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11 Steps That Make Finding The Right Property Investment Opportunity Easier

By Kaye Dennan

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Published: 26Feb2010
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When looking for the right investment property opportunity most people would put in more research than if they were setting about finding the right property for family living. Each investor has a different property investment strategy, but at the end of the day an investment property it is supposed to be earning you money, not creating a lifestyle.

Therefore there usually are more considerations to take into account, especially as regards the profit you will make from a property investment when it is going to be added to your property portfolio.

The fact is there are many property investment opportunities on the market at any one time, but whether they are suitable to add to your portfolio or not is the question? If you do not have good property investment strategies in place these opportunities could be here and gone before you are organized.

These 11 steps will make the process of buying an investment property for immediate rental easier and give it more chance of producing the return that is expected.

1. Assess the equity available to put into an investment property.

2. Discuss your situation with a good mortgage broker and find out what monies can be borrowed, which will then give a property price range within which to work.

3. Go back to the business plan and get the criteria for purchasing - the size, transport, how many bathrooms, garages, construction, yard etc and also location details as regards schools, transport and so on.

4. Do some research and find out where a property the size you want for the money you have, is available - at this stage there may need to be an adjustment as you may need to buy in another area than you first intended and that should be OK as long as you do your homework on the real estate in that area.

5. Make a shortlist of areas in which to buy and contact some agents.

6. Make a short list of properties to look at that fit within your criteria.

7. Once you have looked at the properties, make an even shorter list from which to buy.

8. Use online calculators or a property investment program to ensure that you will make the required money from the property of interest and check again it fits your criteria.

9. Make an offer and go to contract (don't forget to use the right buying entity on the contract) and cover yourself with clauses regarding finance and building inspection so that you have an out should you need it

10. Complete all your inspections for pests and so on and get a valuation if needs be.

11. Confirm that all your requirements have been met, finance approved and go to settlement.

Strictly speaking the steps outlined here are pretty standard when purchasing an investment property. You will find that you need to take Steps 1 and 2 each time you wish to buy a property and Step 3 is one that should be in a business plan and therefore be on hand all the time.

Investors find it easier to have a set plan.

If an investor has a set plan to follow when purchasing property it does actually save a lot of time as particular property prices will be more familiar and it is easier to compare one property with another. It means that you are not trying to compare a 3 bedroom townhouse against a 4 bedroom house or 1 bathroom against 3 bathrooms. You can see what I mean here. Each different style of property falls within a certain price range and it is easier and safer to be able to compare one with another comparable one, rather than something quite different.

Using set criteria for purchasing will make finding the right property investment opportunity so much easier and you will not have the need to keep changing your property investment strategies.

With over 15 years being associated with it herself and will help clients for over 10 years, Kaye Dennan is keen to help others with the tips learnt over the years. For more insight into property investing go to Property Investment Know How.

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