TIPS FOR BUYING AN INVESTMENT PROPERTY

  • Emotions – we often see an investment property as OUR home and let emotions get involved BUT investing in property needs to be run like a small business with TENANTS being your new customers. Like any business, NO customers mean NO income, so apply the same rule with your investments.
  • Who are your customers (AKA TENANTS) Look at who is moving to or around the area For example, if it is young families look at 3 -4 bedroom HOUSES with a yard (often big enough for a swing set or trampoline), what schools are in the area, (public are often zoned) and distance to shops and public transport. As the saying goes LOCATION LOCATION LOCATION. This saying is true, buying in a good area will bring good quality tenants with it.
  • What does purchasing an investment property really cost A good mortgage broker will be able to help you with this.

     - Mortgage fees (application etc mortgage insurance)
     - Rates (per quarter)
     - Landlord insurance (this includes building insurance)
     - Property Management fees (Ask me about a good deal to start you off)
     - Repairs – yes you do have to maintain the property. Leaving maintenance can cause good tenants to leave (this costs you) and often a larger repair bill in the long run (often with an untenanted property whilst this is being done).
     - Strata fees.
  • Poor cash flow management Is the property going to bleed you dry every week Do you have the extra income to support the expenses.
  • We love the bare foot investor here at XEN, so all of you with your orange everyday cards know what I’m talking about when I say have a MOJO account for your investment properties is important. One for each with enough rent money in it for three months. This is your in case of emergency funds. This is for all the blood pressure raising bills that come in.
  • Positively gear!! Well what’s that? It makes money for you, and who doesn’t love not having to pay the bank all of your rental income! Yes, you most likely have to pay tax but if you are paying tax, you are making a profit! 
  • So it all looks to hard!!!!!!

    Well if you purchased a house for $450,000, in just one year it would have (Port Macquarie yearly growth of 8% ATM) made $36,000 on the property. Can you see what happens in 10 years at the common 5% regional growth = $250,000!!!!!. Now you can see how people get ahead with property. As my mortgage broker says, “How long would it take you to save that” I say NEVER as I’m not a good saver. I just love property.

    Some of our investors are purchasing in the area planning for their retirement in 10 years.

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FINANCE INFORMATION

Get landlord insurance today, to make sure you & your families future is secure against tenant-related risks including loss of rental income, and loss or damage by tenants to your building and contents.

TRANSFERRING YOUR PROPERTY TO XEN

When most landlords think about changing property managers the mostly common thought is “aren’t all real estates the same” and I was one of them. This is how XEN Property Management was born, an innovative Property Management service doing it differently.

Can I change property management? YES and it’s as easy as 1,2,3

1. All you have to do is send a letter to your current property management agency informing them you are ending your agreement between yourself and them. We will provide you with this letter and send it for you. Please note that most agreements require 30 days notice to end the current agreement.

2. Sign a management agreement with Xen Property Management. For convenience, if you wish at any time to end your agreement with us you are only locked in for 7 days, not the normal 30 days.

3. Provide us with bank account details where you would like your rent transferred into.

Yep, that’s right, TWO signatures and that’s it and in 30 days, you will be enjoying the Xen way and we’re sure your tenants will too.

Happy Landlord & Happy Tenants = XEN

LANDLORD INSURANCE

Get landlord insurance today, to make sure you & your families future is secure against tenant-related risks including loss of rental income, and loss or damage by tenants to your building and contents.

RENTAL APPRAISAL

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We will get back to you as soon as we see it!