7th of April, 2014 In: Property Purchasing The 13 Biggest Mistakes Made by Property Investors Did yo

Did you know that almost half of those who invest in property end up selling within the first five years? And most of those who stay in the market never end up buying their second investment property. However, some investors do very well.

To help you succeed in property investing, here are the 13 biggest mistakes that property investors make, so you can avoid falling into the same trap.

1. Buying a property close to home (so they can drive past)
2. Self-managing tenants
3. Buying at auction
4. Buying older properties (with no potential to add real value)
5. Buying based on the look or feel of a place
6. Overcapitalising
7. Selling to realise a profit (when they should refinance and save the tax)
8. Paying off debt (when they should create a redraw facility)
9. Waiting for a downturn in the market
10. Waiting for the deal of a lifetime
11. Not having the correct ownership or financial structures in place
12. Not allowing for all purchase costs (stamp duty, mortgage registration, LMI)
13. Selling property to finance lifestyle
     

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