I notice a lot of your deals are in rural/regional areas. Surely you don’t fly out in your helicopter to check out the area
I have been running around in circles in Sydney, although I’ve seen some good deals in country locations it’s difficult to visit them, make sure it’s going to remain tenented, what if it needs reno’s? What if the local industry dies,etc. I’d appreciate hearing any comments. Have you ever bought sight unseen?
Thanks,BobdennisMember@dennisJoin Date: 2003Post Count: 22
In years past I have bought quite a lot of property, but never sight unseen.
In my opinion you need to develop a feel for the area and then visit prior to buying. it’s possible to eliminate many properties just from arms length research. If something looks really good, surely the airfare (or other transport) should not be a deterent.
That’s what I thought. I just see others talking about buying one a month or whatever all over the place while they have a day job, plus the running around that has to be done meanwhile. Love to hear more?dennisMember@dennisJoin Date: 2003Post Count: 22
Entelechy, In my opinion, before buying you need to be an expert in the area, and you can’t be an expert everywhere. You can’t pick a winning horse with a pin.dynamicduoMember@dynamicduoJoin Date: 2002Post Count: 21
On a recent trip to inspect properties we had SOURCED on the net,one that we were interestd in became ‘under contract’ from another investor ‘sight unseen’ and was an absolute ‘lemon’ compared to a dozen other properties in similar price we viewed that day.We went on to purchase 4 of the ones we saw and wouldn’thave touched the lemon with a ten foot pole.
It reinforced thaT WE WILL ALMOST CERTAINLY NEVER puchase property ‘sight unseen’.
“A true warrior sees misfortune as a challenge not as a curse”deauzieMember@deauzieJoin Date: 2003Post Count: 5
What area’s did you buy in ?
And what sort of money did you pay ?
I expected more response on this topic.
Just to keep it going, We have done a lot of travelling around the country and always used to stop and look at RE window displays or drive past For Sale signs and say ” Who’d live ‘ere?”
Looking back at those $30k props, aahhhh, well, you know the rest!
I’m just curious how good investors find the info and rental demands, employment and growth prospects, etc (sounds just like researching shares doesn’t it?)
What can you add?Kirby319Member@kirby319Join Date: 2003Post Count: 120
I cant speak for others but I use a blindfold and a dart.
I like to call it due dilligence.MiniMogulParticipant@minimogulJoin Date: 2002Post Count: 1,414
yeah, the internet, a blindfold, a calculator, the telephone (lots) a building inspector (!!!!!!!!!!!!!!!!!!!!!!!!!!!!) research, (prices? area? vacancy rates? demand? rental assessment from competing REagent? prices for management? etc etc etc ) a fax machine, local knowledge (see ‘telephone’), statistics, a lawyer, a chequebook, fellow investors, examination of worst and best case scenarios
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