I am off to Montreal, Canada with the family in Sept/Oct.
I thought I would look at researching properties along the border with the US. I found a town where those from Montreal drive through to go to New York City. So I thought this may be a good option.
I had a look at properties and thought they looked reasonably priced. I made a few enquiries and this is the reply I recieved from an agent there The property at 862 Durand Road would
probably rent for around $700 per month. The 570 Devils Den Road couldn’t be rented in its present condition – needs major renovations. It is
unusual for someone in our area to buy a single family house to rent out
– it isn’t usually a good investment.I don’t know if this helps you much. If you have any other questions, let me know. I’d be happy to help you find something to meet your
needs in this northern area of New York – where we are about 60 miles from Montreal.So there you go – anyone had a rural estate agent here in Australia give an honest opinion like that.
Yep…a guy I work with was looking at positive geared property a large regional centre in WA, and the agent he spoke to advised him that he couldn’t understand why all these investors from over East were buying up all the properties in a “scummy” suburb in the town.
All sight unseen and based on the asking price (between $60k and $100k)and the rent return….
As a result the median price rise for the area had jumped 30+ % for this year when there was no increase for the previous many years.He felt that the agent was trying to discourage him from buying in the town.
I don’t think it was deliberate on the agents part, he just had a very negative attitude towards certain parts of the town (local knowledge, or a blinkered view ?)KP
Yeah. That worries me. All these people buying unseen based on purchase price.
I have enough to worry about with good investments locally let along ones from the other side of the country.
These are my current issues;
1. Need to piant front and back windows. Painter $900 or me $200.
2. Carport in one unit on last legs. When do I replace.
3. Same unit needs to be painted.
4. Another one needs to have guttering replaced in backyard.
5. Chasing rent after tribunal rulingImagine the hassle trying to resolve these on the phone.
In 5 yrs time will these people say the benefits (positive cash flow and no growth) were worth the cost (tenant problems, manage property remotely).
I doubt it very much.
Me the same. Paint the interior: $500 for cost of paint or get a painter in for $2500.
Apart from phone calls at STD rates, you’re also up against average to poor property managers who don’t seem to care…why should they ?
The pos geaing will turn negative with interest rate rises, because rents will not keep up.
These area and their tenants are blue collar or unskilled workers or even unemployed persons, without capacity to pay increasing rents, so they move …
Socially it will cause havoc..Then the investor gets so pissed off and the property goes back on the market….circle complete..
KP
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