Buying site unseen

Check with Mini, I think I remember reading a thread once that she has bought properties unseen and protects herself by getting all the checks done ie: structural, termite etc. Perhaps read some of her previous posts and see if you can find any info on it.

PK

Fortune Favours the Bold.

Hi Guys

yes i have bought unseen before and it has been fine, i just got the Builder in. checked the rental assessment and demand with a property manager and i was happy.
But always be careful it is best to see the property if possible as an agent will not tell you who is living next door or that there is a toxic dump behind the home.
The last properties i bought unseen were two flats for 30k and 35k and the rent is 135 and 140pw. So i5t was an absolute bargain, too good to miss out on.
regards westan

I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]

Just,

I bought my last two properties sight unseen. One from the net, but in an area I know extremely well, and the second because I had seen one of these properties advertised on the net, fell in love with it, and made some phone calls to see if another one was coming up soon.

I did a BPR on the second one, but not on the first. I don´t regret that decision about the BPR. I´ve come to know quite a bit about units, and given the age of the unit, and some background checks on the body corporate and expenses etc, i felt quite comfortable in purchasing it.

I also did extensive net searches about the area of the second place. And made calls to independent RE agents in the area cand picked their brains about anything I could think of.

The net has made the world global. I love it and i would be happy and confident to buy many purchases off the net.

kay henry

JS

I have never inspected any of the 134 wrapped properties we have purchased or indeed similar number on behalf of our Investors.

If you undertake responsible due diligence and engage relevant professionals then you should have no problem.

The underlying consideration is however to ensure that you do your own research on the area and the surrounds. Dont leave that to someone else.

Create a win/win situation for yourself and make others feel important with their contributions.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Be very careful about buying unseen. Do as much check as possible, but remember there could be things that are not picked up or information is withheld.

For a purchase of a property say $100,000, spending $500 flying out to physically inspect the property is well worth it.

Remember to think about the worst case scenario if all goes wrong. Will saving $500 be worth it.

I would only buy unseen if I had enough money to not be financally affected if purchase went pear shaped

A couple of examples I came across during a buying trip I had late last year…

1. Property was actually on the main highway (which was also a road train route[!]) but that section of the Highway was renamed, so unless you were a local you’d have no idea.

2. Property was neighbouring a railway line and directly opposite a rail freight terminal.[V]

Now the problem with these examples is even if i had done all my inspections: pest/electrical/building and even if I’d had commissioned my own independant valuations, there is a good chance the I would not have know that they were on railway lines/major highways.

And do you think the agents in either example offered that information?

If I trusted someone in the are to “check out the area” to give you a general overview, then that would be a different story…

Cheers, Battz

I recommend that only very experinced investors buy unseen, Kay and Chan$ seem to know what checks are needed and the right questions to ask, but unless you are experinced you could end up with sleepless nights.

Even after inspecting a property there is still so much that can go wrong, but at least you might pick up something that could of gone unnoticed.

When spending thousands of dollars, a few dollars to see the property is a good investment.

But each to their own.

If you used a local pest or building inspectors you can alway ask that person once the inspection done. That’s what I did. The building inspector guy been living there all his life so he even know the street name and where it is. is it a good/bad street?…..

Warm Regards

ChanDollars
[Keep going, you’re on your way to Frolic Freedom!]

i dunno, if you were to look at a property on site with your own eyes, you could then justify the faults and areas in/on the structure that needs rectifying or fixing up. what i’m saying is that if your not there and you rely on another pro to do an inspection for you, then how can YOU negotiate a proposed settlement figure with the agent/owner. i understand what you are all saying but this could be a way for you to lose alot of money, (ie you could have negotiated the price down CONFIDENTLY). sorry i’m a builder and seeing an investment property for myself is vital. best is to invest near you or easy travelling distance from where you live. isn’t that what investing is? Making Money!

regards

frank young

G’day all,
All photos, regardless of where they come from,internet or Kodak, look far superior than the real thing.What looks good in photo form just isn’t that good in real life.
bbruham.[V]

Winners make it happen.
Losers let it happen.