Two years into his property investment journey, Taku Ekanayake have already built a six-property strong portfolio through hard work, good education, the best mentors and consistent goal-setting.
Talking to Smart Property Investment, the young investor shares some of the most important lessons he has learnt – from goal-setting to renovation, property management and financing.
What's your number one tip for goal setting?
Taku Ekanayake: Number one tip for goal setting, have a timeline. Make it really specific as well, and write it down everyday in the morning, in the night, so it’s at the top of your mind all the time.
Your number one tip for buying investment properties?
Taku Ekanayake: Always buy something that you can add value to and buy below market value. It’s easier said than done, of course. You need to know the area and you need to know your numbers, but you got to make money on the way in.
Your number one tip for renovating investment properties?
Taku Ekanayake: Don’t overcapitalise. A lot of the areas that I’m investing in are bread and butter areas, so I’m not gonna put a nice marble tabletop on my kitchen. I’m just gonna Laminex it, keep it pretty simple because it’s going to appeal to that crowd.
How about your number one tip for property management?
Taku Ekanayake: They have to have good communication, both email, over the phone. Also, do a couple of referrals to people that are already existing clients with the property managers.
Finally, your number one tip for financing investment properties other than get a good broker?
Taku Ekanayake: Twelve per cent sweet spot, that’s certainly one. I guess in the initial stages, especially if you’re on the younger side such as myself, I’d say leverage yourself a little bit more than what you’re comfortable with. I guess that’s one of the beauties of property as well, is that you can leverage your money.
Tune in to Taku Ekanayake’s episode in The Smart Property Investment Show to know more about managing your properties, picking the right mortgage broker and many more.