How To Get Your First Investment Rental

Getting your hands on your first rental property can be a challenge. It doesn’t matter if it’s a city as vibrant as Perth or one that’s supposedly dying like Detroit. Some problems persist when you are trying to break into the investment property arena.

Fortunately, it isn’t impossible. Yes, the process is very capital-intensive if you don’t already have properties, but it isn’t impossible. Here is a reliable process on how to break into the game. All you need to do is adapt to the specific details as they arise.

First, you want to know what you’re getting into. Learn about real estate.

Look up terms on sites like Investopedia. Read books on the market in general. Read articles on what it’s like where you’re seeking to invest. Admit you know nothing and ask experts and professionals in the field, from brokers to bankers to other investors.

Most of all, be sure to listen. Don’t regurgitate information you picked up in a book. Instead, talk to people and ask the winners how they made their money in real estate. Practical know-how will often serve you better than academic understanding, but you still need to know the industry terms.

Don’t look at percentages.

Instead, consider whether or not you achieved an objective. This is true whether you reject 99% of every property you check out or if you keep failing at getting deals you want. Results, not percentages, are essential.

Don’t spread yourself thin. Focus on one strategy and stick to it.

In most investments, you want to spread your money around. You don’t want to concentrate only on bottled water only for the market to suddenly tank. When it comes to investment properties, this isn’t the best way to handle things.

If you are going around renting this apartment out, waiting for this house to appreciate in price, and flipping a few units downtown, you are spreading yourself thing. It may feel like you’re set to make more money, but you’re not. You are only giving yourself a set of goals you cannot achieve.

Find an investor.

One easy way to do this is to talk about your goals. There is nothing wrong with mentioning what you are doing and what you are trying to achieve when people ask. Sooner or later, word of your real estate goals will make their way to someone who can invest.

Before you find someone willing to help financially, you should have answers to his questions. This will involve more terminology. It also includes answering his likely first question: how much money will I make if I help you?

You know the game. You have the money. You have a goal. Now you just need to buy the property and lease it out.

There will be paperwork involved in this. You and your investor might need to file some to be considered a business entity. You’re going to need contractors to renovate the place. There will be paperwork involved when someone leases the property.

Finally, be persistent.

Investment properties do not make money dramatically. It takes time, and you need to be persistent if you want to make the most of it.

Do you require more advice? Go home, and you’ll find more.

The Rental Market 2017 in Perth

For many years now, people have been snubbing the Perth housing market. Real estate investors just did not think it wise to invest in the city. There’s a housing shortage problem now as a result of that.

According to the data, the Perth real estate market is changing. The numbers suggest that the city is making a comeback in the wake of the mining sector’s downturn. The median price lifted nearly two percent in December, and projections indicate price growth.

Again, back in December, Perth had the third strongest real estate growth across Australia. That was the second month in a row where the city experienced an increase in median house price. Analysts think this indicates that the market already hit rock bottom and is now going back up.

Perth’s housing market has surprised experts. Most of the state of Western Australia has been in an economic malaise, yet the city’s housing remains incredibly resilient.

Concerns about prices falling like lead balloons turned out to be untrue. The price didn’t drop that far, despite seeing more than a few falls. Highly desirable suburb areas around Perth may not command as high prices as they did before, but not to the disastrous level originally predicted.

What does this mean? It means people are starting to buy again.

The prices are just low enough that people can get into the market. However, they’re not so low as to suggest they’re not going back up. With the trend going upwards slowly, it is a good time to step in.

One of the benefits of buying now is that there is less competition than normal. Investment properties and homes in Perth are still not in high demand. That may change if the market revitalises later in 2017. For now, though, there is still plenty of room.

Experts suggest that the “competition” will only heat up in the second half of this year.

However, there is a chance it might happen earlier. Buyer activity in the city is on the increase. Listings are growing. Similar markets along the west coast are also starting to fire up, which could be indicative of the Perth market’s future.

One of the crucial elements of this is the perception that prices can’t go much lower. The market has bottomed out, and that is usually a signal for a change in the market.

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Local listings

Perth is a great city for tourists. The people are welcoming, the city vibrant, and the area filled to the brim with interesting sights, sounds, and people. There’s plenty of ways to enjoy it for people who want to just “see the sights.”

If you’re into that, booking a hotel and a city tour or two is easy. However, it won’t give you a good view of the life and character of Perth. For folks that want to dig into a place like Perth, there is the “boots on the ground” approach.

However, even if you don’t bother with a tour and just wander around, you still need a place to stay. With that in mind, what are the best places to get short-stay accommodations in Perth? Which of those are best if you’re on vacation?

Airbnb is probably the one you’ve all heard about at this point.

The website is a great resource for listings of homes, apartments, and the like in virtually any city in the world. The team behind it does vetting and checking for every listing, and the peer review system helps in making decisions. Best of all is that you’re living as the locals do, making for a better experience.

The biggest problem with Airbnb, though, is that a lot of it is subjective. Is this apartment “walking distance” from Perth’s major attractions? It might be for some, but not for others. There’s also the fact that cancellation fees can be very steep, making it less attractive for people whose plans might change.

Roomarama is an alternative. The site is geared towards short-term accommodations and rentals. Most of them advertise openly whether or not they’re within reach of a destination or attraction. As with Airbnb, someone does the checking to make sure all the listings are on the up and up.

Prices can be tricky with roomarama. Some are reasonable in price. Some rooms may seem overpriced for their accommodations or location.

For locals, a site like Apartment Guide can also be helpful. These sites usually cater to people looking for long-term rentals, but short-term stays are also an option.

However, this method isn’t a good move for tourists. The sites like apartment guide are geared towards locals, or at least those who are close by. The listings are not meant for international travellers, and there are times when this comes into play.

HomeAway is also an alternative. The site lists apartments, homes, and the like that can be rented out. It’s geared for international travellers and tourists and puts you in contact with either the owners or the property managers so that you can work out a deal.

Another site that does this is Short Term Housing.

The catch is that both HomeAway and Short Term Housing are less secure than Airbnb, arguably. Whereas Airbnb recommends contacting your host through their site to make conversations secure, HomeAway and Short Term Housing leave you to contact hosts on your own.

While this may not seem like a problem, if you don’t like giving away your personal information, it will be. Still, that decision is ultimately yours to make.

Finally, there are the local property rental listings like WA Stay Properties. These don’t have the listings that a bigger site would, but they’re great if you’re looking for a more local accommodation feel. The options may be a bit more limited, but the quality is usually still on the high end.

Where you stay when you go on vacation in Perth is up to you. Short-term rentals and accommodations are a great choice if you don’t plan to stay very long.

Top Tips for Moving House in Perth

Moving can be a very dreadful experience especially when you don’t know what you are doing. This is understood especially when it’s your first time.

But it pays to be prepared. A lot.

I guess one of the worst reasons why people hate moving is because they think its costs too much.

It costs too much money.

It costs too much time.

It costs too much energy.

But did you know that this is not how it’s supposed to be?

Well, what I am trying to say is that with enough preparation, you can move with as little budget possible without overexerting yourself?

Planning on Moving

Just like any endeavor, planning is crucial in moving house. As a matter of fact, without a proper plan, you might end up spending more and doing more. Ask people around you, they will say that not planning is the worst thing you can do.

So what are the best tips one can get when moving house? Look no further because we have listed all of them here.

Top Tips in Moving House in Perth

  1. Get your Removalists first. – When thinking about moving, the first thing you should think about is the actual “moving” part. Of course you can always do it yourself but wouldn’t that be too troublesome and you can even damage some of your stuff? That’s why the first thing you should get is a trusted removalist. A removal company will do the grunt work for you. Most of the time, getting a good removalist removes all the problems you can encounter when doing the move yourself because they have all the things you sorely need: the people who will help you move, the expertise to move your stuff safely, and the transportation to get your stuff from one place to the other.
  2. List down everything you have – Although getting a removal company takes away 90% of the job for you, this doesn’t mean you can just sit back and relax. As a responsible owner, you should make a list of all the things you have. This list can work for both you and the removal company. As he owner, you will have a good idea of what you have and what needs insurance (if needed). For a removal company, they can double check that they have everything packed and moved for you.
  3. Dispose of the stuff you don’t need – Just because you are moving house does not mean you have to take the whole house with you. Oftentimes, we have items that we will no longer need in the new home and you just have to get rid of them. This won’t mean having to throw them away. For stuff that are still useable, you can donate them to charity. Not only will it help the needy, it can also reduce the stuff you need to move.
  4. Return stuff you borrowed – One last thing, please do your best to return all the stuff you borrowed. That last thing your previous neighbor needs is a chilling realization that you haven’t returned the sander you borrowed last summer. It also gives you a chance to say goodbye to the good people you once shared a street, apartment, or block with.

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Is the Rental Property a Good Deal?

It’s hard to always second guess yourself. When you go making decisions all the time, you end up beating yourself over a decision you made.

So how do you get over this?

Well, you get better at making decisions. See, the thing with buying rental properties is that there is a good way for you to find out if it is a nice deal or not. Here’s a short video outlining the stuff you need to consider when leasing rental properties.

 

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