Finance advice

7 property investment 'wrongs' to avoid next financial year

TroyGunasekera 70x60As we’re experiencing one of the best growth cycles in property in the last 50 years, many investors are flocking to the market to begin, or to add to, their portfolio – but many will be unsuccessful.

Blogger: Troy Gunasekera, national manager, The Property Club

Whilst a large number of Australians dream of having more than one investment property, many first time investors tend to stop at one purchase, largely because of financial difficulty in keeping up with finance commitments and in some circumstances are forced to sell or refinance their property.

Anyone looking to invest in property during the coming financial year needs to be mindful of the most common and easily avoidable mistakes people make.

Too many property investors make simple mistakes with their investments, and then don’t understand down the track why the journey is so difficult and why things go wrong.

Many investors would be much more successful if they took the time to learn about the market, sought solid, professional advice and developed the correct business mindset.

7 wrongs property investors should avoid

1.    Wrong property. The wrong property may lead to long vacancy periods, low rental yields and difficult tenants. Research what the rental demand is for in the area, and invest in what tenants will want rather than what you personally prefer. You may prefer to invest in a house, however there may be more rental demand for units in areas 10km from the CBD. You might also think one-bedders are too small, but these may be preferred in inner-city areas.

2.    Wrong location. The right location should experience capital growth and good rental yields – and is more important than the property. The latter can be improved – the location can’t. “Location is so important that at Property Club, we research the market weekly for areas that are due for growth. Clues to look out for are growth in infrastructure such as roads and public transport, or changes such as population growth. Essentially, it’s areas that are due to have property undersupply, with relatively low future supply coming through, and yet buyer demand is growing,” Troy says.

3.    Wrong tax planning. Ensure you seek an accountant who specialises in property investments, as this will make a significant difference to your cash flow. They should know, for instance, that using the principal part of your repayment to fund a second property will make more money than you will otherwise save in tax.

4.    Wrong funding. Many investors get caught with the wrong loan by committing to a high-fixed interest rate, being charged extra unnecessary fees or having high-break fees and hidden penalties. “I recall Property Club discussing with one investor about the benefits of selecting a 7.5% variable rate which was predicted to come down. He was instead talked into fixing for five years at 12% by the bank manager. It pays to do your research, get professional advice and stick to it,” Troy says.

5.    Wrong tenant.  Many investors experience the nightmare of having a tenant that can’t be evicted or does damage to their property. Look for a property manager who knows how to spot a bad tenant, attends to your every request, is unflappable, can advise you on maximising your rental returns, and has investment properties of their own. When you have a good tenant, consider locking them into to a 12-month agreement, as this will help guarantee your rental income.

6.    Wrong mindset. Investors need to keep a financial perspective, have a firm understanding of the market and make factual decisions. “Property investing is a business – very different from buying your own property. It’s important to maintain a business mindset, where you keep track of the property’s value and rental growth, maintain accurate records, conduct an inspection at least yearly and attend to any council or strata matters that affect the property value and rental returns,” Troy said.

7.    Wrong advice. Most people would never allow a friend or family member do their tax, service their car or even cut their hair. So why, then, when it comes to purchasing a property do so many choose not to seek professional help and instead take advice from family and friends who lack the expertise? Investors need to take advantage of professionals who are active property investors and are experts in their field.


About Troy Gunaskera
TroyGunasekera 340x408Troy Gunasekera is the National Manager of The Property Club, Australia’s largest independent property group guiding members of all ages to become financially independent through investing in property.

With his wife, Troy has an impressive portfolio of properties worth over $5m diversified across Australia. His own investments are the result of his continual research into the latest developments in property finance, interest rates and property markets Australia wide.

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podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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