Hey All,
I wanted to get peoples opinions on whether or not they believe a buyers advocate is worth the price when attempting to go down the path of a renovation strategy.
I am new to property and looking to find a niche just to get me started and feel this strategy may work best for me. I am fairly handy with the tools and have cheap access to pretty much every trade required.
My biggest concern when starting off however is finding that right property. When i say this it is not so much the structural side of a property its more, the location, renovation potential.etc. Things i understand a buyers advocate can assist with.
I have spoken to a couple of buyers advocate and the going rate seems to be around the 2% mark of the purchase price. Given the money i have available then the first property I will attempt is probably going to be around the 300k mark which means the buyers advocate fee would be 6k.
So back to my question what are peoples thoughts on this? Do you believe a buyers advocate would offer a ROI?
Do people have experience using buyers advocate when using this strategy?
And any other information on this would be greatly appreciated.Thank You
BenIf it’s an interstate purchase than I think the right BA would be worth it.
$6k sounds about right. Some are bit dearer.
Ask for some recommendations on the forum for BA’s in the area you’re looking in.
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]
Hey Jamie,
Thanks for the speedy reply.
It would need to be a Melbourne based purchase where i am from as I would be doing a lot of the work along with my contacts. Even better would be one close to my current location (North West Melbourne) so I can easily access it after work and during weekends.Are you saying if its a local purchase you would not be getting as much bang for your buck?
Are you saying if its a local purchase you would not be getting as much bang for your buck?
Unless you’re extremely time poor and/or don’t have a lot of confidence in your own DD – I prob wouldn’t engage a BA if buying in close proximity to where you live.
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]
Thanks Jamie
I am thinking for my first attempt I will probably try and source my own property and see how I go (you never know if you never have a go).My thinking being If i make a mistake it might cost me say 10k compared to if a BA sourced something decent for me(given I still do a lot of my own research and be very diligent, otherwise i understand the loss could be substantially more). But since the BA fee would be 6k then it would be a loss of really only 4k.
If however i get it right then i save the fee and have gained a whole lot of buying experience for my next venture.
Hi All,
New to this forum and looking for BA to give me the advice for this private sale (not specifying the suburb)base on RP DATA?
Location: 16 KM CBD ( South East)
Weekly Rent 390
Land: 651 SQMRP Data Report
Low $575,000
Midpoint $662,500
High $750,000Date Price Property Type Type of Sale Sale Result
29-Mar-2014 $660,000 House Auction Vendor Bid HS
12-Nov-2004 $325,000 House Private Treaty Sold
12-May-1993 $112,000 House Private Treaty SoldFinal Sale Price History
Advertised Asking Price
8-May-2014 $669,000
2-May-2014 $669,000
22-Apr-2014 $679,000
30-Mar-2014 $699,000
29-Mar-2014 Not Applicable
4-Mar-2014 $630,000
13-Nov-2004 Not ApplicableSuburb Growth: House / unit
5-year growth 34.06 % 44.74 %
Average Annual Growth 7.13 % 6.50 %How much to offer?
Can’t help you on that property. Go back and ask youself “What is my goal? What retrun do I want? What is my exit strategy?”
In realation to BA I used one when purchasing a unit in Neutal Bay NSW. I’m in Melbourne, so that’s why it was attractivfe to have someome “hunting” for me who knew the lay of the land.
In the end it was a good purchase. It was not yet on the market, was dirty, had a bad tenant. All great stuff as it kept the market away. I did a cosmetic reno and made a small lump sum profit and sold up.
Cheers,
Dwight
Dwight
Cashflow Positive Investor
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