Strategies for locating an IP

[JoanneL]

I need some strategies for sourcing a property - because I don't drive!

THE PROBLEM:
I have been looking for another investment property for the past 4-6 months. Every time I locate a "prospective" property, via the internet or local newspaper, the property is already sold or under contract. I usually leave my contact details in case the deal falls through.

I do not drive and so "sourcing properties" during the week is difficult. Due to work committments, my partner can only drive me some saturdays and sundays.

STRATEGIES:
Obviously I need some new strategies, and thought I might try the following:

1. Build addtional relationships with RE agents (I already have two key contacts, who say they have contacts at most RE in the local area and some north side) maybe I need more? Sbould I phone them a couple times a week - so I can be "Johnny on the Spot"?

2. Do a letterbox drop for areas / properties I am interested in purchasing (great idea Geoff and Paul).

3. Hire a "taxi" for a couple of hours twice a week to do RE walkins. Preferrably Tuesdays and Fridays. Could be costly, and my accountant says these costs are not tax deductible. I use taxis alot so maybe I can swing a deal.

4. I also thought I would design some business cards offering a spotters fees (an idea I learned at a recent seminar).

Does anyone have any other creative ideas that they think might help me out?

JoanneL
Getting Very Frutstrated!!

 

[Macca]

Hi Joanne,
Yes it can be frustrating can't it.

In your situation I would do some homework on rental returns vs costs for my general area. Establish which suburbs fit your financial requirements, there are always variations between suburbs.
Find 3-4 suburbs that fit your criteria, search over the net or local papers, find an agent who likes to have a chat by calling on phone and letting them do the talking. Arrange an appointment to be shown a number of houses which fill your needs, at 9.15 am or 1.00 pm, during the week when it is quiet. These times mean they don't have to rush back to the office as the girl goes to lunch or they are about to knock off and go home. They have plenty of time for you and they like to chat, they will probably show you a few they have sold, a few they have got for sale and whisper about some that are coming up.
Now catch a taxi to your appointment , or if close to home they may even pick you up. Inspect and make lots of notes, discuss with husband and arrange inspection for the best ones on the next weekend. After that it is up to you.

Happy hunting

Macca

 

[Jas]

I have gone on buying days. Choose a weekday, get the first agent to pick you up. Get the second to pick you up from the first (or nearby shops or something). They don't mind doing it during a weekday, they have little else on.
Don't try this on a weekend thou...
Jas

 

[Glenn]

Hi Joanna,

About the taxi fares, you might want to ask your accountant under what circumstances that a taxi fare would be deductible... and if you don't like his response, choose another accountant.

Glenn

 

[landholdings]

All the good ones on the internet are always sold. They are just BAIT. But the internet is good for assessing different price ranges and what to expect but are usually (I find) 2 weeks behind the actual market which can be important if the market is strong. I found that even the difference between buying in December rather than January can make a whole lot of difference as in December a lot of people have given up house hunting and are settling down for the Xmas season while there are some desperate vendors out there who can not wait till the year turns around to sell. But then January comes along and its a whole new ball game. I've seen the price go up hugely in this period of time.

I think the best thing to do is to make an appointment with 4 or 5 different realestate agents once you've narrowed down to a particular suburb (must do research first - API magazine is excellent BTW) and then do a full day of looking at properties. Its good to do it all in one go because then you have a real feel for where the market is at. I always say I don't have my car at the moment (I hope there are no R/E agents listening out there!) that way they are more than happy to escort you to different properties as long as they know that you are SERIOUS and not fooling around. My best line is 'I have to buy something in the next 2 weeks' which was in fact true and I did purchase pretty much on the spot.

I hope this helps. I haven't bought many IPs but I'm pretty happy with my current purchases.

Happy Hunting!

LH.

 

[landholdings]

Posted the same thing twice! (Blame it on the browser!)

 

[Jacque]

Joanna,

Why not line up your properties over 2-3 days (organise a few days beforehand with agents) and hire a car? When I was up in Brissy recently I hired a cheapie from a "Rent a bomb" type place for a measly $20 a day.
'Twas no Mercedes, but it did the job

A word about tax deductions- until you actually have a few properties you can't easily claim expenses for "searching" costs. After purchase, it's fine to claim costs for inspections, however.

Happy hunting!