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The advantage of starting in a low price bracket is that new investors learn what is required to research and purchase a property without an immense amount of financial risk. You may make mistakes on your first property purchase, but ultimately if you follow the 'rules' and buy in a decent area with diverse employment opportunites and good rental demand, then you will have a sustainable property that is providing cashflow and hopefully some capital growth over the long term.
Then as you become more savvy, if you find that this first property is a slow performer compared to others in your portfolio you can offload it and free up some capacity to invest again.
BTW, while negative gearing is acceptable to the ATO, there are ALWAYS tax benefits in investment properties.
Hi Yoda,
Whilst I'm not up with the Council regulations in Whyalla, check out the Council website development section: http://www.whyalla.sa.gov.au/site/page.cfm?u=210
Cheers,
BrisInvestorHi Judith,
You should also know that most landlord's insurance policies require the property to be professionally managed by a licenced property manager. Otherwise you might find that any protection you thought you had under your landlord's policy is not valid.
Cheers,
BrisInvestorNot a contract clause, but can't hurt to ask permission from the vendor to advertise the property for rent early – ideally straight after you go unconditional. That way you'll get a head start on finding a good tenant (reference checks etc) and the only thing they need to do after settlement is an inspection to confirm they are happy.
Cheers,
BrisInvestorHi Nit,
Only the supersticious locals will care about that kind of history – renters are more likely coming from different areas and won't have any idea.
Besides, it will be a completely different house with no history. Don't let it bother you – buy it if it's a good investment!
As an aside, if the house was still standing and there had been an event such as a murder in the house, then in QLD you must declare that when selling, but not when letting.
Cheers,
BrisInvestorHi Pete,
I've had a fantastic experience with a Brisbane buyers agency called RedRoof (http://www.redroof.com.au) – I approached a couple of buyers agents, but these guys stood out with their professionalism, ethics, approach and track record. They also managed to save me more than my buyer's agent fee on my purchase – couldn't have asked for more!
There are a lot of Brisbane selling agents that pretend to represent buyers, but in reality they are working for the seller and when push comes to shove, they're not on your side. Definitely recommend you give RedRoof a call.
BrisInvestor
