Investing in a rental property is more likely to give
you what you want if you're operating to some sort of plan as it
can provide a basis for making decisions that are more likely to lead to
your goals.
Setting your property investment goals – keep
asking yourself “why” you want to invest in rental property
to get to the underlying reason and keeping sight of the end rewards can
help you stay motivated in more challenging times.
Understanding your current situation - get
a detailed understanding of your current financial situation (the value
of your assets & liabilities),
the skills you have that will help with rental property ownership, and
your appetite for risk.
Choosing an investment strategy – you
might prefer to buy a property that's ready to rent immediately,
a renovation project, or take the time to look out for a real bargain
such as a mortgagee sale or deceased estate.
For more
helpful information on creating your investment plan, download
this section(PDF 62KB) from our How to buy a rental property guide.