Is It Too Late to Start Property Investing at 45?
Key Takeaways Starting at 45 provides unique advantages: Higher income, financial stability, and clearer long-term goals Success stories...
1. Firstly work out what you can afford
2. Use research to find median prices that fit your price range eg Australian Property Investor Magazine, Your Investment Magazine
3. Draw up a spreadsheet of all the areas you can afford and list the capital growth over the last 3, 5, 10 years
4. Then list the surrounding suburbs and find their median price and growth over the last 3, 5, 10 years for each of these suburbs
5. Select suburbs that have neighbouring suburbs with a higher median price and with strong growth figures
6. From this shortlist start your detailed research, check demographics, average rent, vacancy rates, council plans and developments. You are looking for the suburb that is most likely to experience growth and that may seem undervalued
7. Select 3-5 suburbs. Prequalify properties on the internet and be prepared to go sale and rental open homes for 2 months. “On average you need to see 100 properties for every property you purchase” Dolf de Roos
Within 2 months you will be able to spot the bargains, the undervalued properties and those with potential. You will also be able to estimate what the average house should look like so you can start estimating your renovation cost. You will be able to determine what a renovated vs unrenovated house is worth
Key Takeaways Starting at 45 provides unique advantages: Higher income, financial stability, and clearer long-term goals Success stories...
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