The holiday season a perfect time to catch up on reading. If you're typically a nonfiction reader, your reading time can be put to good use by learning more about property investment in Australia. Here's our list of property investment books that will help you learn while you recharge for 2019.
From 0 to 130 properties in 3.5 years - Steve McKnight
Steve McKnight's From 0 to 130 Properties in 3.5 Yearsis an inspiring read that shows readers how McKnight and his business partner built their portfolio. The book includes details about the individual properties that make up their portfolio and an outline of the numbers on each property. If you're aiming to build a cash flow positive portfolio, this book will help you understand the numbers and Australia's property market, while sharing details about how to effectively manage your finances.
How to Create an Income for Life - Margaret Lomas
Margaret Lomas has written several books about property investment, particularly positive cash flow properties. In How to Create an Income for Life, Lomas discusses not only how to build a cash flow positive portfolio, but she also touches on how to achieve financial freedom.
Rich Dad's Guide to Investing - Robert Kiyosaki
No investment reading list would be completed without Robert Kiyosaki's books! Covering investing in general, Kiyosaki's Rich Dad's Guide to Investing provides an insight into share trading and how to approach your property investing with a business-focused mindset. Following on from his first two books, Rich Dad, Poor Dad and The Cash Flow Quadrant, Kiyosaki's books will help you understand investment principles that stand the test of time across all asset classes.
Your Property Success with Renovation - Jane Slack-Smith
If you're keen to get your hands dirty, finding renovators can be an excellent way to enter the property investment market. In Your Property Success with Renovation, Jane Slack-Smith details the foundational principles of effective investing. Slack-Smith then covers how you can build a profitable portfolio by renovating properties.
The Advanced Guide to Real Estate Investing by Ken McElroy
Ken McElroy's, The Advanced Guide to Real Estate Investing is a helpful book for seasoned property investors. In this book, McElroy shows readers how to think and operate like a property mogul. He covers things like identifying profitable deals, effective tax structures, and how multi-family housing can help you build your portfolio.
As a property investor, there's a lot you need to manage every day. We as your property manager take care of most of the everyday administration of the property, there are a few key things you need to do for your portfolio to be set up for long-term growth. Here are 4 things you need to do to stay focused and avoid financial pitfalls in your portfolio.
Be diligent with maintenance
It may be tempting to hold off on replacing the old oven or dishwasher that continually breaks to save money, but it could turn into a costly problem later. When you purchase an investment property, it is advisable to set up a regular maintenance schedule with your property manager and/or accountant. Having a regular maintenance schedule for your included fixtures and furnishings, routine inspections and exterior property maintenance will keep your property in good condition; We can assist with this forward planning of the maintenance by withholding weekly amounts of your weekly rental disbursement, for example, $10 per week. Keeping your property in good condition is also crucial for attracting quality tenants who pay their rent on time.
Decide between self-managed or professionally managed
Fancy managing your portfolio yourself? When you're making this decision, weigh up how much time and energy you're likely to spend on managing your portfolio and if this is something best left for a professional. Sure, if you have the time in your week self-managing your property may work for you but if this is something you know you won't be diligent about, the property management fees will outweigh problems as a result of pitfalls found whilst self managing your properties.
Focus on your portfolio's individual needs
When the recent mining boom happened in Queensland, some investors entered this market at the height of the boom. Unfortunately, at this point, there was only one-way property prices in these regions were going. When particular regions or cities are growing rapidly, make sure you seek the advice of an experienced professional, conduct your own due diligence reports - analyse and objectively weigh up if the investment will be reflective of your long-term investment goals.
Play the long game
This builds on the last point. When you set out building your portfolio, we all know property is a long-game. Yes, we've seen people make astronomical returns in Melbourne and Sydney in recent years but buying in the hope to flip the property for a profit in a few years could be futile unless you have a specific and tested strategy. Property investing, in general, is something that requires a long-term focus. Make sure you determine your long-term goals with a trusted advisor when you first establishing your portfolio. With a long-term strategy in place from the outset, this will give you something to guide your decision-making for future investments.
Property investing is an excellent vehicle for building long-term wealth. Make sure you're making decisions for the benefit of your individual portfolio and surround yourself with experts who you trust.
Call us at anytime to discuss in depth your property requirements and how we can assist you in building your successful property portfolio.
Q STATE PROPERTIES
Ph: 1300 Q STATE