FAQ: How do I buy in a different city?

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

  1. Cammclellan

    Cammclellan -

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    Location:
    Melbourne
    Here's a video I did when in Brisy recently. It shows what's required when investigating an area in a city you don't know. I ended up buying a couple of properties in the northern suburbs to add to the kids portfolio (hopefully they thank me one day). I explain what questions to ask when meeting with town planners regarding infrastructure. Both budgeted and unbudgeted (I also picked up a new high rise apartment development in West end and met up with Nic the new editor for Australian Property Invetsor magazine) http://openwealthcreation.com.au/ta...property-wealth-wod-work-out-of-the-day-ep-9/
    You're not buying lollipops. You can't afford to make a $500k mistake. Do your research. Then buy confidently.
    Hope this helps
     
  2. investra

    investra Member

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    Location:
    Sydney
    Never buy without proper due diligence;

    + Make a list of criteria that you require in the investment (price, cashflows, vacancy, type of house, your investment plans)
    + Subscribe to a tool like RP data and talk to real estate agents, council, fellow local investors
    + Make a visit to see the property before you buy
    + If you are time poor engage a good buyers agent

    Remember 'make money when you buy, and not when you sell' !

    Cheers
    Jay
     
  3. lauranguyen

    lauranguyen Member

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    Hello,

    Are you in Melbourne, i would like to buy a land - off the plan in Taneit< Could you please inform me about that area?

    Thanks
     
  4. lauranguyen

    lauranguyen Member

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    Hello George

    You are very knowledgebable on investing, could you tell me how is the melbourne market now, or even in 2 years time

    Thanks
     
  5. Michael Murray

    Michael Murray Member

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    A buyer's agent is definitely the best way to help facilitate investment in other cities, or even closer to home. Buyer's agents don't have the same problems of potential conflict of interest that can (not always) arise from using a listing agent to buy property, plus engaging them usually costs you nothing.

    Buyer's agents are also more specialised in working with buyer's to find exactly what they want in terms of location, returns, and capital growth. Buyer's agents should be experts in finding, valuing and securing properties, so there is really no need for you to be flying up and back.

    I myself am a buyer's agent operating in Byron Bay, NSW so I couldn't help with Brisbane, but I am sure any specialist buyer's agent in Brisbane will be help make the process a smooth one.
     
  6. see_change

    see_change Apprentice Timing Lord

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    IMHO , The best way to buy interstate , is to do the due diligance yourself ,and to get to a point where you feel confident about you decision .

    With lots of reading , asking questions , I think you can get to that point within a couple of months

    If you don't have that time , or lack confidence , use a BA , but you still need to do as much DD as possible so you know the BA is doing the right thing . You also need to make the decision on wher you want to invest and what type of property you want .

    Any profession has its charlatans .

    Cliff
     
  7. knightm

    knightm Member

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    Agree cliff. People need to choose carefully with ba's as any other major purchase. And with your first point - the property game is all learnable with dedication, time, focus. It really depends if someone wants to put in the hard yards over time to learn a second profession or not. Horses for courses.
     
  8. lila77

    lila77 Member

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    Location:
    Adelaide, SA
    Use a buyers agent either one based in the area or an expert in the area. This doesn't mean your don't do you due diligence though.
     
  9. INVESTU

    INVESTU Member

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    7th Jun, 2015
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    Location:
    Sydney NSW
    Thoughts about investing in Mickleham VIC

    Hello

    I'm a first time user to this forum and I was hoping to get an opinion on potentially investing in Mickleham VIC.
    A description of the property is;
    - Brand New
    - 3 Bed
    - 2 Bath
    - Single Garage
    - Almost all inclusions one could ask for
    - $380k
    - Rent $340p/w
    - Land 330sqm

    Appreciate your thoughts
    INVESTU
     
  10. Rixter

    Rixter $uper Investor (Retired)

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    What are you looking for it to do?
     
  11. INVESTU

    INVESTU Member

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    Sydney NSW
    Hi Rick

    This would be my first IP, I'm planning to hold it long term, looking for it to be as reliable as possible with appreciating in value, get stronger in rental return, and provide some depreciation benefits.
    Thanks in advance for advise
     
  12. Rixter

    Rixter $uper Investor (Retired)

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    Now ask yourself based upon your due diligence is this area and property likely to provide you with the specific CG, yield and depreciation levels you are looking for over your required time period?