10 tips on how to be a successful investor

What makes one investor better than another?  Here are 10 tried and true steps successful investors use to help steer their decisions and to help them
get the most out of their investment.

1. Do Your Homework

Nothing makes for a better investment foundation than solid research and a sound understanding of the property market. Start reading property investing

blogs, scour investing websites as they are often packed with useful information, attend investing seminars or download and listen to investing podcasts.

2. Talk to your accountant

You need to understand the tax implications of buying an investment property and your accountant is the best person to talk to about this.  Ask them to clarify

the following:

  • Negative gearing implications and depreciation allowances on new buildings.  They will be able to advise if you are better off buying in a new or old building
  • If you are buying a property with someone else ask whose name should be on the contract as this may have impacts on any future tax benefits, land tax and stamp duty.
  • How much they believe you can afford to spend each week on an investment mortgage and the tax impact on this amount.