methods of research

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From: Michael Howser


Hello again everyone.

Just a quick question or 2...

I've been "doing the rounds" of the open houses in the area that I'm wanting to buy my first IP, getting a feel for what's available and for what price. I've been trying to take as many notes as possible, and getting some info from the agents, but I was just wondering what other people look for when they're doing a similar thing.
What kind of information should I be basing my analysis on? What questions should I be asking the agents/not asking the agents etc?

I know this is a bit of an "airy" question, I was just wondering (being a beginner) if I was missing any of the essentials.

Also, a couple of days ago someone mentioned doing research of land values (correct me if I'm wrong, memory's not the best) in the local library?? Is this correct? What, in particular, do you search in the lib?

Thanks again for all the great advice. I'd be lost without it. (Or at least a LOT later in finding the info I'm after).

Much appreciation,

TwoThree
 
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Reply: 1
From: J Parker


Hi Michael!
It sounds as though you've made a start by choosing the area you want to invest in. How did you decide on this area?
What research have you done so far to back it up as a good area in which to buy property?

Once you have indeed ascertained that it is a viable and growing area, then I would suggest you do as much legwork as possible, keeping an eye on prices (paper every weekend, using the net sites, ringing up agents etc)
For a more accurate picture you can even buy postcode sales for the last 12 months- depending on what capital city you're in. Both the HOme Price Guide and Residex are good for this, as well as another co. called PropertyValue. API magazine also gives some useful data as well, though it is more broad in it's figures.
This at least will give you an idea of what other properties have sold for in the area, and allows you to determine whether or not a property is fairly priced.

Good luck with it all, and let us know how you go!
Cheers, Jacque :)
 
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Reply: 1.1
From: Steve Navra


Hi Michael,

Not the local library - as in books!
The Land Titles office is where you want to be.

Regards,

Steve
 
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Reply: 2
From: Michael Yardney


Michael
A while ago I developed a check list that I take to properties to fill out with details that helps me compare one property to another.
I then go back to the office and use PIA Pro Jan Somers great program to do "what if" financial analyses.
If you or anyone else would like a copy of this email me with check list in the subject at -myardney@metropole.com.au and we will email you a copy.
Michael Yardney
Metropole Properties
 
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Reply: 3
From: Greg Mitchell


A digital camera is a good tool, I am targeting one street, so I have photo's of every house in the street, all I need is the number and I can see the house.

If your looking at several houses in a day the the photos work wonders.

GregM
 
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