What an experience buying your first investment property is! From the high of making the decision to invest in property, to the butterflies that come along when you try to get finance, or think, what the hell am I doing. For many, investing in property is a rollercoaster of emotions. However many Baby Boomers, Generation X and even Generation Y realise that working a JOB (just over broke) is not going to provide a good income on retirement and it is time to take matters into their own hands.

Making the decision to invest for your future is the easy part. It is then a matter of choosing which vehicle you will use to develop new income streams to secure your financial future. The choices are endless however some of the more common wealth creation vehicles are the sharemarket, property, internet or small business.

For many of us, property is our choice. The reasons for this vary however because many people have purchased their own home and therefore have previous experience with property, it is a natural progression. The property market in many countries around the world has experienced considerable growth so the experience of purchasing their own home and having it revalued a number of years later supports their move into property investing.

So where does the first time property investor start. There are many decisions to make. Setting out your outcome goals for your property is critical as this will determine what type of property and what area you will look in. Are you more interested in purchasing an investment property for capital gains or cash flow? By determining this, you can then consider location as the two come very much hand in hand.

It is important to do your own market research, even if you do employ a company to assist you with the purchase. Know what the prices are in areas you are interested in and check out different properties on the website.

While there are many other things to consider, finance is often a critical one. We recently purchased an investment property near Melbourne, Australia and our greatest hurdle was finding a competent company for sourcing our loan. Ensure that you appoint someone who has experience and contacts with a range of banks. In this way you will get the best deal available.

There are many types of loans including fixed and variable. Talk to your financial advisor on the best type of loan to take out as this could save you thousands of dollars in the long-term. A line of credit is becoming more and more popular in many countries so check this option out to.

You will go through many emotions along the way and this is normal. The important thing is that you are taking some action towards securing your financial future.

Once you have identified the property you would like to purchase, there is another skill you will need. The skill to negotiate! The negotiation of price can be tricky as you never know what the seller is thinking. A good rule of thumb is to start with an offer below what you are willing to pay as this gives you the opportunity to purchase a property at a reduced price. If they reject the offer, come back at a higher price.

Once you are successful in the purchase of an investment property, you have a number of other decisions to make. These include whether to mange the property yourself or to use a property management group. I have always lent towards a management group, however it is important to get a good one. Check out their references before making a decision, and make sure they know and operate in the area you have bought in.

Buying an investment property can be a rollercoaster road so educate yourself and back yourself if you decide to go down this track.

There is a great website at http://www.achievesuccess.com.au/property/index.html which provides more information on Investing in Property. If you are interested in other opportunities for saving for your financial future check out http://www.achievesuccess.com.au/

All the best with your property investing, Gary