Reply: 2.1
From: The Wife
Hi Anonymous,
Why anonymous? Its a fair enough question,
I would have to agree with replies so far, you shouldnt be buying on holidays unless you are very disciplined. I know people who have brought property on the Gold Coast and their lives have been decimated! Because of a combination of not so good property , ultra bad property management, poor due diligence, and emotional buying.
This was also NOT their area of expertise, they had other 'jobs' and just wanted to invest for long term growth, so they didnt want to know about it, it looked pretty, they could afford, and they brought it.
But, I also know some that have done well, I also spent a few days up there with Dave De Moor ( Australian Property Investor Magazine writer, real estate Investor, he does some GC investing), I have to say I went up to discuss GC property, highly sceptical (Dave your a sweetie but you ARE a real estate agent
), I was not there to buy, and Dave wasnt there to sell, we were just there to discuss the merits of it, he was going to show me, how to pick good property on the coast, and show me what he had and the ways he did it.
Ok, It was an amazing few days, he has a lot of smarts in his head, he totally changed the way I think about Gold Coast property ( i didnt not like it before, but boy am I now a bit more savvy), Dave WALKED me all over the darn place and showed me what was good or bad, and why. I am now a Gold Coast convert. This is not an endorsement for Gold Coast, Due Diligence is SO SO SO needed. But there is money to be made there( as there is in most markets if you look hard enough).
I would say if you are unfamiliar with the coast, Dave DeMoor wont be there ( he is home now), but get in contact with Ross Sondergeld, he is the buyers agent, I personally have had no need to use him , but if I had to recommend someone who knows the Coast, it would be Ross, and I hear he is a nice guy as well.
Due diligence of the Extreme is the key.
Good Luck,
TW
~Life is a daring adventure, or nothing at all~