Can I rent out my property?

[JJMO]

Hi,

I am looking at investment properties in west Lake Macquarie (Toronto, Wangi Wangi, Wyee & surrounding areas) on the NSW central coast. I do not have any experience in this area. How do I satisfy myself that the property that I buy can be rented out? What questions do I need to ask agents?

Regards,

JJMO

[PT_Bear]

If you want to know if a property will rent, talk to the rental agents - prefereably one who's not with the agency selling the property.

Ask them questions like, what sort of property can't you get enough of?

I usually find that they want to make their job easier by listing properties that will rent quickly to good tenants. It's in their best interests to help you to make good purchasing decisions.

[XBenX]

I normally take two strategies for this

Ill call as someone looking to rent and ask what is available, what vacancies the agents have on their books (including %) and what you get for your $$$

Then Ill have someone call back and ask the same type of qn's from an investor POV - ive got a property available whats the rent likely to be - how soon do you think you can get a tenant, do you normally have short term tenants in this area ? etc etc

[the_captain]

I live in Melbourne and have been looking in Bendigo.

Haven't bought yet, but I have used the same ploy as XBenX.

It's also definately worth spending lots of time in the area, talking to the agents getting the current rental listings and getting to know your target area etc..etc..

The rental listings will give you a fair idea of rents for certain types of properties in particular areas.

Also find out if there are certain slow times of year, as these may be different from where you live.

Have a look at which local industries are there........if something shuts down i.e. car manufacturing plant, will this mean a mass exodus of people moving away from the particular town you are looking in.

Go and have a chat to the council to dig up any population demographics, specifically find out if the population is growing or shrinking.

Hope that helps.