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What are some common property investing mistakes pt.1

Selecting a bad property

This is quite possibly the easiest way to financially hold yourself back. Selecting a property that isn’t aligned to your goals can and will limit your potential to have a comfortable future.⠀

Not having your finances organised

Apart from picking the wrong property, not having the 'right finance’ can really stunt your ability to reach your financial goals. If you have plans to create a property portfolio, it is vital that you structure your loans and goals with someone like a mortgage broker. Money is a limited resource for most of us, so it’s important to go to the right bank and in the right order.⠀

Having the wrong property ownership structure

This essentially comes back to misaligned goals. If you’re not too fussed about asset protection or want the most tax benefits from buying property…buying under the wrong ownership structure will see you being out of pocket each year.⠀

Not having a good team

Gosh! This is something I wish I’d learnt earlier. Selecting professionals who have a vested interest and really understand what you’re trying to achieve is super important. You love to invest in property but does your Accountant, Solicitor or Mortgage Broker too? Picking someone who’s done what you’re doing + making sure they’re good at their core job is a double win in our books. So be picky about picking your team!!

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