I have no eperience in property investment except for the property which I live in and now fully own
I have been reading Jan Somers type books for about six weeks and finding it a bit daunting.
Has anyone had experience with using a Buyers advocate who will seek out requested property types and charge a 1 to 2 percent fee .I assume most serious property investors would consider these services a waste of money but any opinions / experiences would be great to hear.
OldMan
Hi Oct
Welcome to the forum.
Buyers agents can play an important for any investor irrespective of their experience.
A Buyers Agent can source property that may bring a better return through higher cash flow or capital growth.
Sure if you now the area that you wish to invest in and can spend time going to carry out the due diligence then you will save a few dollars but in the meantime you may miss valuable opportunities.
Certainly i can recommend Mic from House Hunters in Newcastle and Westan and Alvin based in NZ both who are contributors to the forum if you need a starting place.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Originally posted by Octagonal:I have no eperience in property investment except for the property which I live in and now fully own
I have been reading Jan Somers type books for about six weeks and finding it a bit daunting.
Has anyone had experience with using a Buyers advocate who will seek out requested property types and charge a 1 to 2 percent fee .I assume most serious property investors would consider these services a waste of money but any opinions / experiences would be great to hear.
OldMan
A BA shouldn’t be considered a waste of money by investors! After all, they save you considerable time by doing all the legwork. They can also save you their fee and more, depending on how capable they are at negotiating. Would you be willing to spend $5K or so for someone to do all the looking, analysing and negotiating for you? They are out in the field all the time, and can get to know the market as well as sales agents, so can evaluate a property probably far more efficiently than you could by yourself.
They also have access to agent only databases such as RPData and Residex, which aren’t available to the public, and also often have several and useful contacts within the RE industry itself.
As per the US, I believe that independent BA’s will become more widely accepted and known as the time poor buyers in our community start to employ their services.
Representing the buyer is just as important as representing the seller, and it’s high time that the buyer got both a good deal as well
Cheers,
Pro-Activehttp://www.invested.com.au Australia’s premier Investor Education site
Many people in Real Estate say it is the three L Location Loacation Location. I agree. However it is also the three Rs Research, Research, Research
Nigel Kibel
http://www.propertyknowhow.com.au
Australian and New Zealand Buyers advocate
service and seminarsNigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Dear Octagonal,
They can be a good source for information and good properties. Appart from them, have you considered property clubs? (Like minded people in the area with a passion for property). There is a few of those around as well. Anybody know anything about the investorsclub by any chance?Cheers,
Erik Reurts
Micah Finance Solutions
http://www.micah.com.auErik
For posts concerning the Investors Club refer to the Opinionated forum there are few there.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Hi Octagonal
I used an Agents Buyer in Vic (I live in NSW) namely Jack Henderson from Metropole Properties to buy my first investment property this year. The money paid was well worth it as I believe he got me a great apartment in a great location. He did all of the leg work, negotiating and followed through till the end. I would have no hesitation in recommending Jack and intend to use his services again in the near future. Check them out at http://www.metropole.com.au.
Regards
ShelleyHi all,
I also agree that Buyers advocates can be a useful as part of a strategy for property investing. However, people need to be aware that having a BA doesn’t mean that the research is done for you. I believe you still need to carrry out your own due diligence. For example, I am on a few agents’ databases. One property came up recently on one of them. It was highly cashflow positive and looked like a great deal. I recognised it as a property I had signed on back in April, subject to due diligence. The due diligence received came back with a number of concerns on the property itself, and the land it was on, requiring initial repairs that didn’t make the deal look so good, hence I didn’t go ahead. I was surprised, that 4 months later, it turned up on a BA’s database. Perhaps it still could be a good deal for another investor with different skills. However, my point is, don’t assume that having a BA = good deal. The saying still goes, Buyer Beware.
mccoz
Well anyone that does any particular job 100% of their time are bound to be Really good at it, as I’m sure everyone is an expert in their own field too.. So it’s wise to say let the specialists do their work of finding you a suitable property whilst you focus on what you do best.. Logic.
Research, Analyse, Purchase is our slogan for investing..
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.au
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