The Essential Property Investment Quiz V2

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1. Where is the best place to buy an investment property?

On acreage

As close to a capital city as possible

In my suburb

As close to the beach as possible

2. The best feature to look for in an investment property is

One with a swimming pool

One with a dishwasher

One with air conditioning.

One with the most living spaces

3. To save money on the property purchase would you

Do the Conveyancing using a budget online conveyancer

Get the lowest loan rate

Negotiate hard on the asking price

Not get a pest and building report

4. The first step to purchase an investment property is to

Get a loan pre approval

Check out 25 properties online that you would potentially want to buy

Have a property investment strategy

Research each location and property thoroughly

5. The most expensive mistake you can make when it comes to property investing is

Not understanding how much you will need to repay on the loan and whether the rent will cover the repayments

Not understanding how to negatively gear

Not understanding how to negotiate on price

Not understanding how property investing works

6. In a hot buyers market what is the best way to secure the property ahead of all the other buyers?

Keep making offers until yours is the highest offer and accepted

Have finance pre approved, offer a fast settlement and sign the contract subject to your conditions

Negotiate hard with the sales agent and sign a 66W (no cooling off) to get the property

Wait another 6 months until the market has settled down

7. When buying into a Strata development (apartments and townhouses) the biggest mistake you can make is:

Buy the property that has the best view

Buy into the largest development because it has better growth potential

Buy into the development without considering all the additional costs involved

Buy into the development without reading the strata report

8. The greatest risk to a property investor is

Not having an understanding of what to research to find the best location

Not having a property investment strategy

Not having any education on how to invest

Not having the right professionals to help you

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