{"id":5131,"date":"2015-07-23T07:00:25","date_gmt":"2015-07-22T21:00:25","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5131"},"modified":"2015-07-23T07:00:25","modified_gmt":"2015-07-22T21:00:25","slug":"10-tips-for-first-time-property-investors","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/10-tips-for-first-time-property-investors\/","title":{"rendered":"10 Tips for First time Property Investors – George Raptis"},"content":{"rendered":"

 
\nIf you are a first time investor in today’s show we have the golden rules for you to follow if you don\u2019t want your plans to come to a screaming halt. We talk with\u00a0George Raptis<\/strong>, from Metropole Properties in Sydney.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 Maybe you\u2019ve decided to become a first time investor. Well, congratulations. To help ease the burden as you first start in, George Raptis \u2013 a man with a huge amount of experience \u2013 has helped lots of first time investors get into the market. George, of course, is from Metropole Properties in Sydney.
\nGood day, George.
\nGeorge<\/b>:\u00a0 Hi, Kevin. How are you going?
\nKevin<\/b>:\u00a0 Good, mate. I want you to give me your top ten tips for first time property investors.
\nGeorge<\/b>:\u00a0 Thank you, Kevin. Obviously, the first one is you set clear financial objectives. Never invest in something just because someone else said it was a good thing to do.
\nKevin<\/b>:\u00a0 Not even you, George?
\nGeorge<\/b>:\u00a0 That\u2019s right. Not even me. Investing in property is no different. Take a step back. Make sure you have yourself clear financial goals. For starters, you would have to define what they are and then ask yourself, \u201cWill investing in real estate help me achieve them?\u201d You have to have tangible things like return on investment, cash flow, and timeframe. You also need to consider risk and liquidity factors.
\nThe next thing I would say is treat your investment like a business. Owning a business is like owning a business and you\u2019re the CEO. You have to make sure your business is structured correctly, supported by the right leadership, resources, technical knowledge, and experience, is financially viable, it\u2019s meeting your financial targets, and it complies well with the government rules and regulations. If you think you can\u2019t deliver on these requirements yourself, then you need to hire someone who can or think twice before investing.
\nThe other important thing, Kevin, is some people think they can do it on their own. Seek help. Before taking on what will be probably one of the biggest financial and emotional commitments one will make, make sure you learn about and fully understand the business of property investing.
\nKevin<\/b>:\u00a0 Is this about building a team around you, George?
\nGeorge<\/b>:\u00a0 Correct. Remember, a little knowledge is a dangerous thing. If you don\u2019t invest, you don\u2019t know, and if you don\u2019t get the right advice from sources like trusted family and friends who may have prior investing experience, independent advisors like accountants, property advisors, and financial planners are essential.
\nResearch the market. As part of your education process, make yourself the area expert. Get out there. Hit the pavement. Have a look at what\u2019s selling, what\u2019s not selling, what people like, what they don\u2019t like, and so forth. In other words, get out there, focus on a particular market, and know what\u2019s going on in your local patch.
\nThe next one would be be patient. Invest sensibly. We see so many people rush off and they follow the stampede. They want to do something for the sake of doing it. Don\u2019t rush. You have to balance two competing requirements \u2013 what you want and what your potential renter and buyer wants. Take your time. Consider all the options.
\nAnother thing is capital growth is key. It might be stating the obvious, but you should only buy where there is potential for above-inflation and long-term capital growth. This is where research, education, and wisdom come to the fore.
\nKevin<\/b>:\u00a0 That\u2019s another great reason to take your time with it, George. Isn\u2019t it?
\nGeorge<\/b>:\u00a0 Exactly right. There\u2019s no rush, Kevin.
\nProperty inspection is a must. The last thing you want to do is buy a lemon. How many times do we hear about people buying something off the Internet halfway around the world and when they have a look at it, it\u2019s nothing like what they envisioned it to be?
\nIt\u2019s important that you inspect a property thoroughly with an objective eye, and it\u2019s a good idea to bring some family, friends, or get an unbiased perspective on what\u2019s good and what\u2019s not. If you\u2019re serious about a property, bring in the experts for a structural or pest report just to make sure you\u2019re not buying yourself into a money pit.
\nThe other important thing is cash is king. It\u2019s extremely important that you don\u2019t over-commit yourself financially and that you can afford to own, manage, and maintain your investment property. This means you must prepare both a personal and property budget so you can qualify how much of your own money you\u2019ll have to commit up front as well as everything on an ongoing basis.
\nAvoid these fancy rental guarantees. We\u2019ve heard about these rental guarantees, Kevin. They\u2019re often associated with new property developments. It\u2019s a bit of a marketing ploy \u2013 that little carrot dangling in front of you to entice you to buy. It sounds good in theory that you\u2019ll get a minimum rental return no matter what, but in reality, they have a dubious value. They\u2019re not there for no reason at all. Obviously, they\u2019re trying to entice people with regards to a rental guarantee, and at the end of the day, you\u2019re the one who pays for it.
\nLast but not least, don\u2019t do it all yourself. As a first time investor, it makes sense to get all the advice and help you can get. Sure, you can do it yourself, but unless you have the right level of knowledge and experience, you\u2019re more likely to make mistakes unless you have the support and guidance of a trusted and experienced advisor. Of course, there are costs involved, but you should view this as a way of mitigating your risks and as an investment in your education.
\nKevin<\/b>:\u00a0 Indeed, it is. I\u2019d suggest you go back and have a listen to those words from George because there is so much good advice in there. If you want to not make mistakes when you start out, that\u2019s the way to do it.
\nGeorge, thanks so much for your time and sharing your experience with us, mate.
\nGeorge<\/b>:\u00a0 You\u2019re welcome, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  If you are a first time investor in today’s show we have the golden rules for you to follow if you don\u2019t want your plans to come to a screaming halt. 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