My proverbial blood is boiling and after reading this article, yours very well could be too! Recently, information has come to light concerning the way Queensland councils blatantly rip off investors – and I have to tell you, the details are not pretty.
A legal stoush has developed between landlords and the Council in Mackay, over the council’s decision to charge investors’ higher rates, simply for being landlords.
I often meet property investors who self-manage their own investment properties. There’s nothing wrong with this at face value – although in my view, good property managers are worth their weight in gold, but that’s another story!
However, it is amazing to me that I meet so many investors who literally give their money away, by not increasing the rent on their properties on a regular basis.
You don’t need to spend a fortune, either. Sometimes, it’s the simplest cosmetic renovations – like a coat of paint, some fresh carpet or new lighting fixtures – that can have the biggest impact.
When you’re shopping for renovation real estate, it’s important to have a vision for what the property could be, rather than what it is. This is where you can lean on your team of experts, such as building and pest inspectors, architects and real estate agents, to work out the most appropriate renovations that will get you “bang for your buck” and suit the demographics of the area.
When Ed and I were starting out as property investors, we made a conscious choice that that, on reflection, was the most life-changing decision we’ve ever made.
That decision was to invest in our own personal financial and real estate education, before we invested in property.
Now, I have to point out that we were not wealthy people at the time, so it wasn’t the easiest decision to make. In fact, we had to borrow money from the bank in a personal loan in order to pay for our property education.
I’ve personally bought many, many properties without personally viewing them myself, because I know that there are ways to reduce the potential dangers.
As an experienced investor, I’ve learnt the right questions to ask, the traps to avoid and the experts to engage to make sure my sight unseen investments stack up.
In saying this, I’ve seen many investors get burnt when buying out of town and it’s usually because they took shortcuts somewhere along the way.
