Avoid these common mistakes in your property investments…

• Buying a property close to home (so they can drive past)
• Self-managing tenants
• Buying at auction
• Buying older properties (with no potential to add real value)
• Buying based on the look or feel of a place
• Asking a real estate agent for advice
• Overcapitalising
• Selling to realise a profit (when they should refinance and save the tax)
• Paying off debt (when they should create a redraw facility)
• Selling property to transfer into self-managed super funds (to purchase property)
• No finance clause included in the contract
• Failing to get an expert to review the contract
• Buying in regional or rural areas
• No strategy for mitigating risk
• Waiting for a downturn in the market
• Waiting for the deal of a lifetime
• Buying for ‘future development upside’ on the open market
• Chasing the lowest interest rate option
• Not having the correct ownership or financial structures in place
• Not allowing for all purchase costs (stamp duty, mortgage registration, LMI)
• Selling property to finance lifestyle.

On second thoughts, maybe there are more than 10!

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