Hi All,
Been busy searching for my first IP and have come across a couple that appear to pass the 11 sec rule test comfortably.
Now i’ve done a little bit of research and found that the 2 towns i’m looking at have populations of 750 and 2000.
I was hoping for some feedback from anyone who has invested in towns of this size over a period of time as to whether they have had trouble aquiring tenants.
Also i would not be able to visit these places within the next week, and was considering getting a building inspection on them. Has anyone bought properties this way without first visiting them.
Any advice/tips/feedback would be greatly appreciated as i am keen to get the ball rolling and would hate to miss out on these houses because i procrastinated at the last minute instead of taking action.
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JayThat is a very good question. We have been looking around QLD and the only places we can find are little country towns also. Our initial plan has been to buy in the larger towns but prices in those towns don’t seem to do the maths.
Yeah that seems to be the case here in Victoria too.
I guess we’re going to have to look a bit further than we have been or take a chance on these small towns.
I’ve decided to drive 4 hours tomorrow to check out one of the places i mentioned above, but it’s in desperation as i haven’t even seen photo’s of it.
At least getting out there i’ll be able to check out some other towns in the area. And you never know what you might stumble across. Wish me luck!
Jay
Hi there
I have had good luck with one place bought for 27.3 and rented for 110 pw the whole time. Town of 1500. However the town is only 30K from a town of 40K people. never saw it and had it fully inspected – builder’s, electrical, plumbing.
Great rental agent.My other two are in towns of 3500. So far have stayed away from towns under 1000, as rental agents have said too hard to get good tenants. (although different areas to where you are looking. ) But you need to ask the question.
main things to check are a) rental demand in area? Ask more than one agent including one who is not selling you the property!
b) maybe you wanna get landlord insurance just to be extra careful. c) what will lenders think of that town??? d) make sure there is no (i.e.) gang members living in the street (from personal experience, hehe, this puts prospective tenants off!!!!) dodgy neighbours that could otherwise make your prospective purchase hard to rent. e) allow double the vacancy rate than for city properties, when doing your calculation.
f) can you handle it if it doesn’t get a tenant for a few weeks?if all good then go for it, I did!!
cheers-
MiniThanks Mini, great advice
I’m not sure about gangs, but the one i’m looking at tomorrow is right next door to a Police station. So i hope this is a positive.
At the risk of sounding naive could someone please explain Landlord insurance (what you are covered for, is it costly).
Jay
>>I’m not sure about gangs, but the one i’m looking at tomorrow is right next door to a Police station. So i hope this is a positive.
I hope the disgruntled drunk doesnt mistake your place for the Police Station if he decides to fire bomb it. Dont forget insurance [
]BC
>>I’m not sure about gangs, but the one i’m looking at tomorrow is right next door to a Police station. So i hope this is a positive.I hope the disgruntled drunk doesnt mistake your place for the Police Station if he decides to fire bomb it. Dont forget insurance [
]BC
We have a police station in our town as well, It still takes 2 hours to get places hey rent to the cops as exta cells(ha)
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