All Topics / Help Needed! / Investing in another state

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of allawahallawah
    Participant
    @allawah
    Join Date: 2011
    Post Count: 10
    July 12, 2011 - 9:05 pm

    We're likely to move interstate and turn our home into an investment property. How do people manage investment property in another state? Is it gonna be hard, because you can't drive pass by all the time?

    Rowena

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    July 12, 2011 - 9:32 pm

    Hi Rowena

    The best way is to use a property manager. Scope out a few before you leave.

    It's also a good time to structure your finances correctly.

    How are you funding the next purchase?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of allawahallawah
    Participant
    @allawah
    Join Date: 2011
    Post Count: 10
    July 13, 2011 - 2:01 am

    Thanks Jamie.  We're not planning to buy immediately since we're not familiar with the state we're planning to move to, and we're not sure if we'll like it there. So we'll be renting for a while.

    How to 'structure the finance correctly'? What are the choices?

    I'm going to see a lender from our bank because they mentioned that we can use our equity to invest in units. I'm not sure if our meeting will be helpful to our current situation but I thought it's worth going to know more about property investments.

    Profile photo of Kent CliffeKent Cliffe
    Participant
    @kent-cliffe
    Join Date: 2011
    Post Count: 110
    July 13, 2011 - 2:33 am

    allawah wrote:
    How to 'structure the finance correctly'? What are the choices?

    I'm going to see a lender from our bank because they mentioned that we can use our equity to invest in units. I'm not sure if our meeting will be helpful to our current situation but I thought it's worth going to know more about property investments.

    1. You will get a better outcome if you speak with Jamie or another broker who look after property investors.
    2. There are plenty of choices which depend on your situation, it's common for banks not to offer this.
    3. I would be wary of new units as a means of investment.
    4. It might be an idea to the property investing on hold and read some good books.

    Profile photo of allawahallawah
    Participant
    @allawah
    Join Date: 2011
    Post Count: 10
    July 13, 2011 - 2:55 am

    Thanks Kent. Any good books you could recommend? Why new units are no good for investment?

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404
    July 13, 2011 - 3:17 am

    I have IP's less than 1/2 drive from me and I have never driven past. Some I haven't seen since I bought them. You don't really need to be doing that.

    If you have a good agent you don't need to worry. Having said that, my hubby gets frustrated if he has to pay for something he could fix himself (if it were close). We have 1 that is 5 hours away.

Viewing 6 posts - 1 through 6 (of 6 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.