Earlier we wrote about how you can get into real estate investing at 20. Since then I’ve been asked by people what to do once they have the fundamentals in order.

In this article we’re going to give you some real world advice that you can follow as soon as you finish reading, we are also going to ask anyone thinking of investing in Adelaide to get in contact with us so we can use our expertise to help you find the right investment opportunity.

So let’s get straight to it.

1. GET YOUR FINANCES IN ORDER
   We’ve already said this in my last blog post, but it really is the most important part of real estate investing. Having a solid financial base, including proof you can save and pay your debts on time, is essential to getting approval for a loan. Speaking of loans…
2. GET PRE-APPROVAL
   Whether you go straight to a lender or decide to use a broker getting pre approval is the smartest thing you can do when you’re ready to buy. Having pre-approval will give you a clear idea of how much you can spend, it will give you confidence in auctions, and it may encourage vendors to sell below their asking price if they know the sale process will go smoothly. We can’t stress this enough: Get pre-approval. We’re more than happy to introduce you to our trusted brokers.
3. DO YOUR HOMEWORK
   You’ll need to do plenty of research to figure out where, and when, to invest. Study the neighbourhood, speak to people who live in the area about how satisfied they are, monitor how long homes remain vacant for. If there is an election on, pay attention to where politicians are promising money. This last part will be hard, as listening to politicians can be harmful to your health, but it will give you an idea what areas are going to see significant improvement in the short and long term.
4. UNDERSTAND YOUR RESPONSIBILITIES, AND LIABILITIES
   Having a handle on your responsibilities as a landlord will save you time and money in the long run. Being a good landlord will mean you attract and keep good tenants, which will ensure you have cash flow while you’re holding onto your property. Your tenants will thank you, and reward you by keeping better care of your property so you’ll have less work to do in the long run. You’ll also avoid many of the liabilities others run into.
5. KNOW HOW YOU’RE GOING TO MANAGE THE PROPERTY
   I’ll be touching on this in more depth next week, but you really need know exactly how you’re going to manage the property after you’ve purchased. Are you going to manage the property yourself, or are you going to seek out experts? If you’re going to manage it yourself do you know enough to maximise your return on investment? Do you know how to properly locate tenants, and do the required background checks? Do you care about this?
6. FOLLOW P.P.I.A.
   Again, I’ve already mentioned this but using the PPIA system really is the easiest way to ensure you can invest confidently in property. Make sure you’ve developed an investment plan, prepared for everything (including what to do after you’ve purchased), invested according to your plan, and are checking the health of your investment regularly.

So there you go, six easy steps you can start following right now. If you’ve got any questions or comments send them through to us. Once you’ve started following these tips get in touch with us and we’ll help you make the right investment decisions.