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43 Steps to Unlimited Success in Property

43 Steps to Unlimited Success in Property . www.renos.com.au | info@renos.com.au | 1300 550 656. Introduction. This is a complete property checklist. Within each step there are sub-steps but this is the overall process of building a property portfolio.

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43 Steps to Unlimited Success in Property

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  1. 43 Steps to Unlimited Success in Property www.renos.com.au | info@renos.com.au | 1300 550 656

  2. Introduction This is a complete property checklist. Within each step there are sub-steps but this is the overall process of building a property portfolio. It puts the whole investment property strategy into a understandable context.

  3. 43 Steps to Unlimited Success in Property • Getting started: Save 10%  offset A/C • Plan your future: Set your goals, Financial Game Plan, 10 years, insert IP’s • Your first property: Buy first home or IP. Keep saving 10% into buffer. If cash poor, consider JV • Financial basics: Loans on vacant land not deductible • Control your finances: Good debt and bad debt

  4. 43 Steps to Unlimited Success in Property • Creating equity: Use offset accounts • The Money Finder: Find excess cash flow • Property Analysis Software: PIA Essential • Loanmaster Matrix: Or Mortgage Broker. How much can you borrow? • Property Rating Guide: Checklist. Engage Investigate Property? • Find a good accountant:“Property Wise”. Accountant quiz

  5. 43 Steps to Unlimited Success in Property • Making offers: Make heaps of offers. Have your clauses ready • Property Managers: Find Property Manager of the year • What names do you buy in?: Names/entities • Insurance: When you sign contract. House and contents/landlords/arson • Get it rented: Access to show tenants • Access for renovation: Clause in contract

  6. 43 Steps to Unlimited Success in Property • Settlement: Be available • Prepare for tenants: Clean, well maintained • Tenancy legislation: Know the rules • Quantity Surveyor: Essential for tax • Income tax return: Claim all costs – QS report • Maintenance: Street appeal/security • Adding value: 115 ways, equity gain, higher rent

  7. 43 Steps to Unlimited Success in Property • Rent: Keep it up • Tax deductions: Get list from Accountant • How to reduce your PAYG tax: Sect: 15/15 • Using the reduction: Put into offset account not lifestyle • Property Number 2: When equity and cashflow increase • Property inspections: Regular

  8. 43 Steps to Unlimited Success in Property • Feed your mind: Educate yourself – books, videos, CD’s, workshops • Be patient: Delayed gratification • Paying cash: For non income producing items • Outgoings: Minimise e.g. interest, insurance • Variable costs: Control these • The ‘Buffer’: 10% or 6 months interest • Control your risk: Insurance/trusts

  9. 43 Steps to Unlimited Success in Property • Using your equity: Use it to build wealth not pools • Partners: JV • Bad tenants: Get over it! • Keep going: Build your IP portfolio • The Freedom Plan: Turn capital gain into income. • Financial Freedom and beyond: Choices

  10. Summary • Use this as your guide to keep on track • Especially for the ‘newbies’ Thank you

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