Settlement has taken place………. *Congratulations* you are now the owner of your investment property. You now want to find tenants for the property ASAP so you can start getting some cash flow back into your property and finding a good property manager here is crucial. You probably would have been finding the right property manager in the contract stage. You may need to interview 3 or 4 and get their property management kit and rental appraisal of your property and compare them against each other. Again, not always the cheapest property management fee should be your decision, look at their references and ask to speak to other investors using them and ask their opinion of that company. As any property with terrible tenants will quickly cost more than the slight difference in the property management fee.
Now that settlement has taken place you are responsible for the insurance, maintenance, rates, water rates and body corporate levies if applicable. The most important thing once you have attained your insurances is to pay the investment property mortgage on time and not to get in arrears.
If building or doing a renovation then this is where you liaise with the builder or tradies and get council approved plans. You may have options to select the colour scheme or tiles for the project, it will depend on each project.
Depending on the strategy of the investment property, you might be in it just for the construction and plan to sell when finished and make a quick profit. Be very careful and know your numbers a lot of people become unstuck. Or it might be you are in it for long term and your new investment is a buy and hold strategy, it could be to renovate or add value to the property for cash flow.
Whatever the strategy for your new investment; the main thing is – you have started! You have settled and you are a property investor, and let’s hope – a damn successful one!!