The best way to start is with a Strategy or detailed plan. Most investors don’t know what they need to buy to fit in with their lifestyle, both now and in the next 3-5 years. If there’s no Strategy in place, it’s likely that you will only ever buy one investment property.
Get educated on property investing is the next best step.
Most investors will offer well below the asking price of a property to ‘test’ the vendor to see whether the property can be purchased under market value. When the cycle is in a ‘buyer’s market’ in other words there are plenty of properties on the market for sale and not many buyers, you can achieve very good under market property purchases.
If it is “sellers market” , where there are not many properties on the market and lots of buyers, it is very difficult to buy under market value and you may need to pay close to the asking price. The other option you have is to keep looking until more properties come onto the market and try again.
A bank will provide you with their loan product/s and often you are dealing with several people throughout the purchase process of the property. The product they have may not be the most suitable for you.
If you choose to work with a professional, experienced mortgage broker you will be offered a more tailored service. Most brokers have a panel of lenders that they can draw upon to find the best loan product for you and your circumstances. They have a vested interest in providing you with great, ongoing service.