Buy -> Rent Timeframe

[Jebb]

Hi guys

Im thinking of picking up a new 4x2 on a 500m2 block early next year as an IP, and plan to rent it out as soon as possible.

Ive been out of the property game for a while, just wondering if someone who has done the same can tell me what the total buy to rent out timeframe is these days? This is not including the time searching for the right house, but from when I have decided on which to get and my loan has been approved (fingers crossed).

Cheers

J.

 

[Edmond Dantes]

Hi Jebb,

I'm not an expert but before I purchased my property I had my loan pre approved already and knew what the price range would be. I felt like wasting my time if I found a property and no one would lend me the money.

Once you decide to make an offer, you specify the settlement day (30 working days, 60 days, up to you).

-Andrew

 

[Jebb]

OK thanks for the reply, Ill make sure I sort out finances before making any decision that might delay the process.

Assuming settlement is 30 days, I wonder how soon realistically speaking tenants could move in, also assuming that there arent too many things that need to be repaired or renovated.

Could the whole process be done in 2 to 3 months?

 

[Belu]

if the house is tenentable then you can negotiate to advertise the place for rent prior to settlement and have the first open house day 1. i did this - got vacant possession, entry prior to settlement to paint/fix a few things (place was empty) and the place had a tenant in it 7 days after settlement.

 

[jasper]

Really depends on your area. I usually try to work in with the settlement the vendor wants but negotiate into the sales contract that I have the right to have a for lease board erected on the property as soon as it is unconditional then I can have the PM marketing ppty before settlement.