Buying a property to rent out as an investment property ?

Here are some handy hints.

  1. Get your property manager sorted before you find the property. In fact, as early as you can in the process. Your property manager can be an amazing guide as to what to look for and why to avoid some properties or areas based on the type of tenant you’ll attract. A good one will talk you through the pros and cons of any property you’re interested in and typically you’ll just need to send them a link off or and they can step you through that online going to inspect in person when you’re really serious. 
  2. If the property isn’t currently tenanted, see if you can negotiate a couple of extra things into the contract to assist you (you may not get them, but it doesn’t hurt to ask / have up your sleeve as negotiating points):  a) Reasonable access for your property manager to show the property to prospective tenants after your finance is confirmed but before settlement (to minimise your vacancy time).  b) The ability to use the sales marketing photos / floorplan as your rental advertisement photos (not only is this a cost saver but it can also be a way to get the property up and advertised immediately even if you can’t show people through sooner).
  3. Unless you need to do work to the property before it can be rented do everything you can to try and find a tenant ASAP after settlement to minimise your downtime – choose a property manager who is proactive in this and put together a plan to see your new tenant moving in ASAP after you own the place.