I've been trying to find a step-by-step process one can follow in investing in properties. What I will be doing is I will search for procedures in books, magazines and other sources and try to consolidate what I've been learning in this post. Consequently, this means this post will continue to evolve as I learn.
Below is a process one can follow in investing in properties. This is basically an outline. Details will be provided on succeeding posts which will also be linked to/from this post.
Below is a process one can follow in investing in properties. This is basically an outline. Details will be provided on succeeding posts which will also be linked to/from this post.
- Identify what you want to buy.
- Search for properties in your area that fit your criteria.
- Assemble your team of professionals.
- Educate yourself on the values properties in your area.
- Find a good deal.
- Negotiate the price and have your offer accepted.
- Do your full due diligence.
- Simultaneously, have your financed approved.
- Loan Repayment Reduction: Your mortgage or interest repayments will be largest expense you will have in your property investing journey. So it is worthwhile to investigate means to reduce these repayments to make sure your investment is profitable. Check out the tips I found to reduce your mortgage or interest repayments.
- Exchange contracts with the vendor.
- Take out insurance.
- Appoint your property manager.
- Settlement.
- Tying up loose ends.
- Post-purchase management.
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