Hi Everyone.
I have fallen into the group of long time lookers and do nothing.
A little on me.
I'm 29 and married for 2 years no kids yet, have always had a keen interest in investment properties. I have always lived in Palmerston just outside Darwin ( Northern Territory ). As some may have looked into, Darwin is a very expensive place to invest in. I am thinking it is probably best to look at investing in other states. I currently own one investment property that i purchased and lived in before the boom here. It makes a very good return. Based on todays rates i think it returns ++CF at about 80%. ( purchased at $100k and rent at around $370 a week , $40k left to go ). i was lucky with this one as i got it when i was 20.
What i need some advice on is where to look at when your dealing interstate. i wish to reduce the risk. eg. i can't see the property first hand, i can't get a feel for it. I don't know what the area's are like. Crime and other bad things.
I can use google earth to see transport , shops , schools , so on so on. which is what i do, But how do you find places when you live so far away and no nothing about the areas. I have some family down south but that only limits me to where they live and i don't want to pester them for info all the time. After all its not there dream its mine to grab and make happen.
Cheers for any advice and help.
P.s i think it may be better to invest closer to home but the market is so crazy and up there. eg my 100k unit would now sell for about 350k after 10 years.
HI have bought all of my properties 'sight unseen'. I rely on speaking to a number of real estate agents in the area, focussing on the property managers as they are the ones who have to find tenants for the property so they give the most honest answers regarding the better areas and types of homes that rent well.
You can also google different towns of interest to have a look at the council plans and proposed developments to guage if the town will have a strong rental demand.
cheers and good luck
sonya
Margaret Lomas has written a great little book called '20 Must Ask Questions' which is all about the research phase of property investing. She's also a huge advocate of buying interstate so very applicable to your situation so might be worth you checking it out.
All the best
D2B
Hi Kevin and Sonya,
I have to say I may as well just cut and paste some of my previous comments here. I bought 1 sight unseen and would do it again. Due diligence! End of story. If you have studied and area, town, street and know enough about it then you can make an informed decision very easily.
Building and pest inspections generally help you out getting a much broader view than what the agent may be telling you. You can't tell the back windows need doing from the pictures but the inspector will tell you.
Sometimes the agent is very helpful telling you that he would REALLY rather that you saw it first and that a single guy lives there. It's great when the agent tells you how bad an area is and how they wouldn't buy anything there because then you can look at what they have pointed out as a "nice" place to buy and get something that is probably in between the two that will suit your portfolio.
Don't be worried, chanel the fear instead into googling, making a few phone calls and seeing what you can dig up!
Good luck
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeThank you very much for the quick replies.
I'll chase the book up with one of our stores here. Probably have to get it ordered in.Thanks again.
Kevin
Google 'business mall', online bookshop has STACKS of great property books and better yet delivers to your house etc, no trying to get it, they will have it and many other great books. Get a subscription to API magazine while you are there, it'll help you get some extra info every month. Enjoy the reading!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeTwo books that I've read recently that taught me loads of titbits I didn't know are:
Think and Grow Rich In Property, by Stuart Zadel
(http://www.businessmall.com.au/featured-items/think-and-grow-rich-in-property.html)and
Property is a Girl's Best Friend
(http://www.businessmall.com.au/featured-items/property-is-a-girls-best-friend.html)Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Yeah I got both of those and they were good. The property secrets exposed one is ok too, Michael Yardney's book was ok but I really wonder if he is still able to live off equity nowadays.
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHave you taken the equity out of your property in case the market trends backwards????
Protect your assets with all the cash that is available and then invest the excess.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
