There is a first time for everything!
Anything that you do first time holds a special place in your heart forever. But don’t let your emotions drive you. So when we talk about your first investment property, it is important to realize that it is a huge task to manage it efficiently. This property is like a stepping stone in your journey of financial prosperity.
In this episode, We i.e. Moxin Reza and Cheryl discuss the key things to know when managing your first investment property. Actually, it is immensely important to have a property plan in place, along with finding the right professionals (such as accountant, mortgage broker, property manager), and considering out-of-pocket expenses such as stamp duty, loan setup costs, and lender’s mortgage insurance.
While staying on the same topic, we discussed the importance of pre-purchase planning and understanding the out-of-pocket expenses associated with buying an investment property. And not to forget the need for thorough inspections and the potential for negotiation based on inspection findings.
When you are on your first investment property, you need to understand the importance of cash flow management, including budgeting, tax planning, and having financial buffers in place. These can make or break your property portfolio future ass you need to monitor the operations of your first property so that you can make strategic decisions to leverage equity for future purchases.
Click on the link below to download Australian Bestseller “A Millennial’s Guide to Property Investing” now!
https://info.helpmebuy.com.au/millennials-guide-property-investing
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Episode Highlights:
- 00:00 Welcome to Helpmebuy Property Podcast
- 05:43 Navigating the Challenges of First-Time Property Investment
- 15:08 Strategic Property Planning and Financial Strategies
- 25:13 Cost Considerations and Financial Strategies
- 45:23 The Importance of Expert Advice and Proactive Monitoring
