For those who are looking to invest in property in NSW, they are in for an exciting venture. At the same time, they must clearly understand the responsibilities that come with this type of investment.

Having a Plan

The first priority is the development of a plan for the property investment portfolio. The investor should take the time to know what his or her intent is. In this regard, they must ask themselves some important questions, such as the following:

• What kind of property do I want?
• What are my expectations in terms of ROI?
• What can I afford to invest?
• How much time can I devote to this investment?

Purchasing Responsibilities

The investor has to be prepared to take the time needed to make a successful purchase. This means first knowing what resources are available, and which should be used to make the acquisition.

For example:

• How to effectively use the internet for property research
• Where to find, and how to approach, financial institutions for funds that may be needed
• How to choose the best real-estate agent
• What type of lawyer is best suited to close the deal
• What resources are available in case the property needs repairs

After the Acquisition

Some investors think that after they have acquired the property, it’s just a matter of collecting rent (if they have opted for a rental property, that is). But there’s a lot more to it than that.

First, the property has to be readied for renting. Then, the proper occupants have to be found. This includes advertising the property and screening multiple would-be tenants.

After this, the investor must be on call 24/7 in case of emergency; regular maintenance must be done; and proper financial records should be maintained.

And there could be additional responsibilities as well, depending on the particular investment.