All Topics / Help Needed! / Want advice from gurus for my first investment property

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  • Profile photo of TK79TK79
    Join Date: 2006
    Post Count: 7

    Hi All,

    I purchased a house about two yrs ago which is currently my PPOR. With the equity in that house i can get another loan for about 380k. However i am going overseas to London for a few years to work and play beginning of July so this rules out doing any reno work with the IP. I am looking for strong CG and not +CF. I read API quite often and they seem to be suggesting QLD quite frequently, at the moment i really like rockhampton HOWEVER i wont have time to go there and check out the property, i dont know anyone in rocky. Is it worth the risk of buying something so far away (i live in cbr). I have seen a lot of ppl buy property in other states but usually they can go and have a look at the property or they already have a big portfolio and arent too worried about risk. Im just starting out and dont want to get burnt. What would you do in my shoes? Pls help

    Profile photo of NEWGENNEWGEN
    Join Date: 2004
    Post Count: 151

    Hi there,

    I live in Sydney and have an IP in Adelaide.  The things which made this easier for me are:

    –  I know the area well; I grew up in Adelaide.
    –  I have family there in case I need their help (haven't had the need so far in 3 years!).
    –  MOST IMPORTANTLY:  I have a VERY good property manager looking after my property. 

    It will be a bit harder for you if you do come across problems..  if there was a problem with my property/tenants I could just fly to Adelaide.  It'd be a bit more difficult for you if you're going to be living in London  :(


    Profile photo of BDMBDM
    Join Date: 2002
    Post Count: 93

    Hi TK79,

    Maybe it's worth spending an equal amount of time in searching for a sensational Property Manager in your target area (Rockhampton, or where-ever) as well as a the property itself.

    As Newgen has already suggested, a Property Manager is potentially THE key ingredient – especially for non local Landlords such as potentially yourself.

    I'm sure a search on this forum will find answers to the question "anyone know any good Property Managers in Rockhampton ?".



Viewing 3 posts - 1 through 3 (of 3 total)

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