1 - Thou Shall Focus on the Numbers
Buying with your heart and becoming emotionally attached – property investment should be about the numbers, nothing more, nothing less. The property you purchase for investment should give you good yields, and should be in an area with good growth. It should not be a property that you like the look of, or that you can see your kids living in, etc. You would be surprised with the strange reasons that people come up with as to why they selected that particular property.

The property should be close to schools, close to transport, complete with durable, hard wearing finishings. You want to rent this property for as long as possible and with as little effort as possible.

2 - Thou Shall Not Be Friends With Thy Tenants
This is a big no no. The best result is to have an agent manage your property. If this is not possible for whatever reason, then keep it simple, respectful and courteous. Always draw the boundaries. Blurring the relationship between landlord and tenant can cause you intense grief, and you do not need that.

3 - Thou Shall Avoid Renting to Family and Friends
If you are doing this as part of your charitable works, then go right ahead. But no matter what, expect it to come with some issues. This is the case even if you have proper documents in place.
We have had clients rent to family and did not have the courage to increase the rent to market value.
Others decide to repair the property themselves, much to the horror of their landlord.

4 - Thou Shall NOT Become an FBI Agent
First time property investors love to spy on their tenants. It is their new little investment and they want to see that their property is being looked after.
If your tenants catches on, they will be spooked.
This is why we advocate for a real estate agent to manage your property. They become your spy!

5 - Thou Shall Ask for Help
Let’s face it, it is your first time in the property market. Ask for tips from your accountant. Ask for advice from your solicitor. If you do not feel comfortable doing so, then it is time to change either one or both. You should have a property network of professionals around you that will guide you on your journey.

Your accountant can help you plan, crunch the numbers for you and assist you in every step of the process. Buying an investment property is like buying a business – would you do that unassisted and unplanned? Likewise, the same goes with property purchases! Your accountant will also tell you if you are buying emotionally, or committing any of the 8 deadly sins.

6 - Thou Shall Keep the Investment in Good Working Order
We work with many property managers. One of their biggest gripe is when first time investors refuse to repair or upgrade when it is needed. When things need fixing, it should be fixed. When a property is looking run down, it should be given a new lick of paint. This maintains the value of your property, and makes it easily marketed and tenanted.
Do not try to save money by ignoring the upkeep of your investment property.

7 - Thou Shall Keep Up with Market Rent
You ultimately want the best return on your investment, as this is the whole purpose of buying an investment property. So keep an eye on the rental market, and review your rent regularly. If you have your property managed by an agent, even better. They will tell you when it is time to increase the rent. Not having the problem with Deadly Sin #3 helps with this commandment!

8 - Thou Shall Always Look At Getting Depreciation Reports
We do see the odd investor who, for whatever reason, refuses to get a depreciation schedule prepared professionally. Despite the possibility of saving them thousands in tax, many landlords just do not appreciate the concept of depreciation.