In this article:
An excerpt from Andrew Morello's eBook The Morello Matrix: your guide to property investment. Andrew, provides his comprehensive personal approach to buying real estate and building a property portfolio.
To get your free copy of the full Morello Matrix eBook visit www.ybr.com.au/morellomatrix
Consider the type of person who will want to rent your property i.e families want schools, why young professionals want restaurants and public transport.
Consider these attributes
- Close proximity to shops
- Distance to schools, universities, colleges
- Close to churches, playing fields and parks
- Proximity to public transport
- If on the edges of the city, close to a freeway
- Near to cultural hubs such as cinemas and theatres
- Near to a waterway, such as a beach, harbour or river
- In a place with character, such as colonial or federation style
- In a building with community features such as tennis courts, pool or barbecue area
- Close to a major employment centre
All of these may seem basic, but you must consider them. There are other things to look for in the actual rental property:
- Modern, clean kitchen
- Clean, functional bathroom
- New floor coverings
- Good paint job
- Extras such as paid television connection, storage shed, barbecue area
- Good laundry (if renting to families)
Type of tenant
- Try to get a tenant to sign up for longer than a year
- Ask yourself: is the highest payer better than a tenant who is most likely to really look after your property?
Outsourcing service: if you don’t have a lot of time or willingness to invest in learning about legal matters, maintenance and collections, then strongly consider outsourcing this to specialised businesses that do: property management businesses.