You are officially a property investor. Congratulations! What’s next?
1. Find a property manager
You’ve done all the hard work of finding a property, now it’s time to get your property manager to take the reins and supercharge your investment. It’s time to start earning some money from your investment!
2. Start your tenant search
Obviously you don’t get paid until you find a tenant so finding a great tenant is crucial! Make sure you are satisfied with the marketing efforts of your agent when you begin your search, chances are your tenant will fall in love with the same features of the home that drew you in to purchase the property.
Listen to your property manager when the applications come in start finding your ideal tenant from the shortlist, references and recommendations are absolutely key in making this decision.
3. Keep track of your paperwork
Get a good filing system from the beginning! Start to collate your monthly reports, condition reports, depreciation schedules, bills, etc. in a safe place so that you can reference it all super simply when it comes to tax time. There is nothing worse than having to scramble for paperwork when you most need it.
4. Keep up good communication
Just because you haven’t heard from your agent doesn’t mean you can’t reach out. It’s always a good idea to have more communication than less. Check in to see if the property is in good condition, are the tenants paying on time, are there any issues you need to be aware of. Taking care of your tenant in this way will make a world of difference to your long term goals in property investment.
If you need any advice regarding the above please contact us at https://www.blackpropertycc.com.au/contact/