Hi all. I'm a first timer in property investing, so will need help in sorting out a few things.
I'm currently living in SA but wishing to get an IP in the Western side of Melbourne.
Question, let's say i have decided on the few properties, who would be the best person to help out with:
– taking more specific photos of the property, in case it needs touch up etc..?
– advising on rental return? I'm guessing a PM is best for this, but how do i know what i need to touch up etc.. to get the best return without engaging the service of a PM in the first place?
– I wish to have the option of subdivision in the future ( prob 4-5 yrs time), but before settling on a property, i need to know from the council that it is doable. Will a PM or buyer's agent help to deal with the council?I have seen on some buyer's agent website that they will help with negotiations on the purchase of the property. However, it also states that they offer their services based on the % of the property value. Isn't there a conflict of interest if this is the case?
– also, assuming i do some minor reno or touch ups, are all these tax deductible?
Any feedbacks would be greatly appreciated!! And also if anyone knows of any good PMs or buyers agent in the western side of Melbourne pls do let me know. Thanks in advance!!
Cheers.
We can help with both a PM and Buyer's agent in Adelaide
Hi coolridge
If you have found a few properties, then there is no point in getting a buyers agent. A buyer's agent's job is to source the properties for you. You can probably negotiate for a property just as well as a buyer's agent. Just get the place you are interested in independently valued by someone like Herron Todd White and use that as your negotiating tool.
A PM will give you an idea of rental and they could probably take photos for you. I personally would never own an investment property in another state without using a PM. They will do all the hard work for you – finding tenants, making sure they pay rent on time, dealing with maintenance issues. Imagine owning an IP in another state and having a tenant that complains every couple of days about minor things. It would drive me mad!
A PM will not be able to help with advice on future subdivision. You would need to contact council or a town planner for that advice. Do not listen to advice from well meaning RE Agents, PMs and Buyer's Agents who may tell you that you can subdivide a property. The only people who can tell you that are people whose jobs it is to know that sort of information.
Flights to Melbourne from Adelaide are dirt cheap so it would probably be more cost effective for you to just fly over and look at the properties and talk to council yourself. Meet a PM at the property and get them to talk to you about expected rental so that you can do some number crunching.
Good luck. I don't mind the look of some of the western suburbs in Melbourne at the moment. I think there are some good opportunities there.
Cheers
K
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