Being a single parent is not for the faint hearted but millions of us do it every day.

With limited financial resources and time, deciding to enter the property market can be very daunting.

There are a few tricks of the trade that can help you achieve a cash flow positive investment without harming your future financial security.

Here are some quick tips from RealRenta to help single parents realize their investment goals:

• Estimate how much you can afford to borrow – speak with an accountant, financial planner or mortgage broker to get an idea of how much you should borrow and what repayments will be like.
• Consider the benefits and drawbacks and consider the level of risk and if you are comfortable with it and speak with professionals about it.
• Define your short term and long term goals and be as specific as possible
• Familiarise yourself with the market and seek out resources like RP Data, Realestate.com.au
• Educate yourself about purchasing, holding and maintenance costs
• Determine what return you need to cover the expenses of the property
• Reduce management costs by using RealRenta to manage your property, saving you thousands of dollars
• Choose a location which will give you a higher return for your property
• Choose a property type that is in sufficient demand in the area that you choose
• Create a team of advisors who will help you broaden your understanding of the investment process
• To avoid paying mortgage insurance, try to have 20% deposit. Some lenders will allow you to borrow 95% of the property value, so you only have to come up with 5%.
• Make sure you have enough to cover establishment fees, stamp duty and legal charges
• Consider the ongoing costs of insurance, account keeping fees, council rates, mortgage repayments, utilities, repairs and maintenance.
• Devise an exit strategy in case you need o sell the asset quickly because your circumstances change.
• Minimise any existing debt and build up a deposit to show lenders you have the ability to cover any shortfall.
• Get landlord insurance to protect you from the unexpected.

Want to see how easy it use to Self Manage your Investment and see return on your investment sooner?

Use RealRenta for Free for up to 2 months.