What's Step One in property investment?
I've read through earlier posts, and they're excellent, but what I still don't understand is what the first thing that I have to do is.
All I would like to know is Step One, no more no less, the rest I'm sure I'll figure out soon enough.
Any responses will be greatly appreciated!
Natalie
p.s. I'm a first year Uni student with a crap job and no real cash, and I don't understand investment lingo yet… though I'm reading and learning as we speak.. so please, be gentle.
1. get your personal finances in order; property investing requires a good degree of monetary skill and habits, disciplines, mindsets. Start treating your personal finances like a business and it will flow into your business dealings with you investing.
2. reduce personal debt, learn to live on less and start saving more. The more cash you have behind you the more options you'll have later.
3. get educated about property investing, read lots of books, follow these forums, learn the lingo and start studying the real estate markets; the current climates and predictions. Keeping in touch regularly will help you to identify bargains and good value deals when they occur. Due Diligence is important.
4. find a good mortgage broker, accountant who are experienced in property investing.As you are just starting of it may be an idea for you to use a buyers agent, they will talk you through everything, give ideas etc and find your property for you as well as negotiate the price, money well spent i think as a mistake could cost alot more, just a suggestion. Good luck
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