I have 2 questions.
1. Everyone is talking regional centres / towns for +ve cashflow. What about the drought?? If things get worse for regional Australia come summertime will +ve cashflow properties turn into non-paying tenants? We’ve had one of these and it took us months of hassling the property manager to finally get rid of the tenant?2. I’m very interested in 11 second rule and have found a couple of properties that come close. Trouble is I work full time and getting to these areas – particularly Tassie from Sydney is near impossible. Heard someone speaking on TV and he virtually said only fools bought on the internet. What do people suggest?
a. Phone contact with real estate / question re vacancy rates, ‘paying’ and reliable tenants
b. Building/pest inspection
c. Research area via internet
d. Steve’e info from Buyer BewareAppreciate some advice as I’m fairly new to multiple IP’s
Propertyannie
howdy annie…
I think the guy who said only fools bought on the internet is spot on… the term “due diligence” is fairly wide ranging, but it is imperative that it be done. I’ve heard of people putting unconditional contracts on places over the phone after just looking on the web, and they are only opening themselves up to problems.
your points of a, b, c and d should all be followed… I bought buyer beware, and while it’s fairly common sense stuff, it’s good if you’re new to PI.
personally, I think it’s worthwhile to do a trip to the place you’re hoping to buy in (if you can afford it financially or time wise) it’s crucial to get your bearings and get a feel for things. If you can’t, then just research extra hard… I’ve even rung the local pub just to have a yarn to the publican and find out different things.
I’ve probably got a bit of an advantage in that I’m a journalist, so I don’t have any qualms ringing the local paper, radio or TV station and chatting to other journos about merits or otherwise of investing in a particular area.
hope that helps
richmond(rip jack dyer)
I agree with the need to familiarize yourself with the area. I recently took a 3 1/2 hr drive to check out an area in regional NSW for property – whilst they didn’t meet the 11 second rule they had just experienced huge growth in the last 6 months and would have easily met it in Jan. Another place to call in and speak to someone is the local police station – country coppers are usually a great source of info and if not too busy can give out a wealth of general info. HG
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