Hi KP, I was in the industry as you were, thankfully now retired. There are imo a few keys to be a successful property investor.
RESEARCH RESEARCH and more RESEARCH. You need to be totally committed to make it work. Ignore all the idiots who call you leaches etc
Water off a ducks back, no landlords=no rentals. The government are not interested..
Find an amazing property manager, this is key! We had an awful one for a few years. Treat them well.
A great accountant, makes so much difference. You need to really understand why you are investing.
DONT GIVE UP as soon as you have crap tenants. I think it is essential to have landlords protection insurance.
Be fair to your tenants, attend to genuine problems immediately. You must treat it as a business, do not try to befriend your tenants.
I noticed a few comments here from people who wanted to be self funded retirees. We have achieved this. Through good and bad times. We always put any, even tiny spare funds into paying down mortgages. When we were younger, we rolled up our sleeves and worked our butts off to improve older properties.
This is not a sin, it was just our work ethic which we always had. Often turning pretty unliveable country properties into decent homes.
It is pretty difficult atm, when inflation on property prices has made it much more difficult. But I believe in commitment and hard work.
Again a very good property manager is essential. Look after your tenants and many stay for years.
Slag me off, some of you, but I don’t care. I left school and home at aged 15 to save my life. I know what it is like to be hungry and broke.
