Taking my first steps in to the wide world of property investing and have been researching feverishly for past 6-12 months. Have goals and strategy set after attending a couple of spruker sessions for hints and tips, and reading most of the books out here on the topic. Evident that my own backyard in Victoria is relatively stagnant and the groudswell of opinions is suggesting northern Perth and western Sydney suburbs among others for growth.
The question is – how would one generally go about tracking down property interstate? A potential logistical nightmare given distances involved and coordinating agents can be like hearding cats in my own suburb, let alone interstate.
I have heard of a few tactics such as place conditional offers on many target properties, if you get a few accepted then arrange a trip to inspect, reassess your offers and decide which one you want to pursue (and renegotiate if necessary).
Buyers advocates obviously (how do you find a good/reliable one?).
Buying sight unseen (yikes).
Any other ideas?
Cheers,
Craig.
If you're looking for a good BA – I'd just start a new thread asking for recommendations in whichever area you're honing in on.
I think some BA's offer a less comprehensive inspection/negotiating type services whereby the investor locates the property but has the BA on the ground inspects and negotiates – that could be a good option for you if you're keen to carry out a fair bit of the research yourself.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
At the end of the day whether you use a buyers advocate or not you still need to look at the market for yourself.
Markets like Brisbane are good because in my view they are undervalued. Look at suburbs like Greenslopes and then go for 3 or 4 days and convince yourself. If you cannot or cant be bothered doing this then you are risking your money.
If you do use a advocate check them out carefully, your success will be determined by how good your team is on the ground
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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What's your budget and what's your strategy?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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Thanks guys, I missed these responses for some reason when i posted.
Looking for a couple of IPs in the 200-400k range mainly in growth suburbs spurred on by affordability for first home buyers (hopefully) in major capitals as one part of strategy, but also looking to mix this in with some higher yields in regional centres to offset cash flow shortfalls.
Local (Vic) market isn’t ringing my bell, so looking to cast net wider.
I agree Nigel – research on the ground best, but time availability is an issue as this investing lark is very part time for me. Well organized and targeted visits ideal, but wondering about offering (conditionally) sight unseen and then refining on acceptance of a few offers and subsequent visit. Does this actually work?
Properties under $350k in Sydney are going off like rockets – there is massive competition.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Homemade wrote:Well organized and targeted visits ideal, but wondering about offering (conditionally) sight unseen and then refining on acceptance of a few offers and subsequent visit. Does this actually work?I guess it could.. You'll need to suss out the legalities of making an offer in the state that you're purchasing in. For instance – if you make an offer subject to finance, will you be required to prove that finance was declined in order to get out of the deal?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
FYI
3 storey approval for units just went through near the hospital in Greenslopes. Have pre-lodgement about putting another one through this week.
Densities are up.
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
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You need a buyers agent that can locate a good property for you. I buy sight unseen alot its just finding one you can trust. Its great if the can handle any renos that need to be done too. I'm to busy to do this myself. Works great for me.
Hi Homemade,
If you do a search on Buyers Agents in WA you'll see names like Momentum, Property Wizards and Hegneys. While I haven't used any of their services they all seem to receive positive feedback.
If you are seriously looking at Perth I would start conversations with those three companies and see how you go.
As an aside I noticed Saturday's edition of "The West Australian" indicated there are currently less than 9000 properties listed for sale across Perth. This is will below what is considered market equilibrium at 12,000 properties. It has been suggested that increasing rent returns (investors hanging on) combined with a growing population has seen the number of listed properties drop sharply.
Hope this helps.
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