buying property without looking at it (interstate)

I have bought 2 properties without looking at them. Actually, I have seen them in photos which I requested from the agent as part of my ‘subject to’ clauses.
I did extensive research on the area via internet and phone calls to the local agents and council before-hand to become familiar with the area, rents, values, most rentable properties, best areas to buy.
Getting the correct info from the agents was tricky – I found they like to tell you what you want to hear. The selling agents rarely know the rents, and will often over-inflate the returns. Look at the properties for rent on their websites if they have one, or on real estate.com.au, or ring other agents and ask what a 2 bed unit costs to rent etc.
I included detailed ‘subject to’ clauses for the finance, building inspection and pest control. As the buildings were newer they came up o.k. The offers were lower than asking, but with short settlements so were accepted easily.
Watch out for restricted access to property for building inspector – tenants can make this difficult, but if the ‘subject to’ clauses are worded correctly you won’t run out of time.
I found the experience not as scary as I thought it would be.

Cheers,
Marc.
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