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Morning,

Being new to investing I am seeking advice on buying property that due to time constraints etc you can’t expect. Being from Sydney it is near impossible to find a property that generates positive cashflow unless you go to the country or interstate, which posses the problem of not always being able to inspect the property and get a feel for the area.
Does anyone have advise on mitgating risks or any particular hotspots I should look at.

Thanks
SC

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Hi Scubar

We are from Sydney as well. In my opinion, I wouldn’t buy anything without looking at it, I’m just not comfortable with it.

I try to do as much research as I can on the net but I’ll ask people I know from those area about the suburbs to a get a general Idea. We’ll check out properties on the internet, go through a list of questions with the agent over the phone and research the suburbs as well.

We shortlist properties during the week and call to arrange inspections on a Saturday. I usually stick to areas around 1-2hrs flight away (QLD, VIC, TAS). Like yourself, we are also limited on time and can’t spend the night so for example we would book a flight from Syd to Brisbane and leave around 6am and return around 8pm the same day.

It may sound insane but for $500 and a Saturday, it gives you the chance to check out a property first hand rather than spending thousands on something that may be toxic. Agents can get tricky and deceptive with photos.

At the end you still have a cooling off period to fall back on (depending on the state), but it gives you good piece of mind if you check the place out first.

Just my .02

Thanks guys,
Will (Slumlord)