Only just completed settlement on my first IP and now I realise how easy it is to make errors as a newbie to the game.
I've often heard experts often say that property investment is all about the numbers.
It's not.
Particularly when you're holding a property which seemingly no one wants to rent because of a single detail.
I did my due diligence and got a building and pest report done as well. No major issues, house was well presented with not much more than a few minor issues. Valuation for finance also came up okay and no issues to settlement.
First thing my property manager tells me after doing an inspection: "the lack of a side fence is going to put off a lot of potential tenants".
So here I am now trying to sort out getting a standard side fence in, not budget blowing by any means. However, the neighbour (who has absolutely no fences) is currently resisting and putting up a fight about having to fork out her half for the fence which could delay installation for weeks - that could also affect vacancy.
The vacant property isn't going to cripple me by any means, but it's certainly an expensive mistake that's reinforced looking at all the details that matter to a target tenant market.
I'm interested to hear others stories about dumb things they've done or overlooked as investors.
I've often heard experts often say that property investment is all about the numbers.
It's not.
Particularly when you're holding a property which seemingly no one wants to rent because of a single detail.
I did my due diligence and got a building and pest report done as well. No major issues, house was well presented with not much more than a few minor issues. Valuation for finance also came up okay and no issues to settlement.
First thing my property manager tells me after doing an inspection: "the lack of a side fence is going to put off a lot of potential tenants".
So here I am now trying to sort out getting a standard side fence in, not budget blowing by any means. However, the neighbour (who has absolutely no fences) is currently resisting and putting up a fight about having to fork out her half for the fence which could delay installation for weeks - that could also affect vacancy.
The vacant property isn't going to cripple me by any means, but it's certainly an expensive mistake that's reinforced looking at all the details that matter to a target tenant market.
I'm interested to hear others stories about dumb things they've done or overlooked as investors.