Choices .. Where Where ???

[molly1a]

Hi All
Ok the strategy is chosen at this stage happy to buy investments that are positive cash flow of course there is the benefit that there will be growth in the long term . We have chosen this strategy due to wanting to replace income. Of course this means buying numerous houses with a few maybe combined house and granny flat options. We are happy to do cosmetic reno to add value although it has been pointed out to us from some fellow people on this forum that adding a bedroom, garage or entertainment area might add more value quicker.

I think its always hard to start the process finding that right area we have not spent money on courses etc we have bought some reports to help us buy previous investments. Not sure whether to do a course thinking of Jane Slack Smith Ultimate renovation course or join an online networking group The Property Resource shop with Matt Jones both seem great value and run by great people

Ideally we would like to buy between the 200k to 280k although i am hearing price should not be the focus point we should find the areas that has all the right elements to move forward with growth and great rental return.
Of course this must take a long time to work though all information i suppose this is why we have bought reports mainly from Residex and Hotspotting Terry Ryder as we are time poor I know this must sound like an excuse . We spend quite a bit of time on realestate.com etc

So I suppose I am asking how is it that some of you guys find areas we all know once we have heard about an area on the news etc that we are to late . Western sydney to late everybody is talking about Queensland at the moment which means that prices are probably a bit spiked at the moment

Do others buy reports or do any of you have some simple tips on how you go about choosing an area.
eg go to the back of property magazine and look at rent return house prices etc ,
Thanks for your thoughts ...

 

[perthguy]

I like to buy as close to a CBD as I can afford at the time. My strategy has been to look at a suburb I can't afford and then buy as close to that as I can. For example, in Melbourne I looked at Heidelberg, which was too expensive for me. So I bought next door in Heidelberg Heights. In Perth, I could not afford Rivervale, so I bought nearby in Cloverdale.

Within that, I like my properties to be near parks, shops and public transport, and away from major roads. But all of that was because I was looking for development sites.

Now my criteria has changed and I am looking for properties in similar areas but something that might be negatively geared in it's current state but would likely be positively geared if renovated.

Also consider enclosing a carport to create another bedroom or converting the laundry to a second bathroom with a laundry in the same room (subject to council approval of course).

 

[Propertunity]

Buy and read a book titled "Acres of Diamonds".

You can do all this in your own backyard Molly - especially now you are in a confirmed rising market.

 

[molly1a]

Is it to late

I dont know Propertunity the Central Coast prices have jumped dont you think so. I want to buy in at a good price paying much more for the same house 12 months ago so in my head I think we are too late do you not agree. To me its like how the Newcastle area was a good 12 -18 months ago high prices lots of buyers ..

 

[JenJen]

I would suggest steering clear of so-called 'hot-spots'. Yes, comparably speaking, Queensland is a good investment option. But do your research! It's on the move, no doubt, but you still need to be careful.

Cheers

Jen