Hello everybody,
My wife and I are looking at the slightly scary (to us) world of property investment for the first time. Can anyone give advice on the pros and cons of using people such as Wholesale Property Brokers compared to going it alone. The major problem we have with the prospect of going it alone is the time involved in targeting properties. We lead a very hectic lifestile at the moment with two young children. This combined with the fact that we are out of the metro area makes us think using a broker could make it a bit easier for us. Are we dreaming or what? Also, any good/bad stories about WPB would be appreciated.
We have approximately 200 to 250k equity in our house and one taxable income of 70k
Thanks,
Rudi.[
]Hey Macman welcome to PI.com [
]To answer your question I need to ask a few.
What are you trying to achieve from your investing? What are your goals,desires, etc ?
What time frame do you want things to happen ?What is wrong with buying in your own area rather than a metro area ?
Time may be hard but I also have two kids and both my wife and I work and we are involved with a few organisations that take time and we still make time. My kids have been to many open houses and inspections and we always try and make it fun and include a trip in it or a meal somewhere.
Nothing worth having is easy and property investing is just that…..butI will say that it is fun. Sounds like you have the money to do something so fire back your answers and let us share with you.
Enjoy
AD [:0)]
(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Thanks for your help AD,
Goals – Financial independance as soon as realistically possible, semi-retire in 10 to 15 years.
Time frame – Did you mean when do we want to be where we want to be as opposed to when do we want to start? If so, within the next 10 to 15 years or earlier if possible.
Own area – We are in the country just out of Melbourne. Not a great deal of rental properties in our area as far as I know. I could be wrong though.One of the ways I found to see if there is an oversupply of rentals in your local area is to go to Realestate.com.au and look up the rentals in your area. If there are more than say 25 properties for a town of 50,000 or less then I would say there is an oversupply and then I look in other areas.
Hope this helps.
You say you are time poor – ever thought about doing a joint venture with someone who can pull the deal together and use your credit/equity, then split the profits???
Pete
…Beware of the dreamtakers…
Thanks for the advice Willi. Hadn’t thought of that. I have a b.i.l. who’s already in the pi game. Might be worth talking to him.
Thanks again.
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