[confused2] Wher exactly do I look?

Rose I can only say what my mother tells me however I can also add personal experience. I have bought houses and flats and the houses the LAND is what continues to row in good times and bad. You can always pull down a house but you cant a flat or unit. Buy where you can afford its ok if its a little further out. It will still b better off.

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Hi there

I live in Sydney city and there is no way i would be in the property market if I could only buy where I live.

OK so I go far. how far? Close enough to be able to visit at fairly short notice if I need to. No, i don’t inspect the properties. i have a builder do that. I only need to see pictures of the inside and out and beyond that professionals tell me in an 8 page written report the exact condition of every single physical detail of the property as well as other more ’emotional factors’ that I ask them about on the phone, basically they are being my professional pair of eyes.

If there are issues with the property I ask them about ball park figures to repair and then go from there. Either do it now or put off until next year, kinda thing!!

2 out of 3 times the properties i’ve bought have been ‘severely cosmetically challenged’. So either me or my partner has gone there, done the first few days reno work painting (with the help of labour) hiring the tradesmen , get the quotes for the things that will happen after you leave i.e. floor polishing etc.

a project manager (I use the building inspector) instructs and oversees things from there, making sure things get done, and being the man ‘on the spot’ which you definitely need if you’re not there yourself.

Yes you could do a renovation by remote control, but you’d be getting quotes and proceeding at top dollar, and you’d need someone to inspect the work and keep and eye on the tradesmen as well as be paymaster etc. Then it might not be as cost effective. property managers will take care of certain work but not usually anything as major as renovations.

then of course it’s not usually practical to let the place and manage the tenants if you’re not local so I farm that out too.

If the property is cashflow positive even if only after tax and depreciation etc don’t forget it’s going to get better over time as the house goes up in value and the rents should be indexed for inflation.

cheers-
Mini

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Jarvis dont try to change your dad mind set he is ok for now . Borrow money from him even though he may come around to actually get him to sign may dissapoint both of you.[|)]

realestate.com.au sell them for about $50.00
sab

[]Hey Marco you go Man!
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Sabina