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Costs, pitfalls, and rewards of becoming a property investor
In this episode of the First Property Buyer Show, host Emile Lauer dives deep with Paul Mollica, principal property strategist at Wealthkey Property, to uncover the practical realities, strategies, and pitfalls that first-time Australian investors face when stepping onto the property ladder.
Mollica shares his own journey, beginning in the late 1990s when property prices and building costs were far lower, highlighting the role of family support and compromise in getting started.
He stresses that first-time buyers must view property ownership as a journey, often requiring trade-offs on location or property type. Understanding the full financial picture – including rates, maintenance, insurance, and borrowing limits – is essential for sustainable investing.
Mollica also discusses strategies like rentvesting and the responsibilities of being a landlord, such as ensuring safety and regulatory compliance.
When choosing property, he advises considering areas with limited new supply and favourable demographics to enhance long-term value.
Working with a competent property manager is crucial, especially for investors dealing with multiple locations and regulatory variations.
He encourages aspiring investors to approach property with careful planning, knowledge, and patience, showing that with the right strategy, property investment can be a rewarding path to growth and financial security.
