not in constant contact with the owner talking to them and giving them feedback. Read ADS from the office, you can quickly establish which agents are making a genuine effort in their descriptions and which ones are completely disengaged. Be wary of any Property Manager that mentions things like “we treat the property like it is ours” mmmmm . No one is going treat your property like you…..its just that simple.
If after interviewing a few agents you still want to take the plunge and manage your own property then I hope my 5 top tips may help you in NSW. My tips are not everything you need to know about Property Management, but rather a collaboration of lessons I have learned operating as an investor/Property Manager over many years and also as a result of making LOTS and LOTS of mistakes of my business.
You can check out my Top 5 Tips here. i talk about Managing Your Own Investment Property. I apologise upfront, I am not a good Youtuber but if you can endure me you will find some good tips here. so, let.s learn about our Managing Your Own Investment Property.
Property Investment Tips
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