Help please!

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From: Moyna Mercer


Hi everyone, I am new to investing and feel very vulnerable. I would appreciate comments on the following:
Should I build or buy already established?
How can I find out if there is a good rental market in the area I am looking at Batemans Bay on the south coast of NSW. Real estate agents say there is but I don't know that I can trust them.
I would greatly appreciate any help - not only with these two queries but with anything that anyone is prepared to share with me. Thank you, Moyna
 
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Reply: 1
From: Simon and Julie M


Hi Moyna
If you feel vulnerable there is a good chance that you are.
Take small steps to build up confidence and only make decisions you feel comfortable with.
Start by researching the local rental market through the local to-lets in the paper,real estate agents etc.
At the same time research the "for sales" as well.
Look at the types of properties that are available and choose the type you wish to invest in.
Things to look for in a good investment are:
Location,position,land value30%+of purchase price,a good finance deal,cashflow and capital growth potential.
Kind regards
Simon
 
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Reply: 1.1
From: Asy .


Moyna,

Welcome to the forum!!

A small suggestion, which i believe has been suggested before, ages ago...

If you are not sure of the rental market in an area, test the area with a dummy ad in the local paper. Something identifying the type of house you are looking at, and the rough area would be perfect. From this you will be able to gauge the strength of the market, and may even find yourself good tenants while you are at it.

Even if you later decide it is all for naught, $20 or 30 is far less to discover the problems with the area than actually buying.

And you are doing SOMETHING, which is always better than doing NOTHING!!

Let us know how it goes!

asy


"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).
 
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Reply: 1.1.1
From: Gee Cee Clay


I would go to all the local agents and say I want to rent a home similar to what you want to buy.

You should be able to get a list of available rentals in the area.

If there are 50 vacant properties then the area especially as small as Batemans Bay would be oversupplied.

Don,t walk in and say you want to buy a investment , what are rental s like. Of course you will only get the answer that there are tenants lining up for them from the sales staff.

As well is Batemans Bay still fairly dependent on tourists.

You may find nothing to rent at X/mas and a mass of vacant houses in colder months.

Do a lot of research, read some books, believe a quarter of what you hear and don't be in a rush.

Gee Cee
 
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Reply: 1.1.1.1
From: Moyna Mercer


Thank you to Simon, Asy and GeeCee for your advice. The reason I am looking at Batemans Bay is that I would like to buy something on the coast before the prices rise beyond me but I realise also that the rental situation may not be as stable as in major cities. I live in Canberra and maybe that would be a better place to invest. Anyway, I will take your advice and see what comes up. Thanks again, Moyna
 
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Reply: 1.1.1.1.1
From: Geoff Whitfield


Moyna,

For a little bit of "hands on" advice, go along to the Freestylers On March 6 (tomorrow as I write) at Hellenic Club in Woden. (Check out the thread "Canberra Freestylers" in "Meeting Point".
(http://bne003w.server-web.com/read?22194,42e#22194)

Free for one night, go along and ask. If you don't like it- no harm done. And I'm not selling!
 
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Reply: 1.1.1.1.1.1
From: Michael Croft


Hi Moyna,

I control some property at the Bay and I hope to be at the Freestyler meeting tonight. Come along and ask as many Q's as you like.

Michael Croft
 
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Reply: 1.1.1.1.1.1.1
From: The Wife


Yeah I have thoughts on the bay, and I will be there tonight as well.

TW
 
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Reply: 1.1.1.1.1.1.1.1
From: David Woodley


Hi,
Just in reply to your first Question to build or buy already established ? For me I always buy established property and more on the older side of things. Doing this I can be sure that I minimise my risk of losing any money on my investment. I was told once that when you buy something new it looses value, the same applies to a new house. It really applies to your individual situation though, you might want to substantially lower your tax rate !! If that is the case then you might want to build something new. So as you can see, property investment is no different to life - there is always two ways of looking at things.
 
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