From: Dale Gatherum-Goss
Hi
I spent the looking for another IP and came home empty handed . . . but, what really surprised me were the comments made by real estate agents.
For example:
"To determine the rent, you just multiply the purchase price by 5%"
The poor fellow could not understand why I laughed, nor, why I expected to get a more reasonable answer based on the current rents for the area. Oh well!
What was also interesting was an auction that I attended. Unit passed in 10% below reserve price with only 3 tentative bids and only a handful of people there. And this was in Ringwood with the unit about 500 metres from a major shopping centre and railway station.
I spoke to about 6 agents and they all told me (unbidden too)that the market has turned and that there is more opportunities out there today.
A frustrating and interesting weekend indeed.
Have fun!
Dale
Hi
I spent the looking for another IP and came home empty handed . . . but, what really surprised me were the comments made by real estate agents.
For example:
"To determine the rent, you just multiply the purchase price by 5%"
The poor fellow could not understand why I laughed, nor, why I expected to get a more reasonable answer based on the current rents for the area. Oh well!
What was also interesting was an auction that I attended. Unit passed in 10% below reserve price with only 3 tentative bids and only a handful of people there. And this was in Ringwood with the unit about 500 metres from a major shopping centre and railway station.
I spoke to about 6 agents and they all told me (unbidden too)that the market has turned and that there is more opportunities out there today.
A frustrating and interesting weekend indeed.
Have fun!
Dale
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