Choosing the right property

Send us Fan MailHow to choose the right property? So you have made the decision to invest in a property! Great, but now you have to make sure you choose the correct property. On this episode we go through the steps on how to choose the right property3:55 - Step 1, Start with the end in mind, setting a goal 5:15 - Step 2, Obtaining and securing finance  7:20 - Step 3, Building a strategy 9:00 - Step 4, Do your numbers!9:15 – Cash Flow is KING!9:45 – Example of doing your numbersPurchase Price of Property: $500,000 Stamp Duty and other costs: $20,000 Amount Borrowed: $520,000 Rental Income Received: $450 per weekOngoing Costs Interest Cost @ 5.00% p.a: $26,000 Rates: $1,500 Land Tax: $804.00  Agents Fee @ 7%: $1,638 Insurance: $500Total Costs: $30,422 Less Rent: $23,400 ($450 per week x 52) Annual Shortfall: $7,022 Less tax deduction: $3,160 (assuming a tax rate of 45%) Annual after Tax cost: $3,862 or the equivalent of $74.26 each weekProperty Calculator Australia APP Download linkAndroid - https://play.google.com/store/apps/details?id=com.propertycalculator&hl=en Apple - https://itunes.apple.com/au/app/property-calculator-australia/id1048864391?mt=8 15:10 - Step 5, Research! (Research is not Searching)16:00 – Owner Occupiers are price makers; Investors are price takers!19:00 - Location does 80% off the heavy lifting!19:50 - Scarcity is very important, You cant build more land!22: 10 - Link to Sydney radius image on SocialsFB - https://www.facebook.com/firstbrickproperty/posts/166499164763340 Insta - https://www.instagram.com/p/B78CrhUhd0K/?utm_source=ig_web_copy_link22:20 - Gentrification, What is it? How do you spot it? Why is it important?26:00 - Step 5, Know where you are investing27:25 - Some data points to look at when researching 30:45 - Step 6, Do your due diligence 34:20 – Special Show offer!In Summary, the 6 points to factor in when choosing the right property1.      Start with the end in mind2.      Obtaining finance3.      Build a strategy4.      Do your numbers5.      Research6.      Due Diligence Buying property is our passion, helping you do it is our mission!Send us your questions, topic requests or guest speaker requests to our socials or our email [email protected]: linkedin.com/company/first-brick-property-buyers-agency Facebook: https://www.facebook.com/firstbrickproperty/ Instagram: https://www.instagram.com/firstbrickpropertybuyers/ Youtube: https://www.youtube.com/channel/UC1VA1YM1_BDZW7whNc4kFVg TikTok: https://lnkd.in/gsRBgXC