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One way to approach buying your first investment property

by , 23 July 2015

If you're new to property investing, the first milestone will be actually buying your first property.

So have you thought about how you're going to do it?

Here's one way you can approach buying your first investment property…

Select an investment property to put an offer on

Once you have a few different properties that meet your criteria and location requirements, it’s time to try to buy one.

Start off with the investment property that gives you the best potential in terms of rent or room for appreciation in value. But don’t forget, you can’t control all factors with property investing and things could change in the future that could have an impact on your property.

The next stage is putting in an offer to purchase the property. The estate agent the property is up for sale through should be able to provide you with a contract to this effect.

Ensure you’re happy with the contents of the offer to purchase before using it. Also make it clear that the purchase isn’t dependent on the sale of another property and you can move quickly or to suit the seller.

How much to offer for an investment property

Now it’s time to pick your offer price.

As a start, put in an offer between 15% and 20% below the market price of the house, Mark Ford in Palm Beach Daily explains. Then you need to sit and wait for the seller to get back to you with a response.

This will likely open up the door to negotiations with the seller. Decide how much you’ll pay as a maximum for the property. Once you hit this price with the seller, explain that this is your final offer.

If you’re not successful, it’s time to start the same process with the next house on your list.

By sticking to this process, it should be just a matter of time before you buy your first investment property. Time spent on price negotiations can save you over paying for a property, which is good news for you over the long-term.

So there you have it. One way to approach buying your first investment property.

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One way to approach buying your first investment property
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