Purchasing sight unseen

Hi Mizfit

It helps a lot if you've got someone on the ground to inspect the property in person. I've got clients that use local property managers or buyers agents.

Also get a building and pest inspection carried out. See if you can call the inspectors during or just after the inspection to ask questions.

It's easy enough to do all of the due diligence remotely. You'll even be able to get an idea of what the street/neighborhood looks like via google maps. 

Cheers

Jamie

Only buy sight unseen if you have someone on the ground that can do the work for you.

Never buy just over the internet. Frankly if you are buying a property interstate then the cost of an airfare is insignificant compared to the value of the property you are buying.  People also buy in the United States often over the internet or the are dealing with wholesalers who are not located in the cities with the properties they are selling.

From my experience the quality of the people you are dealing with is the most important point and that will often determine whether your investing is successful or not.

Hard I know if you don't have someone on the ground who can take a look for you.

You could always post a job for someone to attend to the property and take a video for you, maybe the building and pest inspector will do if for you.

Certainly tread with caution buying sight unseen.  I've seen plenty of properties whereby the pictures are a few years old.  For example, pictures taken immediately after a new property has been built, but has since been tenanted for a few years, perhaps the grass has died, perhaps the demographic in the street isn't as you'd hoped.  The power of a pair of eyes and an attentive nose is very important.  You cannot smell issues such as damp from the luxury of your sofa.

Agreed with Nigel.

Make sure wherever you are buying that the people on the ground genuinely have your interest at heart.

Thanks.

The other consideration is the cost of visiting the area and scoping out possible properties / properties you put under Contract is not a Tax deductible expense.

The cost of investment advice is a Tax deductible expense as long as the advice relates to the generation of income so using a Professional can often be the way around it.

Cheers

Yours in Finance

Agree with Mark the market is awash with some cracking deals at the moment.

With our unique 100% finance product my business partner is putting clients into some real cracking deals at the moment.

We take Power of Attorney for our clients and inspect and assess the properties for them as most of our clients lead busy lives and don't have the time or inclination to travel to see the properties or the experience to negotiate the contracts.

Cheers

Yours in Finance