Evening all…..
Firstly I am finding this website and forum absolutely fantastic for guiding me along the learning curve of IP’s…so cheers to all who contribute and reply to the posts.
I wondered for those of you experienced investors when you buy interstate or overseas do you always make sure you personally see the place you are buying by going there, or is this where you get outside help?
Cheers[daisy]I don’t think there is any need to physically view a property these days. It is very easy and fairly cheap to get a building and pest inspection done with colour digital photos. All other due-dilligence can pretty much be done on the Internet or telephone.
In my opinion, if the numbers stack up, it is good enough for me (following a favourable building / pest inspection of course).
TMA
http://www.email4money.info
Essential Links
First Home Buyer WebsiteIt is indeed a question of personal preference and comfort.
I would not be as comfortable to buy something I hadn’t seen myself though I have plenty of clients who do and do so very well.
It is up to you.
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi RichLee,
Simon and TMA points are very valid. Personally for me though, my comfort zone for investing wouldn’t be in investing O/S, although many people have made great returns in doing so (eg. NZ, US, etc). If I was buying interstate my personal choice would be to still fly there and double check on my due dilligence.
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
RichLee,
I think if you can somehow assure that what you’re buying is really what you are after, then it is not necessary to see it personally (leverage as well). But it may be difficult especially if you are new to the area or even in this game.
Just opinions from novice.
From FUNI think it’s a good idea tocheck the area out first, as well as a few properties just to see the standard. I however have a good team to make it alot easier as well.
Obviously everyone has thier own comfort zones with these things but here is my opinion.
Imagine this new IP you are considering the purchase of sounds fantastic. The figures work well, the pictures look great. All the inspections are favourable.
But…
The house next door has several burnt out wrecks in the front yard.[blink] The lawn is touching the top of the fence [comp]and there is a huge german shepard that loves to run up and down the fence line barking at anything that moves, including its own shadow[grrr].
Would you want to rent next to that?
Some people might, but do you really want to limit the potential renting capacity of your IP?
Street appeal, neighbours ect are an important part of you due diligence. Not everyone has the same standard of living conditions that you do so don’t assume anything.
The only way of determining these things if you do not have friends or familly in the area is to visit personally.
Remember: The agent does not work for you and has no requirement to advise you of these things.
This is probably a major investment for you financially, you could save yourself thousands for the sake of a lousy few hundrend dollar plane fair.
My 2c worth
You will always miss 100% of the shots you don’t take!
RichLee,
Personally, I would rather see the property before I purchase that’s because I had experienced and many problem with those property that I purchased unseen.
Those that I purchase unseen give me so much trouble, sometime I just want to sale it. For all the property that I inspect before purchase give me no trouble whatsoever.
Therefore, I prefer to purchase property where I can do a full inspection.
Kind Regards
JetDollars
“The road of some-day lead to the town of nowhere”i bought my first property sight-unseen, and when i did inspect it, it was better than i had imagined but i realise i was lucky that time and it could have been a lot worse.
another property which i did not end up buying looked great in the photos and description, but this time i did inspect first and when i got there i discovered that it backed onto the rail line, and on the other side of the rail line was a car wrecking yard with piles and piles of smashed cars.
you can test if youre the kind of person you couyld handle the risk of buying unseen.
find some places locally off the net that you would consider buying, then call the agent and tell them that you plan to buy unseen and get them to give you an idea, photos, etc. Then decide whether you would buy it. And then go check out the property wiht the agent (not telling them that youre the same person, of course), and then redecide whether you would buy it. Do this a few times with different agents, areas, etc., and this could give you some indication of what to expect.
* Results may vary.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
