When is a Good Time to Buy an Investment Property?

Ten years ago Michael Furlong he was working as a chef in Melbourne and made his first property purchase, an investment property, at the age of 30. Over ten years he built up his investment property portfolio to include 15 properties and only just bought his first home two weeks ago. He also turned his “hobby” into his business: he is now a director at MAP Real Estate and advises clients on building investment property portfolios

Michael says the best time to buy an investment property depends on your own personal circumstances.

This is the advice he gives people who want to know: “When is the best time to buy?”

  • When you have developed a long-term financial plan
  • If you are between 20 and 60 years old
  • Have an income bracket of more than $40,000
  • You have a strong income history
  • You can access borrowed funds
  • You can easily afford $50 to $150 per week cash flow
  • You have your personal finances in order
  • When you are out looking for investment opportunities
  • When you are looking to use the tax system for wealth creation
  • Only when you understand that property is a long-term strategy
  • When you can accept that it is not an emotional decision
So these are some good tips for young and older property investors. 

And remember, take your time, get the right tax advice from a professional tax adviser - not a mortgage broker or real estate agent.

Copyright 2014. My Tax Zone.