Morning,
I think that I may have a few good options to go with.But I have a few concerns?
1.what happens if I can’t get a tenant?
2. how do I know whether I am buying in the right areas, what should I be looking for?
Any advice would be great.
Thanks Megs[cap]Meg,
Use lots and lots of petrol driving around the area you are interested in buying in. Look at all of the houses not just the ones for sale. Oh yeah, find yourself a really helpful agent who knows their stuff.We just happen to see one we like and had our agent find out who owns it and if they were interested in selling and they were! Our first house wasn’t even on the market. To add to it, we have also got the interest of two other owners thinking about selling.
We specifically looked for houses that were cosmetically challenging and found several with possibilities. Your bum will get sore from the driving but it generally pays off. We saved ourselves $30k off normal market price. Pretty cool eh!
Good luck.
Scremin.Success is 1% inspiration and 99% perspiration.
Scream,
I only really have a small deposit and I think that I have found a property although I just did the calculations for the mortgage on one of the site and that was enough to scare the living day lights out of me. How did you get started?Meaghan
Hello is anyone able to give me some advice Please
Meaghan
Megs.
What price are you looking at
is it city or country
are you after +cf
what deposit do you have
are you working
do you have any equity
have you done any research yet?
We cant really help unless we know a little info
RussSo many +CF properties in Western Australia.Let me help you. And we can achieve a win win situation.Russ.0438 659 411
Megs,
If you buy in an area where rental properties are in demand you will get a tenant.
If you have trouble you will find that you can do one of two things.
Drop the rent slightly – even $10 pw can make a huge difference.
Or value add to the property. Even a tidy up inside and out can be enough.
As far as right areas go – this is quite a difficult one. What are you precisely after
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Megs,
In addition to the steps Simon has mentioned it also pays to have a cash buffer available to cover these possibilities.
The buffer can be held in any number of ways. Three quickies that come to mind and which I use are surplus line of credit funds, redraw funds and/or straight out cash.
Other tips worth considering are; fit airconditioning, free rent periods, you pay letting fee, garage door, security screens, alarm system or gardening service included etc.
Another strategy I use is to ensure leases are managed so they expire in peak periods and slightly staggered from each other to reduce the likelihood only property is vacant at any one time.
When investing in property is essential that you have considered the various possibilities so that you are prepared should the worst case scenario eventuate.
Buying right can only be achieved with good research. Your ability to research effectively will be enhanced or hindered by your clarity of mind. In other words you need to know what you are looking for – rather then being told its a good investment – you need to know it is a good investment that suits you particular circumstances.
Derek
[email protected]Read my comments? Think I can help you? PM or email me.
Sorry Megs,
had dramas with computer so couldn’t reply. We went and saw a mortgage broker and they did all the looking for us. We still knew what products we wanted and the broker gave us lots of options.Working with best option now. Should have everything secured by Tomorrow. So currently still working on learning all the ins and outs on buying. We are positive we’ll find our first investment property in a couple of months.
Cheers
Scremin.Success is 1% inspiration and 99% perspiration.
Just been to see a Broker, most helpful.
One a year is my plan!!
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