1. Keep the investment property in good condition at all times by attending to repairs promptly. Make improvements where required. Take the attitude that you may want to move into it one day. This will all add to increase the ultimate value of the investment property.
2. Do not treat your investment property as a hobby.
3. Maximise all rental tax deductions. Just ask for my specially prepared rental tax deduction check-list. Have a Quantity Surveyor prepare a Depreciation Report (for tax purposes) as soon as possible after the purchase.
4. Have small reasonable increases in rent annually to ensure that they are at market compatible rates and to cover prices rises in rental expenses. This must be written in the Landlord/Tenant Rental Agreement which a property manager will prepare for you. Also clearly state the terms and conditions that the tenant must adhere to and particular what expenses the tenant is responsible for.
5. Make it a point .to occasionally visit your investment property and speak with the properly manager on its well-being, etc.
6. Ensure that you promptly receive a three (3) monthly Inspection Report from your property manager. At the end of a financial year, your property manager will be able to easily print out a Summary Tax Statement for your tax accountant.....me!
7. Vital/useful websites for you to visit