It’s time to get investing!
Though they are typically known as a rental market, more and more millennials are starting to invest in real estate. They see the benefits in a tangible investment instead of speculating on the stock market. However, many millennials feel that they can’t afford to purchase an investment property.
With the right knowledge, anyone can start investing in real estate. This is what our property seminars teach you. If you are a millennial looking to invest, here are a few tips to help you get started.
Get your finances in order
There is never a bad time to get a credit check and work on your credit score. This is what banks look at when you request a loan to see how good you are at managing your debt. There are many websites that offer free credit checks, make sure you do your research and choose a reputable one.
Banks also look at your ability to save. Work out a percentage of your monthly salary you feel you could put away each month. This is how most successful investors manage their money. Keep saving until you feel you have enough to start investing
It’s time to network!
In real estate, as in most industries, who you know can be just as important as what you know. Start talking to real estate agents, contractors and seasoned investors to learn more about the industry. Build a strong team who you can turn to with your questions and any doubts you may have. Start building this team before you invest to make sure that you’re always acting on the best advice. This is one of the key benefits of our seminars, you get to network with both experts and fellow prospective investors.
Study the markets
Doing research might not seem as exciting as buying, renovating and selling a house, but it’s an integral part of the process. The more you learn, the more you minimise your risk. Firstly, work out your target price range, find houses in that range on property websites or through estate agents and see which houses in that market sell, how long they take to sell and how often the price reduces. Make sure to choose a neighbourhood that ticks at least a few of the boxes in terms of proximity to public transport, good schools, shopping centres and the CBD. Also, try and ascertain how safe the neighbourhood is and if it’s close to a university or college.
Once you have done all this you are ready to start investing! It is time to go from a perpetual renter to a homeowner and to invest in your future.
Find out more about our free property investment seminars and discover how to get your foot on the first rung of the property ladder.