Hi,
I am looking for my first investment property. can i please gethelp with what thinks to keep in mind and is subdivision they good way to start.
Thanks heaps
Raminder
hi mate
not that i have done a subdivision i have done resesearch on them i belive a small subdivision could be a very good place to start but will have to do all your reasearch on what cost's will be incured and your end sales prices and speak to the right people befoure just buying it makinging sure you can actually subdivide the land be buying then relising you cant
good luck daniel
Hi Raminder,
I see you have just joined us recently – welcome !!
Quote:can i please get help with what thinks to keep in mindIt is great that you have come straight out and asked for help/ideas, etc. Property investing is quite a forgiving strategy, but there are tricks and traps, so the more you are aware of before you start investing, the better chance that things will go well for you.
First thing I would say is to spend some time (and a few dollars perhaps) in boning up on the various property investing options. There is a wealth of free information right here, with some great guidelines for beginners. One thread that I know of, posted by our host Steve, is this one :-
https://www.propertyinvesting.com/forums/help-needed/4349441#comment-296087
In my case, I deliberately held off investing for nearly a year, over which time I read several books, visited property forums, and went to seminars. Along the way, I met many others who were already investing in property. Some were developers, some were "buy and holders", some were buy/reno/sell, and some were buy/reno/refinance/hold – and some were wrappers, flippers, etc.
There are many ways – by talking with like-minded people, you can get ideas re what would seem to be the right way for you !! Of course, while doing that preparation, you could be visiting open houses, RE agents, in areas of interest to you. Or, if not sure just WHERE you will invest, check out some local property sales/auctions anyway, just to get a feel for property and the way things transact. It all helps – and you might just stumble on a bargain when you are not really looking for one.
Let's see what ideas others have for you,
Benny
Hi raminder
Welcome to the forum and i hope you enjoy your time with us.
Must admit the number of enquiries we have from clients to source them a property that can be subdivided or have a second dwelling / granny flat constructed upon has increased 5 fold over the last 3-6 months.
Couple of things to start with:
1) Need to ensure the local authority allows it.
2) Zoning permits it.
3) Engage a good Town Planner who knows his stuff.
4) Bring cash as these properties go very fast.
5) If financing ensure your lender allows multiple dwellings on a single title.
Plenty of others but a few initial pointers.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Benny wrote:In my case, I deliberately held off investing for nearly a year, over which time I read several books, visited property forums, and went to seminars. Along the way, I met many others who were already investing in property. Some were developers, some were "buy and holders", some were buy/reno/sell, and some were buy/reno/refinance/hold – and some were wrappers, flippers, etc.Golden advice Benny that if headed would save a lot of people a lot of pain. In saying that many have "got lucky" through market timing but if they fail to do the above can end up worse off eventually.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
I like Brisbane at present
However most people lose money because they do not know what they are doing. Remember most people lose money in property because they do not do enough due diligence. So either learn your trade or get involved with other people that are already doing it. At the end of the day its your money so don't lose it by rushing in.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
I definitely agree that Brisbane has a lot of potential at the moment.
The outlook for the market is positive and with the new Town Plan that is due to be endorsed early/mid 2014, there will be opportunities to subdivide land that currently doesn't have any development potential. If you can secure a property that will have development potential in the near future, you are already going to see capital growth before you even start the subdivision process.
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