This means that essentially, if you are the successful bidder on the day, you are legally required to sign the contract and pay the deposit immediately.
There is no turning back, no second-guesses – you must move forward with the sale.
As you can imagine, this means it’s even more important for you to do thorough due diligence and preparation before auction day, because you need to be 100% certain that the deal stacks up.
When you invest in property, you’re basically creating your own small business. You have an asset, being the property, which produces an income and you have outgoings such as mortgage interest payments that you need to cover.
Part of running a business is finding the right experts to work with you and I truly believe that your property manager is one of the most important people on your team.
I always say that before you even think about researching your next property deal, you need to have all of your finance “ducks in a row”, so to speak.
It pays to get your funding organised well before you begin shopping, or you might end up sorely disappointed when you miss out on a prime property investment because you miscalculated your borrowing capacity.
To give yourself the best chance of a smooth and hassle-free finance journey, I recommend you do the following five things.
When it comes to taking control of your personal finances, the sad reality is, most people prefer to bury their head in the sand.
In fact, when I surveyed thousands of property investors about budgeting, 54% said they had no budget at all. Imagine that – more than one in two do not monitor their spending!
I can empathise. It can be confronting and uncomfortable to face the reality of your own financial situation. Personally, I avoided it for a long time, living on credit cards and personal loans and ignoring the fact that my savings account balance never rose above $1,000.
When it comes to taking control of your personal finances, the sad reality is, most people prefer to bury their head in the sand.
In fact, when I surveyed thousands of property investors about budgeting, 54% said they had no budget at all. Imagine that – more than one in two do not monitor their spending!
I can empathise. It can be confronting and uncomfortable to face the reality of your own financial situation. Personally, I avoided it for a long time, living on credit cards and personal loans and ignoring the fact that my savings account balance never rose above $1,000.
