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It's with CBA. Personally I like to keep property account separately but if it's going to affect my credit profile. This is not a good way.
Yes, we signed "Exclusive Management Agency Agreement" with the current agent. The vancancy rate in that area is below 2%. I admit our rent is a bit too high in the first place. It's what agent suggested. After few weeks, the agent suggested we drop the price which we did. That's why we feel that the agent is not very effective. With that contract, can we get the new agent to look for tenant at the same time? or should we ask the current agent first?
Yes, we signed "Exclusive Management Agency Agreement" with the current agent. The vancancy rate in that area is below 2%. I admit our rent is a bit too high in the first place. It's what agent suggested. After few weeks, the agent suggested we drop the price which we did. That's why we feel that the agent is not very effective. With that contract, can we get the new agent to look for tenant at the same time? or should we ask the current agent first?
I did it once with my first IP. We were worried about purchasing with sight unseen but it turned out quite well. We monitored the price and rent in the area for a few months. We chose the property that already has tenants in place. For us it's a peace of mind showing that property is in good condition. The photo in internet looked good which is confirmed by a bit higher than average rent the tenant is paying. We also talked to building inspector (the one recommended by our solicitor, not vendor) both before and after he did the inspection. Once all information matched, we proceed with the purchase.
yes, one of the reason I look at QH is the price is cheaper than nearby suburbs because the houses are older. I feel that people will see it as a good entry point. Is it a positive factor? sorry if my question seems silly. I'm still new to property investing and uncertain of buying anything further than 20 km from CBD.
Hi Shahin, thanks for the info. I'm looking for a 4 bed room house with scope for cosmetic renovation in the future. We don't have experience with subdivide so the house will be just for rent. In longer term, with more experience, we maybe build granny flat. It depends on how big the land is. Our budget is low 400 k.
thanks IP Freely. I will look around for buying agent. Do you where should I start?
Hi I.P. Freely,
I'm not going to use buyer's agent. I'm doing the research by internet and negotiate by myself. So the building inspection report is very important part for me. I plan to put building inspection, and finance approval as condtion in the contract. Let say, one of the house I look at has potential to extend kitchen and living room. If the building inspection comes out that it's not possible to extend, I will withdraw from the contract. I also expect the person who does conveyancing confirms me that the house is the same one I see on internet.
As I live in Sydney, travelling around to inspect properties every week would cost a lot. I read Margaret Loma's book. It is said that buying sight unseen is possible.
Is my approach too risky? I'm a novice here. appreaciate your comment.
