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I have worked with property pursuit – http://www.propertypursuit.com.au – once or twice. Sandy from their office seems quite good.
Look at the market and what's selling – go with a company that has the right product for the market place or you will starve!
If i were you, i would decide which investment style you want to follow (or a few of them) and learn about them. Say if you wanted to get into renos you could go to bunnings (or any hardware store) and learn about prices and products they have. They also run workshops for you to learn about different aspects of home renos.
You can then use this knowledge and apply it to a property you are looking at (in terms of what you could do with the kitchen etc and how much it would cost).
Research the market – that let's you see if you are picking up a bargain that you can reno and sell for a higher price (look at recent sales and what's on the market).
Research, research, research!– research! at the end of the day it's your money and your future – invest the time to learn about property and investing before you go ahead and do it. Even if you use someone like nexplan you should still do your own independant research and understand for yourself what you are investing in.
A few factors can help increase the value of "bad suburbs". Here are a couple:
– Surrounding suburbs – if these are good with increasing values chances are people will get priced out and have to come to the "cheaper" suburb – pushing up demand and prices.
– Infrastructure – the more infrastructure an area has the more likely people will want to live there.
– Development and urban renewal planned for the region – help to increase the look of the area.Hi K,
If they are in QLD, i could package them up with a few builders and target both investors and first home buyers. I am based in Brissie, but work all over QLD. Let me know if i can you out.
be sure to check the entry condition report when taking over an existing property.
haven't heard of them. where about in Brisbane are you looking to buy?
Choose where you'd like to invest and keep a constant eye on those suburbs/areas on realestate.com.au to get an idea of price, what's in demand and how long things are taking to sell. Also, you should keep a look out for any new developments in your area.
yea, asia is pretty easy to do that. Note sure about the US.
I am about to do the same thing (move out of my first home after 6 months and rent it out).
You may also want to have a look at add-value project – renos, splitter blocks etc. Again, you should do you sums and make sure the $20K you put into the property will bring about a $60K or more in added value. Another way is to buy at below market value. With the interest rates hitting the highs of recent years, people are starting to hurt a bit and it may make it possible to do this.
remember: you make your money when you buy, not when you sell.
I have heard of many instances where the developer has discounted the last x number of stock. one case involved the developer discounting an avergage of $200K per unit for the last 40 units.
The good thing about when developers buy property, they have no emotion in the deal. i.e. if the numbers stack up and the land can be developed, then you have a deal. If this is more than market value then you really do have a win-win situation!
i think i remember seeing that a large development company owned a large amount of land to-be-developed in inala. This might help to raise the profile of the area.
Although i have not done it personally, i do find development sites for a number of developers in the south east QLD region. and yes, i work off a figure between $65K – $80K per lot for development costs (depending on the are/council) when looking at paddocks.
hope that sheds some light on the issue.
I agree with jon on the most part. remeber that there are usually plenty of developments in your area and agents will take buyers to the ones that they will get paid a full commission on. The devs that don't pay that full commission usually won't get full exposure with buyers.
I have just been on a business trip to hervey bay where the market is flooded with development stock and second hand stock… guess which product will move first?
