Hey guys!
I am going to bid on my first IP in action. However, what are the standard due diligence procedures that one needs to take.
Inspection Report, Pest Inspection, etc.
My intention is to buy & renovate.
Any contact details, forms & guides would be much appreciated…Thanks
Sam
Is it a unit or a house?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
It's a house.
Hi Sam
Look at previous sales and current listings of comparable properties. Your banker/broker should be able to generate reports for you on the property that provide this info.
Find out the sellers motivation for selling – see if there's anything you can add to the deal as a sweetener such as a quick/long settlement period.
Building/pest inspections are a must.
Have your solicitor review the contract.
I'm sure there's plenty of other things to consider.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
If there are any extensions or additions made to the property make sure you check that it has council approval. Have your solicitor or conveyancer review the COS and check for things like easements and caveats which are common problems etc. B and P are also very important. Make sure you get a good one done as like with most things you get what you pay for.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
There is a site called Your Investment Property, on it has Auction buying tips, things to look for, the ins and outs of tips you need to know that will help you at Auction.
Also Due Diligence needs to be done to know exactly what your buying and if in fact it will make you money, don't go by hope or feelings, go by maths and facts, compare housing prices before and after renovations.
Hi Sambarry,my question to you is why are you buying an investment property.have you got a investment plan worked out or you just buying because every one else is buying .Cheers
I'm looking at flipping for profit – that's the strategy. Since writing the question I have found a lot of material online so thanks again people for your contribution.
Best regards,
Sam Barry
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