FAQ: How do I buy in a different city?

Discussion in 'Where to Buy' started by MH7604261, 17th Aug, 2004.

  1. Pete Chun

    Pete Chun Pete Chun

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    Schedule a couple of days in between leases. You could also negotiate with your incoming tenant that if they wanted to paint it to make it more their own home, then (once agreed on colour) you authorise it. A lot of people take pride in wanting a nice home and they could even stay longer because it’s how they like it.
     
  2. BPG

    BPG Member

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    We believe Brisbane to be a market with a lot of opportunity. there are many very large infrastructure projects completed recently and more underway. the Brisbane market has been relativlely flat over the last few years and with simmilar population growt to the other eastern states we dont think it will stay like this forever. we have have made a strong commitment to develop more projects in Brisbane for this reason.

    it is in my opinion important to form a selection criterea that meets your needs so you can invest in differing markets so you can spread your risk and and opportunity to ride the cycle. markets move at different times and are very rarely in sync. the criterea you formulate will not be same for everyone but there is obvious basis thing you may look for such as Employment, Population, Infrastucture, % of renters etc.

    i have noticed a few posts with many people having all of their properties in one state such as Melbourne. i personally dont get this, as you would firstly end up paying a lot of land tax, and you would never buy another asset class such as shares in this way. not sure how many people drive past Telstra's head office every day because they have their shares, so why do we need to be close to our rental property?

    in my opinion and from personal experience over the last 26 years, every capital city on the eastern seaboard is a great spot to invest. but of course do your homework.

    Regards,
    George Mariotti
     
    Last edited: 22nd Feb, 2013
  3. scarboroughwa

    scarboroughwa www.streetkids.com.au

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    So, almost 10 years on, how has Brisbane stacked up against Melbourne?
     
  4. beech

    beech Member

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    I just read that Brisbanes prices are still below what they were 5 years ago...and aside from a short burst in Melbourne I would say pretty much on par with each other...it probably comes down to how well you buy in each case which is one of the most important principles you can follow...
     
  5. CD33

    CD33 Member

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    Stuck on where to buy?

    Hey Everyone,

    I joined this forum this morning because I am a bit lost as to where to purchase my first IP.

    I'm looking at houses positively geared under $250,000.
    My partner and I live in Melbourne and are currently looking at either Adelaide or Sydney.

    We were extremely keen on West Sydney untill researching further and realising most of the houses are alot more than we want to spend, all i could find was apartments in that price range.

    We visited Elizabeth in Adelaide and were very happy with the prices, and are now just concerned on if we can rely on capital growth especially with all the jobs being lost and a high vacany rate on rentals.

    if anyone can give me some advice on good areas at the moment with potential and under that price range that would be fantastic :)
     
  6. jenni_nextplace

    jenni_nextplace Member

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  7. paulinek64

    paulinek64 dragon

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    Hi everyone
    I have bought four properties all interstate, none in melb where l live. My advice is to ring as many property managers as you can in the area you are looking at after you have done extensive research on your own. You will get a feel for the good ones.Choose a manager to look at properties for you. They are keen to get business and many are willing to do this. Especially good is to find one not affiliated with an agency, therefore only do property management, as one of the former posters explained.
    Setup property alerts from the various Realestate sites. File all these alerts and after 6 weeks or so start ringing the agents and find out what they sold for, or why they haven't sold. You need to track house sales in your chosen area.
    Also ring council, local police ( say your looking for a rental, any areas to avoid, if female even better , you want to know the safe areas), look at local papers online, google earth etc. , There are so many online tools at your disposal. By the time you have looked into an area which can take a couple of months or longer you will know it better than the locals from an investors point of view.This is different than a locals view of the area. A local doesn't think or know about growth drivers, population growth, unemployment stats, growth of wages, demographic trends etc. . You on the other hand should know all this before you buy.
     
  8. Kothos

    Kothos Member

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    You've got Buckley's of finding a positively geared property that ALSO has a chance at high capital growth. You'll have to settle for one or the other.

    If a property is in a growing area with good prospects of capital gains, then lots of investors would be buying there, making for a lot of competition for tenants, driving down rental prices and so properties will be negatively geared.

    And vice versa.

    You'll need to choose which one you want more.
     
  9. Viksay

    Viksay Member

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    Sydney, NSW
    Do you think there is a good demographic in Hervey Bay? In regards to working class people, jobs, population growth?

    I've been looking around there and it seems a bit too far from all the major towns.
     
  10. Spades

    Spades Banned

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    Hi All,

    How does one go about purchasing interstate when they have a fear of flying?

    A BA,investment company etc etc is out of the equation.

    Cheers Spades.
     
  11. Rixter

    Rixter $uper Investor (Retired)

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    Push through the fear barrier - its only a perception...that's how successful investors move out of their comfort zones to create wealth.
     
  12. JenJen

    JenJen NQ Buyer's Agent

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    Extensive research and advice:

    State planning
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    RP Data
    Pricefinder
    Domain.com.au
    RealEstate.com.au
    Onthehouse.com.au
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    API magazine
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    Herron Todd White month in review
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    Maps - flood, zoning, overlays, school zones, amenities, transport, crime
    MySchool website
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    Local Voices
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    Floor plans
    Rental history
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    PLUS knowledge, time, mindset, determination, contacts...

    Cheers

    Jen
     
  13. timp88

    timp88 Member

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    Just if you are still keen to invest in another city maybe other than Brisbane, there are some great opportunities in (current) outer suburbs of the Perth metro area. I got a bit of help from a broker when looking for my first Perth investment!
     
    Last edited by a moderator: 14th Feb, 2014
  14. perthguy

    perthguy Member

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    I have a fear of flying. To convince myself to fly interstate, from Perth, I just think about how long it takes to drive. I have driven it. Not good. That's enough to get me on the plane.
     
  15. impala67

    impala67 Member

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    Pretty much what Jen and Rixter said. What happens if you up with dozens of properties? You aren't going to travel to all of them on an ongoing basis. Most people wouldn't. I bought sight unseen this month after due diligence from afar and will probably do so again this year.
     
  16. perthguy

    perthguy Member

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    I won't. Having dozens of properties is not part of my investment strategy.
     
  17. WattleIdo

    WattleIdo Member

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    I completely agree with this.

    I bought a property without seeing it first and will never do it again. No-one told me that there'd been a chain smoker living in it for the past decade and I certainly didn't pick it up from the pictures. I could've worked the price down further.

    Some people are good at getting other people to do things for them but really, if you want something done properly, do it yourself.

    Next time, I'll do all the internet research first, then take some time off work, book somewhere to stay and hire a car so that I can look properly - just like I would if it was my own city.

    Some real estate agents are good to talk to but you never really know where or when - you have to be there. At the end of the day if you're like me, you need to trust your own guts.

    Good luck :)
     
    Last edited: 9th Mar, 2014
  18. Buyers_Friend

    Buyers_Friend Member

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    You contact a buyers agent who knows the area, the developers in the area and also the builders in the area. They need to have done research on the area to back up their theories.
     
    Last edited by a moderator: 9th Apr, 2014
  19. bwendo

    bwendo Off the Plan Investor

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    Location:
    Merewether, NSW
    Have you tried looking in outer regional areas? There are some good prices at smaller fringe towns in the 200's
     
  20. Apolo007

    Apolo007 Member

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    Location:
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    Hi MH7604261,the first question you need to ask why you want an investment property .Do you needs cash flow or capital growth , do you want to build a retirement portfolio to live on or you may have heard that Brisbane is the place to buy .At one stage I was in that same spot ,and I came across a wise man who told me 'son buy property using your brain not heart".I have followed him up till now and got 5 investments ,all cash flow positive .there is an art of buying property and living comfortably on the property income ,and if you buy in wrong place that property will become a head ache to you .I love investing in property because they make money for me from day one .buying property in Brisbane any body can come and buy BUT not every one can build a income producing Portfolio. Property is like a Foot ball game ,you need to have the best of the best Coach for the team to win .I have a good Coach and I follow him and he has not made me lose any game up till now .