Once you get a foothold in the property market, the next logical step is to expand and maximise your investment portfolio.
The vast majority of Australian property investors tend to only have a couple of properties. The main obstacle in buying more is the daunting task of having to manage it all, and understandably so. Property is a substantial investment on any scale, particularly for those who are new to the game and perhaps not yet seeing the financial fruits of their investment.
Get the Ball Rolling
Buying your first property is, predictably enough, the key to getting the ball rolling. Investors always maintain that the first property is the most difficult. No doubt there will be mistakes made and, hopefully, learned from which will help to inform your future investments.
Add value to your property wherever possible. Many investors look for properties with the best potential for value increase – that is, bad houses in good locations. By renovating or upgrading, you could increase value exponentially, not just of the sale price but also the rental income.
Keep Your Eye on the Prize
Though you’ll occasionally need to roll up your sleeves and work to get the most out of your property, it is just as important to know when to cut your losses. It’s unlikely that all your investments will be winners, so if you can identify better opportunities elsewhere, there’s no shame in selling.
Property investment advice at every stage of your portfolio is essential. Make sure you speak to the right people and get the right property investment advice by contacting Rass Global Investments..