Hey people,
Basically I am lacking a little bit of brain storming activity. Hopefully you could help me out with your skills? I wish to purchase a unit or house to rent out. I am currently having a problem selecting a suburb to investigate? I am obviously after low vacancy rate area as well as strong growth in the future. Any ideas? Anywhere from 150k to 350k (no more). Is Hoppers Crossing worth a buy?Thanks
Steve.
Victoria – MelbourneHi Steve,
To make it easier for you, try not to focus on an area. Go to a few real estate agents as each agent deals with a number of areas. Tell him/her your criteria (i.e. 150k to 350k) and he/she will be able to filter properties for you that meet your criteria.
But if you are looking for positive cashflow, I wouldn’t look at places like Hoppers Crossing but would rather go out into the country and make contacts with real estate agents out there.
Kind Regards,
George“If You never never ask, you’ll never never know”
Originally posted by Actube:Hey people,
Basically I am lacking a little bit of brain storming activity. Hopefully you could help me out with your skills? I wish to purchase a unit or house to rent out. I am currently having a problem selecting a suburb to investigate?Hi Steve – none of us will tell you where to invest as something OK for one person won’t necessarily be suitable for you. None of us can predict the future, though by investing you can help create it for yourself.
There is no substitute for doing all the research yourself until you’re satisfied you’ve identified areas worthy of your dollar.
You need some sort of investment strategy and aims to get started. When do you wish to retire and on how much?
Identifying a budget is good but you also need to work out how much cash you can spare (if negative gearing) and how many properties you need (multiple negatively geared properties can lose more money than the average person can afford so a mix might be better). But the really cheap places might be in small towns with no growth prospects and have high maintenance costs so I’d be cautious there as well.
Then look at the charts in API to get a rough idea. Go around the estate agents looking for prices and rents. Look at council and govt plans for the area. Get population and industry data. Go on country trips to look at towns but do research first. The internet is the best research tool for the property investor but you’ll also want to talk to locals.
Buy half a dozen books and lock yourself in for a week or so browsing archives of this and the Somersoft forum.
Regards, Peter
totally agree with Peter – he is a man of a wealth of wisdom…
Kind Regards,
George“If You never never ask, you’ll never never know”
Would the property mentioned in https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=8970 be suitable ?
By all acounts it looks as if there is going to be a substantial increase in employment in the area.
I know that vendor’s finance is available.
Pisces
too many posts in that topic – please add your query to this post and clarify – it will make it easier to answer your questions.
Kind regards,
George.“If You never never ask, you’ll never never know”
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