Hi everyone, I am a new investor with 3x investment properties. Trying to figure out timing of when to buy. From personal experience, do you buy just as the mortgage broker approves or set a goal eg one per year. Is it foolish to buy too quick? I have just been approved to buy one more so do I just go ahead. My strategy is buy and hold - cashflow positive or neutral. Welcome personal case studies!
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Hi,
Generally property is long term, so there isn't a rush to buy.
If you have purchased 3 recently, then often I would suggest you pause a little bit to make sure everything is working well and you aren't getting to aggressive and getting too higher risk.
I would personally look back at the 3
- can you subdivide
- can you add minor dwelling
- can you add a room
- can you do a smart renvoation to improve rent?
I would also review my 3 rentals and check my cashflow. Is it really positive after all repairs and other costs?
If that is all looking good, then I would buy, but only the right thing for me. Generally that means something with added value and cashflow, but everyone is a little different.
RossBook a free chat here
Ross Barnett - Property Accountant
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