Have you thought about buying rental properties as part of your investment property portfolio? If so, you’re not alone. According to the latest available data from the Australian Bureau of Statistics (ABS), around 2.24 million taxpayers are property investors.
That means approximately 1 in 5 Australian taxpayers now own an investment property. But if you’re new to property investing, how can you find great deals on rentals and residential investment properties?
How to Find Great Deals on Rental Properties
Finding great deals on rental properties is essential for investors who want to maximise returns, reduce financial risk and enhance cash flow. By securing an investment property at a competitive market rate, investors will be better positioned to expand their portfolio and outperform competitors in the future.
So, how can you secure a great property investment deal? The key is to have a clear objective, do thorough research, establish a network and get your financing in order.
Start by clearly defining your investment goals. Are you looking for a stable rental income or a property that will experience long-term growth? Would you prefer to invest in a townhouse, apartment, duplex or a larger house that can be used as a co-living property? Once you’ve established your goals and budget, you’ll have a clear view of how to move forward.
You can use a variety of free real estate websites (e.g., Realestate.com.au, Domain, etc.) to gain valuable market insights. The data these websites provide can be used to analyse market trends, historical data and economic indicators for future growth. This information can help you identify what kind of properties offer the best ROI in specific real estate growth areas.
Work on building relationships with real estate agents, property managers and experts within the Australian real estate investment market. Register to attend industry events and subscribe to businesses that offer valuable market updates and expert tips on property investing.
It pays to stay ahead of the game when investing in real estate rentals. Look for opportunities to explore off-market listings that are not yet publicly advertised on generic real estate platforms. This could give you priority access to hidden investment gems and help you secure a great deal before it gets snatched up by someone else.
Pre-approval is essential to securing a great deal on rentals for investment purposes. Not only will it allow you to accurately calculate your borrowing capacity (to establish a clear budget), but it will also expedite the finance process once you’re ready to make an offer. There’s nothing worse than missing out on an excellent investment opportunity because of unforeseen issues with your loan approval.
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