You will never become a property millionaire if you pay the taxman more than you absolutely have to. Speak to a tax advisor on the best entities for buying a property and how you can save tax on your rental income.
5. Don’t put all your eggs in one basket
If you were investing in stocks and shares, any financial advisor worth his salt would advise you to diversify your portfolio so that the risk is spread. The same would be true for property investments. Spread your property portfolio across different properties in different areas to minimise your risk.
6. Exploit local knowledge
Jl. Sentul Raya, Kabupaten Bogor, Jawa Barat
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There is little point in trying to spot a property bargain hundreds of kilometres away. You’re not an expert on the area and are not likely to be able to judge whether the location, price etc. are good or not. A bargain will be much easier to spot in your own backyard. It will also be much easier to keep an eye on your tenants if you live nearby.
7. Find professional partners you can trust
Unless you’re part accountant, part lawyer and part DIY expert you’re going to need professional help in building up your property portfolio. Finding dependable builders, lawyers and accountants is not just key to maximising your profits, but will offer you peace of mind during a complex process.
8. Don’t turn your nose up at unfashionable suburbs
