Top tips for taking the property plunge

His top tips are:

Upskill

For Mr Angelini, upskilling is essential for any investor looking to break into a market, particularly if the market is interstate.

“I submerge myself in that market… Submerge yourself in the data, in exactly what’s happening in that region,” he advised.

“I’ve purchased some regional Victorian property. Properties in Victoria, great value, great returns, but [it’s about] looking really at that passive income scenario.”

Be confident

Provided you’ve done all your homework, Mr Angelini said it’s important for investors to have confidence in what they’re trying to achieve in their property journey.

“Just take a risk. Just go for it. Stop twiddling your thumbs and just get into it. Don’t analyse it too much. Just get into it. Just get your hands dirty if you have to, and just have a crack.”

Utilise connections

For Mr Angelini, maintaining a professional network is essential.

“Having that system and that team around you is very important as well, because obviously, as things get bigger, you need to have more advice. You need to have a good strong team of lawyers and accountants to help you out along the way, too,” he said.

“I heavily rely on them and also my family members, who, my brother, he’s very important in my organisation, a very organised person.

“I’ve got very, very good business partners that I lean on as well, for their knowledge, and just mentors in general – people that have been in the industry for a while, I just pick their brains.”

Trust your gut

Investors should do the research necessary when considering buying property, but it’s also important to trust your instincts.

For Mr Angelini, this rings true, particularly when buying land.

“Find a good site that stacks up, because a lot of the times, you’re buying off an agent who probably is just trying to sell you the block. He’s telling you can put two to three townhouses on there, and you can’t do that,” he said.

Financially savvy

Making sure your finances are lined up is also important, according to Mr Angelini.

“Obviously, that’s the most important one at the moment, making sure that you’ve got the cash in there. Not just the cash to buy the block, but the cash also to develop it as well.

“Because a lot of people obviously buy, they say, ‘I’ve got 20 per cent deposit. I can buy it, no problems. I’ll just go get the construction finance’.

“It doesn’t work like that. You’ve got to put more money in.”

Feasibility study

Making sure you do a feasibility study is equally important, Mr Angelini said.

“That’s obviously probably the most important one before you even start, to make sure you’ve got your figures right,” he said.

“Get your right consultants on board to make sure that you can put on there what your vision is and obviously you can build what you want there, and then consult with maybe someone in construction, that you can build it for that price, and make sure that you can actually make money on it or not lose on it.”

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