As an experienced property investor there are some things that you should be aware of right from the outset. Position,position,position has long been the catch cry of real estate, but there is more to it. These tips will help you make the right choices.

Tip #1. Firstly it is about mind set.

As with most things you need to be focused on what you are trying to achieve.

Are you seeking a retirement income, in which case you will be seeking to build a portfolio of properties to bring in a monthly income?

Do you have a windfall that you want to invest in a long term, secure place where you can receive capital growth over a long term and some regular income?

Are you using borrowed money to acquire the property in order to acquire valuable long term assets?

Before you start looking at houses you need to have some short term and long term goals clearly defined or you will dither, waste money and more importantly in real estate, lose precious time.

Tip #2. Treat this as a business not a hobby.

I see many couples looking at houses to buy for investment but starting from the wrong criteria.

She likes the cute decor and the garden. He likes the double garage and workshop. They are approaching this purchase as if they were buying to live in it themselves. If you are looking at a rental property you don't matter, your likes and dislikes don't mater! Key considerations are will it appeal to a tenant. Has it adequate ( not fancy) rooms, facilities, services, security? Is it close to transport, shops, schools? Does it have renter appeal - clean bathroom, tidy, low maintenance features?

Does it have landlord appeal - easy care, low maintenance features, solid construction, security?

You do not have to love the house. It is a vehicle to earn you money not win awards.

Tip#3. Talk to professionals before you spend money.

Your accountant and solicitor are obvious places to start. But talk to such people who are interested and experienced in property investing. You want help from like-minded professionals who have hands on knowledge and can help with solving problems, not put up barriers simply because they prefer some other form of investment. Don't start with real estate agents!

Tip#4. Prepare a business plan for your bank

Use your accountant's advice on drawing up your 5 year plan or similar to show your cashflows, projected income and expenditure. Be able to prove why this is good deal for the lender. Your accountant will explain things like depreciation, taxation implications of owning property, negative gearing. Your lawyer will answer questions on tax, estate planning and questions relating to property titles so you understand things like tenants in common, strata titles, body corporate and other things you may not have heard of relating to property ownership

Approach your bank before stepping into the real estate office. This is a business. You need to be sure of your capital, know what bank terms are available to you and have you finance organised first. You will then be in a stronger bargaining position with any vendors and agents.

Tip#5. Know what you are going to spend and stick to your business plan.

Don't be suckered in to win an auction at all costs, just to win. This is not your dream home you are buying.

It is a business decision. Stick to your agreed plan.

Arrange insurances as soon as you purchase. Do not put off insuring until settlement.

Hire a property manager to collect rents, vet prospective tenants and deal with tenant issues. You are running the business- you pay for services to help you, not take up your time and energy. As business expenses these management services are deductible and should be part of your business plan.