Hi All,
I purchased a house about two yrs ago which is currently my PPOR. With the equity in that house i can get another loan for about 380k. However i am going overseas to London for a few years to work and play beginning of July so this rules out doing any reno work with the IP. I am looking for strong CG and not +CF. I read API quite often and they seem to be suggesting QLD quite frequently, at the moment i really like rockhampton HOWEVER i wont have time to go there and check out the property, i dont know anyone in rocky. Is it worth the risk of buying something so far away (i live in cbr). I have seen a lot of ppl buy property in other states but usually they can go and have a look at the property or they already have a big portfolio and arent too worried about risk. Im just starting out and dont want to get burnt. What would you do in my shoes? Pls help
Hi there,
I live in Sydney and have an IP in Adelaide. The things which made this easier for me are:
– I know the area well; I grew up in Adelaide.
– I have family there in case I need their help (haven't had the need so far in 3 years!).
– MOST IMPORTANTLY: I have a VERY good property manager looking after my property.It will be a bit harder for you if you do come across problems.. if there was a problem with my property/tenants I could just fly to Adelaide. It'd be a bit more difficult for you if you're going to be living in London
Cheers
Hi TK79,
Maybe it's worth spending an equal amount of time in searching for a sensational Property Manager in your target area (Rockhampton, or where-ever) as well as a the property itself.
As Newgen has already suggested, a Property Manager is potentially THE key ingredient – especially for non local Landlords such as potentially yourself.
I'm sure a search on this forum will find answers to the question "anyone know any good Property Managers in Rockhampton ?".
Thanks,
BDM
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