On today’s episode, I chat with Brett Warren about asking the right questions before buying that next property because doing that can make all the difference between a profitable venture and a costly mistake.

I’m sure you've heard me say before that property investment is a process, not an event, and the property that you're going to eventually buy should be the physical manifestation of a whole lot of decisions you make. So, in today's episode, we're going to explore the top 10 questions you've got to ask before making that next big purchase, and they're going to help you evaluate potential investments and understand market dynamics.

We're going to try and make sure that you set yourself up for long-term success.

So, by the end of this episode, you should have a comprehensive checklist to help you make informed and confident decisions in your property investment journey.

Essential Questions to Ask Before Your Next Property Purchase

●        Does this property fit into my long-term investment strategy?

o   Ensuring that the property aligns with your long-term financial goals and risk profile is essential for sustained success in property investment.

●        Have I created a comprehensive investment strategy?

o   A documented and proven strategy helps you make informed and confident decisions, reducing the likelihood of costly mistakes.

●        What is the true value of the property?

o   Understanding the property's value through recent comparable sales and intrinsic values helps set realistic market value thresholds and avoid overpaying.

●        What are the current market trends in the area?

o   Knowledge of market trends ensures that you are investing in an area with strong growth potential and avoids the pitfalls of investing based on outdated or unreliable data.

●        Have I secured pre-approval for finance?

o   Pre-approval provides clarity on your budget, strengthens your negotiating position, and ensures you can make a firm offer without finance contingencies.

●        Do I understand the local area and its growth potential?

o   Local expertise is crucial for making informed decisions and understanding factors that can affect the property's value and rental demand.

●        Is the property investment grade?

o   Not all properties are suitable for investment. Investment-grade properties offer strong capital appreciation, and steady cash flow, and are in high demand.

●        What is the cash flow and repayment capacity for this property?

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