You’re busy, right?

Working long hours, maybe you have kids, there’s no spare time in your action and scheduled packed life.

I know the feeling!  It’s so very easy to get caught up in the day to day hectic pace of life and to forget to plan and take action for the future.  There are so many times when I speak to people who had planned to buy an investment property, whether it’s their first or their fifth, but they just haven’t got around to it.

Meanwhile, the market continues to move and they have missed out on important capital growth or opportunity.

If this sounds familiar then here are some tips to help you get going.

  1.  Set a date to purchase – this is the key, without a deadline, in your busy life, it’s just not going to happen, it doesn’t get priority.
  2. Write out an action list – this list may look a little different depending on whether you are going to undertake the project by yourself or if you are planning to engage a buyer’s agent.  Either way, I’ve put a sample list below to help you on your way!
  3. Put your key milestones into your calendar – this will help to keep it visible to you and keep  you accountable to your commitment.
  4. Get purchase ready- this is a key step before commencing, get your ducks in a row, particularly around your purchase entity and finances.  You should liaise with professionals on these things!
  5. Get going!  This is where the magic is, putting your plan into action.  Don’t stop your momentum, keep to your dates!

Your sample action list

I’ve put together a list of actions for you, just to help you out!  Obviously you can amend to suit your needs!

Undertaking project on your own

(Expected timeframe:  4 – 12 months)

  • Get purchase ready
    • Determine purchase entity
    • Engage a broker
    • Arrange pre-approval
    • Ensure funds for deposit and costs are in accessible location
  • Determine your criteria
    • What is your goal with the property?
    • What is your budget?
    • What are your must haves and nice to haves?
  • Determine your location
    • Analyse locations to identify target suburbs that meet your goals and budget
  • Get to know the market in your selected location (may take a little while)
    • Review recent sales history
    • Inspect properties (lots) to get to know pricing and expectations of the area
    • Make contact and relationships with agents
  • Inspect and analyse properties
    • Inspect
    • Due diligence – street, location, property, surrounds
  • Make offers and purchase!
    • May take a few to get one, so don’t give up!
  • Manage contract process
    • Building and pest
    • Finance
    • Any other conditions
    • Pre-settlement inspection
  • Engage property manager
    • Research for best PMs in the area
    • Engage a property PM

Using a buyer’s agent

(Expected timeframe: 1 – 3 months)

  • Get purchase ready
    • Determine purchase entity
    • Engage a broker
    • Arrange pre-approval
    • Ensure funds for deposit and costs are in accessible location
  • Engage a buyer’s agent
    • Research for best BAs in the area
    • Engage BA