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
SCHi Scubar[
]As you are new to property investing it would be very dangerous for you to buy a property sight unseen.
I suggest that you learn more about property investing until you are more able to realise the enjoyment that this will bring to you .Most people on this site will tell you how addictive this becomes.Regards
Bryce Inglis
[email protected]
http://www.ipal.com.auscubar.. the only thing we have bought site unseen was 20acres of land, we saw it on the internet (pics), then called the agent to haggle the price. But property is more complex, I have seen many ACA TT shows, with buyers finding termites in the walls and the place needs to be stripped and re-walled etc.
Its not worth the risk, I recon. [8D]
Regards,
Arty.[
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“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Margaret Lomas recommends it provided you get building & pest inspectors, etc to look at it for you. She argues that if you look at a place your emotions get carried away.
But there are lots of other matters that an inspection report won’t reveal (eg habits of neighbours, whether the street is too busy to back out of, general quality of area etc) which could affect your ability to keep long-term tenants.
So there’s lots to be said for going there yourself!
Peter
Agree with Peters comments. Margaret does advocate buying sight unseen as that removes any “emotional attachment” to the property.
I have 2 point here:
1. I think its actually a positive to have an emotional attachment to the property. If I thinks its a attractive property then there is a good chance that a potential tenant will also. This is especially important as we see vacancy rates rising.
2. As previously pointed, Building & Pest only tell you some many things. One property I was very keen to buy, so I drove out to have a look. The agent didn’t tell me it was actually situated on the main highway with Trucks going past the front door. The second was a lovely cottage, or so the pics said. It was actually 100metres froma railway line and across the road from the Rail Freight Terminal! Now the only way I would have found this out was by visiting the area.
Cheers,
Battz
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
SCHi 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)
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