I am looking at possibly purchasing a cashflow positive property in a suburb that has been described to me as not the best in town ( I have yet to venture to this town to have a look, but this is what the real estae agent has informed me ). The area has government state housing. I plan to visit this area very soon but would like some input here as this would be my first property purchase.
In regards to finance, I am working part-time but will be starting a new job in Real Estate sales soon. I have enough for a deposit to buy a property that was up to $100,000 in value. Can anyone offer any contacts, help in this area?
Genki,
Most of us have to start out buying in “not so good areas”, or else, we’d all have a few places on pretty harbours
)This doesn’t affect your borrowing. If you see the article I posted in General roperty, banks have a problem with financing apartments and houses in the innercity as well, so it seems banks are being razor gangs all over the place. Some financiers will want a 30% deposit for locations with less than say, a 10,000 pupulation. But to check out lending criteria, why don’t you get a mortgage broker around to your house. There’s a bunch of them on here. They’ll just sit you down and discuss with you what’s viable.
kay henry
Dont buy sight unseen in these areas.
Please read my article in general property
Russ.So many +CF properties in Western Australia.Let me help you. And we can achieve a win win situation.Russ.0438 659 411
Make sure you do some careful checks on the property and surrounding area, but don’t be put off completely by a suburb with a reputation as being “not the best”. I know some people who have done very well by investing in just such areas and, as Kay mentioned, some of us have few other options (and do so happily). Check for potential problems with several agents in the area, property managers and the local police. Even having a casual chat with neighbours and local shop keepers can be very revealing.
Matt
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