Help – What questions SHOULD I ask?

[snowkiwiParticipant@snowkiwiJoin Date: 2004Post Count: 40]

May 25, 2006 - 12:40 pm

I’m starting out investing in a new area I don’t really know a lot about. Obviously I’ve got to get out and spend some time looking in the area, but I want to use the time I can’t be there productively as well.

I’ve tried a couple of phone calls to agents in the area, but the vague “Tell me about the market in this area” gets met with an equally vague “some is good and some is bad”. Not surprising, really, though.[blush2]

I want to get the agents onside and start to build a bit of raport and that’s kind of hard when the first thing out of my mouth is met with distain.

So. If you were to start trying to get a feel for the market in an area, what questions would you ask? What should I avoid asking?

Thanks,

Craig.

100% of the shots I don’t make don’t go in – Wayne Gretzky

[DerekMember@derekJoin Date: 2004Post Count: 3,544]

May 26, 2006 - 11:49 pm

Why start with the agents?

For me you are better off speaking to the local council and finding out about infrastructure plans for the area, local business houses about employment opportunities in the area, find out what the ‘lifeline’ of the area is, speak to property managers about the good areas and bad areas from a tenanting perspective, speak to schools about enrolment numbers, and so on.

And then when you have all of this information at your finger tips start speaking to agents. The pre-research you have done will help you to distinguish which agents know about investment in the local area and those that think they do.

Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958
Skype – derekjones2113

[shaztazMember@shaztazJoin Date: 2004Post Count: 113]

May 27, 2006 - 4:23 am

Hi Snowkiwi,
To add just a little to Dereks reply… I would suggest you grab a copy of ‘A pocket guide to investing in Positive Cash Flow Property’ by Margaret Lomas from your local library. On page 68 there is a section titled ‘Asking the Right Questions’. There are 20 – MUST ASK Questions. Its a great read IMHO, and I’m sure it would help you with your research.
Regards,

Sharon

[snowkiwiParticipant@snowkiwiJoin Date: 2004Post Count: 40]

May 27, 2006 - 10:52 am

Thanks Guys, that’s a great start all round. I’ve been thinking from entirely the wrong perspective. I’ll start from the outside – in, so to speak and look for that book asap.

Thanks again,

Craig.

100% of the shots I don’t make don’t go in – Wayne Gretzky