hello, in steve’s book and most other property investment books, i read about doing one’s homework before buying a property. where are some good places to find general suburb information?
thanks.
Jake.
Hi Jake
1. One good tool is your telephone.
Ring a few property managers and have a chat about the area in which they are based. All sorts of things can be learnt if they think they might be getting your business.2. Your computer and using the search feature.
3. Again your computer and searching the various postings that have been made. Often web addresses are given.
Regards
Jake,
Let google.com be your god, your guru and your nighttime companion
)I use google for everything I need to know, but there’s some things that must be *paid* for (ugh) such as recent sales prices for your area- from the Valuer General’s Office- unless you can con a friendly RE person to give you that stuff.
If I was looking to buy in Hamilton Victoria, for example, first I would just type into google “hamilton victoria” and see what came up. Then I would type in “hamilton victoria real estate” which may just list the RE’s in the area. Then i would look up hamilton population” Then I would look up “unemployment” or “social problems” or “hamilton property boom” or whatever words I wanted to find out. When you find no links to the property boom one, you’ll know there’s been no boom there
I just think up all kinds of combinations of words to find out anything I can find out about the area. These searches let me know about employment opportunities and areas of growth, health, population, where the industry is located, median prices etc.
kay henry
(google lover)Hi Jake
Probably find all you want in this link – 8 pages of it though. https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=195
Regards
thanks muppet and key henry.
that is all good advice, but i dont think that a property manager will take me seriously because i am only 16 years old. i have heard good things about the ABS and census, any good?
thanks again!
Jake.
“Your Profit is made when you buy… not when you sell” (Rich Dad)
Hi Jake – Anita Bell started when she was about your age.
When you ring up REA no one says that you must give your age. If you’re worried, maybe you’d be better off phoning first for an appointment if your telephone manner is older than your appearance ; ) !
Main thing is to be organised, to research the area (good ideas from Kay Henry), to have worked out your finance and not waste too much of the agent’s time. After all he’s there to sell property, not to advise you on your investment strategy.
For your own peace of mind you should gather info from independent sources. Before you talk to the agent you should have an idea as to what sort of property you want, its likely price and likely rent. It’s OK to run ideas past him, but don’t rely fully on info he gives.
I have phoned up people re jobs and phoned up REA. In my experience job hunting is far more stressful than property buying. Remember the worst they can do is say ‘no’ and you can find another house & agent.
Regards, Peter
Another good info source is a town’s economic profile, as put out by shire councils or govt development agencies. These will often contain important ABS stats.
Some ABS stats are free but others aren’t. You should be able to get access through a uni library.
I’ve never tried this, but maybe talk a teacher into marking a supplementary assignment with questions that you’ve set (the stuff you were going to do anyway on demographics, population, income and housing!) and to ask for their assistance in getting the ABS stuff you need?
Peter
ok thanks alot for your advice peter, much appreciated!
jake.
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“Your Profit is made when you buy… not when you sell” (Rich Dad)
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