In this article:
An excerpt from Andrew Morello's eBook The Morello Matrix: your guide to property investment. Andrew, the winner of the first series of Celebrity Apprentice Australia, provides his comprehensive personal approach to buying real estate and building a property portfolio.
To get your free copy of the full Morello Matrix eBook visit www.ybr.com.au/morellomatrix
I consult the experts for advice. With property, there’s paperwork and tax considerations that can be a big headache if things go wrong. I use the expertise of mortgage brokers, accountants, depreciation experts, and conveyancers to make the journey smoother.
Aim to have a winning attitude. Many people fail to make the leap into property because they can think of many reasons not to buy. Practice turning that around: start thinking about how you’re going to build wealth. Focus on what the property must have, the rent it could earn and what price you’re willing to pay based on suburb averages and rental returns, also known as rental yield.
Doing Your Homework
To play the property game, start by immersing yourself in everything property:
- Look in real estate windows.
- Subscribe to agents’ newsletters and catalogues.
- Look at the property pages in your local newspapers and attend open houses and auctions.
- Talk to agents and auctioneers. Become a collector of intelligence on property by following an area, street, or type of house.
- Do your homework so you know an opportunity when it appears.
- Start by getting online and subscribing to the factual statistics and reports that exist.
There are plenty of sources for real estate information freely available these days.