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The first step to investing in any property is deciding the kind of property you want to buy. The type of property you are looking for might be dependent on a number of factors including:
- Whether you want to rent it out or live in it yourself.
- Your budget range.
- Whether you are buying it as an investment property or as your first home.
- The type of lifestyle you want to live.
Once you have decided on these criteria, the next step is to find an agent specialise in selling that type of property. For example, if you’re looking for apartments for sale, then look for a real estate company that specialises in selling apartments/flats and has experience dealing with first-time buyers.
Consider the location
You should choose where to buy your property based on location. The right location will maximise the rental price, reduce vacancy times, and increase the value of the property. Location is a factor that you can’t change, so it’s best to invest in the right location from the start.
The type of property that you are investing in is also important. Is it an apartment? A duplex? A house? Each has its advantages and disadvantages and each one is not suitable for every investor. Your location and type of property work together to determine how much money you will make from your investment.
Never spend money on the property unless it’s proving a sound investment.
Many beginners will spend too much money on their first property. Investing in a property that isn’t generating you enough income is one of the biggest mistakes to make as a new investor and can also open you up to lawsuits if you aren’t careful. Make sure that your property is profitable before investing, and always be mindful of how much cash flow you are making with each investment.
Example: You invest in a duplex worth $200,000 and pay $20,000 for it down. Your monthly income from the rent is $1,200 and your mortgage payment is $1,000 per month. In this case, you are making a profit of $200 every month (or about 10% on your original investment).