Are you thinking of acquiring a group of investment properties? If you’re planning to purchase properties, either in different areas or in the same building, you are building your own property portfolio, developing a property business.
Like any business, you need a plan – a strategy. Think firstly about your goal. What is it that you want to achieve with the property business? Is it investment for equity, a retirement income, or a legacy for your children and grandchildren? Think carefully about your financial objectives first and foremost.
Whether you start big (buying multiple properties) or you start small (buying just one property), it is important that you build your business sustainably. You need to choose your first investment wisely. If you buy property in need of repairs or refurbishment, think carefully and wisely. Ensure you immediately get a return for your money.
Ensure that you look after your tenants by being the first to abide by your own rules – the tenancy agreement. Good landlords generally get good tenants. Keep an eye on maintenance because the more you neglect the property, the more it will drain your finances. Don’t allow the property to drop in value. So it’s important that you choose the right tenant.
Your goal at the start of your project will dictate the growth and exit of your business. Make sensible decisions along the way and you’ll have an excellent return for your investment. You might decide to buy several properties to rent out or to refurbish and increase in value. Your goal is as important as your exit – you need a strategy for both.
If you do decide to have a property portfolio, think carefully about your goal and how you’d like to make an exit. You have several options and these could be discussed with a business expert and property lawyer. Please get in touch for a no commitment initial discussion. SG
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