Hi everyone,
From what I’ve seen of people on this forum you all seem to be fantastic & knowledgable.
I have been looking for an investment property for a year now, and I end up getting really confused as to what I want & where to buy it. I think I get a bit nervous when it comes to the crunch & start worrying about not getting tenants etc.
I only earn about $500 per week so I can’t afford to cover huge debts if I don’t have a tenant. My current IP’s both have long term tenants (7 & 5 years) who are exceptional, but I was extremely lucky there.
Any recommendations about the type of property to buy, where to buy it etc? I can loan up to $180k but would probably struggle to cover the repayments on that amount. Maybe a cheap rural place would be better? (ie under $100k). Any advice??? I live in Vic but am happy to travel to look for places…
Thanks everyone,
Anna
Hi Anna. Why the confusion? You say that you already have two investment properties, which is better than most of the population.Whatever you did to get those I/P’s off the ground, just do again. Also, believe in yourself, as I said, you are already doing better than most people out there.
Take care, all the best
MartyAnna,
What ever you decide to buy, get it valued first by an independant qualified property valuer. It may set you back $400, but it could save you major headaches and worry and money. If they pick up problems that need repair, you may gain greater power in negotiating the purchase price. I expect you will also have piece of mind and fewer sleepless nights.
100K would mean rural or outer suburban I guess. I mean I recently saw some very old flats sell in Brisbane from $140K within 5 Km of the CBD !!! They sold out damn fast !
good luck
Thanks Marty,
With my first two (it’s actually 1 property divided into 2 separate areas – hence the two tenants), I was 18, had saved up $20,000 and mum’s friend had a place she wanted to sell.
So I bought it privately off her without even looking through it!! I paid $70000 and it’s returning $220pw.
I’m 23 now and want to continue where I started with investing, but am really lost as to where to begin. In my town there are investors everywhere all after exactly the same type of house – I turn up to Open Inspections to find 100+ people there! Then the place goes for far more than it’s probably worth due to competition between these buyers… which is why I’m looking elsewhere.
Anyway, I’ll keep looking [
]And hwd007 – thank you for your advice too !
no problem. I tend to stay clear of auctions. I find them too emotionally driven and less rational unless you are extremely disciplined. And as you mentioed the competition can drive prices beyond their true commercial market value in terms of investment returns.
Anna,
It’s sounds like you’re on the right track.
Just make sure that you take the time and effort to find a good tenantable property for the right price and you should be fine. In other words, do your research and make sure the numbers work out.You may need to narrow your search down a bit to property type and region in order to save some of the stress and confusion.
Rod.
Hi Anna
The first thing I do when looking for a property is see if the 11 sec solution works if so then do the numbers and if the numbers work out to be postive cash flow and i like the property after inspection I’d make an offer surly you won’t go to wrong if the numbers work.
If they are having problems getting tennants find out why and do somthing different like offering the tennets a monthly reward like movie tickets.Hope this helps
Thanks Rob
Hi Anna
The first thing I do when looking for a property is see if the 11 sec solution works if so then do the numbers and if the numbers work out to be postive cash flow and i like the property after inspection I’d make an offer surly you won’t go to wrong if the numbers work.
If they are having problems getting tennants find out why and do somthing different like offering the tennets a monthly reward like movie tickets.Hope this helps
Thanks Rob
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