Buying interstate property

From: Daphne Sally


Hi everyone,

Does anyone have any advice re how to find an investment property in one state when you live in another? Short of actually having to jet to the other state all of the time, are there any hints re firstly how to research the state and find suburbs and then how to find a house? I will of course use the internet (property.com.au, realestate.com.au) but I was just wondering if there are any other tips. I have also considered a Defence property and am willing to consider that option if it is the best. Thanx for all of the good e-mails in the forum re that.

Ta,

Daphne
 
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Reply: 1
From: Daphne Sally


Sorry everyone, I should have mentioned that the state that I am thinking of buying in is Brisbane and I live in Victoria (if that makes any difference?)
 
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Reply: 1.1
From: Jeremy Laws


realestate.com.au
then ring agents and ask what they reall have.
then buy LOTS!!
 
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Reply: 1.2
From: Jeremy Laws


realestate.com.au
Then ring agents and ask what they really have.
Then buy!!
 
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Reply: 1.2.1
From: Ian Parham


Good evening Daphne & All

Daphne, sorry to come across cautiously here, but without trying to teach anyone to suck eggs...you really should take a step back and have a really good think about what, where, why, and when....you think you need to buy interstate for. The same questioning you should apply to DHA properties too. Ask yourself exactly why is it you feel the need to look interstate? Do you really need to at all? There must be opportunities closer to areas you know ...just to get you started in the IP arena. Then perhaps look further afield/interstate if you consider it an option.

Determine exactly what it is that prompts you to even consider this type of venture. Then ensure that it is your best option by doing bucketloads of research. This is only due to the fact you are contemplating parting with bucket loads of money :>)

Essentially...only research, research and more of it is what you really need to do to make absolutely sure you are fully equipped to understand what you are potentially about to do. If your reasoning is from a 'gravy train' perspective, then I urge you to tread very cautiously!! It is the wrong reason.

If however you are at the beginning of your quest for information to try and determine if it is the right option for you, then at least take your time. There is no hurry about wealth accumulation.

Yesterday on 'Hotcopper' (a stock market forum) there was a series of posts seeking people to put their thoughts forward on various IPs...predominantly Brissie CBD apartments. All the respondents said their respective properties had dropped 20 - 30K in 'value' over last two years, they couldn't resell them, they had to drop rents etc. It was a sensational series of posts over which I found myself shaking my head in disbelief...actually, no...I did believe it!! These guys obviously 'took a punt', didn't research...but hopped onboard the Qld/Brissie apartment marketing gravy train and got done like Xmas turkeys! There wasn't enough to discern if they were interstaters but I would punt a few bucks of 'someone elses' money that says they were!!

* To all other forumites out there, if you have time to go to the Hotcopper site 'forum' it is a good laugh. Do a search for 'Proper property' and 'Brisbane CBD residential' There are a couple of doosie comments by individuals on predicting the next ten years in property!!

Anyway Daphne, sorry to rant but please take your time and do the homework! Plenty of people here to help you :>)

Cheers Ian
 
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Reply: 2
From: Michael G


Hi,

Work out what kind of tenants you want, then work out what kind of rents are being charged, then work out the yield you want, and that will determine your purchase price.

Then when you find a property you want, get a pest,building and valuation done to determine how good the property is.

Two things you can ask for;

1) Ask the building inspector to write a quote for the cost of any repairs they believe need done (helps with negotiation).

2) Ask the agent to buy a disposable camera and have then take piccys of all the rooms, yard and streets outside (from streets to can see road signs and nearby stuff).

Both things have been done for me, you just need to ask.

Michael G.
 
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Reply: 2.1
From: Sergey Golovin


Daphne,

It is also few companies around who specialise in that particular market - find, purchase and manage (?) that property for you if you do not have spare time do it you self. It is big business for once who in it. Also it is good for people like you.

Have look at API Australian Property Investor magazine. They do advertise their services from time to time, who knows you might be lucky.

You can also post message here on the forum saying something like - Looking for co. or individual to locate … for fees...
I'm sure someone will respond.

Serge.
 
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