Do more research on the rental demand in the area. Speak to the local council about what is comming up locally in case there will be increased work opportunities to give you clues on potential demand.

Look at different houseing options to meet that demand.

Make sure you are getting a good enough return before starting.

Patrick,
regarding the state of the real estate market in the words of my mum (who lives in a middle ring suburb of Melbourne) ‘nothing is moving here, not even the leaves’. I think that somes it up.

How about an annual trip to the Island of Santorini. That would suit me during Australia’s winter. [exhappy]

Back to property……

Thanks for your feedback guys. I think its a good reminder to treat this a business. And I think I will be looking at what I can do rather than getting frustrated at what I cannot do.

thanks again.[exhappy]

try and use your own money last as much as possible as it is limited in supply. ask lost of questions and do lots of reading to find out where you can get money from so that you can use your own money last.

thanks for post. Amazing to see these stats sometimes and gives you some overall perspective which is helpfull.

Keep these coming as you find them!

Hi Fun, try this:

think about all the things that you really really love to do, have and enjoy. Don’t worry about how much they cost – just do a really long brainstorming type of list.
eg.
coffee in cafe overlooking the bay
playing footy with mates in park
ride on an air balloon
2 hour spa treatment
day rental of sports car
day off walking in…[Read more]

Enelson,
I have a different point of view for you consider and this is what I would do if I was in you shoes.

I would do what ever it takes to put yourself in a position to be an active investor NOW. I would not look at what I could do to the rent two years from now because you are basically saying that you will be tight and an inactive investor…[Read more]

The tenant may not want to go to the trouble of leaving their home if they are happy there on the chance that you may sell the home – it consts money and effort to move. Tell the tenant that you are looking to sell and try to keep the opens to a minimum.

Deal with an agent who does not do the evasive ‘open for inspections’ to the whole public.…[Read more]

No suggestions to help this time – but I would suggest you invest in a scanner/copier/printer and fax machine in one unit. I saw them for sale at the Post office for only $140. This way if an agent makes a statement to you you can have evidence faxed to you immediately.

Also, if a council allowed something in the past, that is no guarantee that…[Read more]

Dazzling and Padmaa, thanks for the insights and the details. I appreciated them. Hopefully more people will share like you – and hopefully I’ll be next![exhappy]

Not sure how much truth in this, but I heard recently that all homes that are relocated will now need to meet certain energy ratings and this will therefore add to the cost. Worth looking into.

Try and ask questions to the realestate agent in an around about way to find out why the seller is selling. If they agent does not tell you then keep the polite general discussion up until you find out. This will help you to sus out the right price to offer. Without asking directly I like to find out if they have bought elsewhere, when they…[Read more]

Red Time,
I believe it is a good idea – next job is to find people to invest with you.

Speaking of group investing – I’ll share a group investing story from 20 years ago. A local solicitor organised a group of people to put in a small amount of money each to buy a local house outright. The following year the same people bought the next house…[Read more]

As a mother of two young children I have been through a similar experience as you. This is what I have learned. Separate your family life from your investment life. Do not allow your investment life to potentially harm your family life. Protect your family from potential bad investment mistakes. Buffer your family from risk. Expect your…[Read more]

Glen Waverley was once an innexpensive place to buy into. However in recent years, and partly I believe due to the high VCE scores obtained by the students of Glen Waverley High school being a public school (and the initial low house prices), it has attracted families to the area and hence increased prices.

Town houses are catering to the ageing…[Read more]

For the name – I would keep it basic and easy to find- Rotorua Backpackers. As for marketing the property – find out how backpackers make their decisions by asking them directly. Stand around other accompdation spots or tourist hangouts and ask backpackers directly how they decided to stay at this location – who did they ask? where did they…[Read more]