Hi guys,
Im new to the game – I think i have the numbers side of things worked out, but when you talk about due dilligence to find a IP whats involved.As you can probably tell I dont have an IP yet-there’s a lot to learn.
We rent but have some money for a deposit and desperately need to address our retirement situation in 10yrs or so
Thanks for any assistance
Hi Trisha,
It’s a big part of investing that dreamers like me tend to want to brush over so I’m happy to plug Steve’s new book – got it in the mail this week and am basically stunned at the huge amount of methodology he shares on just this topic … good luck and hope you can retire in 3 years, not 10 … !!
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Happy Investing,
MelSome things to take into account:
– Quality of asset (building and pest inspection report, position and size of house, land area, valuation, etc.).
– Location (population, demographics, industry, schools, shops, public transport, surrounding houses, demand for rental properties, etc.)
– Tenants (existing tenants?, history of tenancy, demand for that type of house, etc.)There are millions of things to consider. But the numbers have to work first and then consider the other factors second.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auhi trisha
i think stuart point about demand for that type of house is very important. evenif it’s currenly let doesn’t mean it will easily let again and maybe not even for the same price.
i spend a lot of time looking at future economic developments in the community. Sometimes i will buy in an area because of the developments eg Hamilton Vic because of the mineral sands project, Millicent SA for the many developments. Prices in these areas have now factored in the developments (prices doubled in 12 months for some homes) so its time to find the next one.
westanlet me elaborate about economic develpments.
Today a town in Victoria announced the creation of 50 to 80 new jobs. this town has a population of about 1,500. so it is a major boast for the area. My guess is properties will rise as new people move to the area for work and as locals become more confident of the future?
it amybe worth looking into?
the town is Beaufort (between Ballarat and Ararat)
westanThanks guys for your replies. I just got home from work and had to jump on the net to see my replies. Really appreciate your response
Can I ask another question of you- do you do your checks from internet or newspapers or elsewhere or can you ring real estate agents and ask whatdevelopment is going on in the area
Thank heaps
Trish[
]Hi trisha
i source my information from everywhere, newspapers, internet, talking to people and agents. With agents i often find they have no idea what is going on in their own cities, they are often focussed on selling houses and thats it. But sometimes they are very switched on and worth there weight in Gold.. I’ve got leads for investing from parties sitting around having a beer with friends i suppose i’m always keeping a ear for whats happening. the info about Beaufort was on the Local news as i was writting up the response earlier tonight.
westanThanks Westan you/ve given me some very useful info.
Thanks heaps Trish
Sorry to take so long to thank you , I forgot this post
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