Hi All
Has anybody managed to use a buyers agent succesfully enough to find a cash flow positive property ??
I am very interested in gets some properties under my belt but we both really lack the time to do all the research as we are so time poor.
So far we have a IP in Tapping WA which cost us 380K. We believe it is worth 490 at the moment so we may have some equity which we can use. It is pretty highly geared as we have financed 360k and rent is probably 360 a week. Dont even know how much that is roughly costing us weekly (as it is due to complete in a month or so) but we think this equity could be unlocked.
Any tips on buyers agents or should we try to go it alone?
Did I ask a stupid question or has nobody had any sucess in getting a buyers agent to source them a cashflow positive property.
if so, any websites addresses would be appreciated
We have a buyer's agency and I can definatly say that although we look at over 100 properties a week (in Adelaide), we don't come across any that are positive cash flow straight off the bat. You can create cash flow using various investor strategies (see our website below) or if you look in rural areas (I wouldn't touch them), but properties in large cities tend to be poised well for capital appreciation not cash flow.
Maybe if you can't find a pos cashflow property using a buyer's agent you could source one yourself. Anyone can buy a neg cashflow property; they're everywhere at the moment.
Make sure you get a Depreciation Schedule on the one about to be completed to help with the tax returns and improve the cashflow.
I'd wait until you have this one settled, tenanted and you know what the shortfall will be every week.
If you are using a buyers agent can't you specify what you are looking for?
say you want cash flow positive and if they can't do it talk to another buyers agentHi chetnik,
We recently purchase through We Find Houses (http://www.wefindhouses.com.au). They do positive-cash flow properties across the whole of Aus. I can thoroughly recommend them, and very reasonably priced. Like you, we are time-poor and didn't feel like WA was the best place to buy at the moment, so a buyers agent was a great move.
Regards
Mcchechchetnik73 wrote:Did I ask a stupid question or has nobody had any sucess in getting a buyers agent to source them a cashflow positive property.if so, any websites addresses would be appreciated
No you didn't ask a "stupid" question – just one that won't be answered the way you want.
Metropole Buyers Agency is Australia's biggest and busiest Buyers Agency – buying more properties than any other property advocate – It's been a long, long time since we found anything that is +ve cash flow.
Good properties in top locations are highly sought after, get good capital growth put have poor cash flow.
I understand why you may be looking for cash flow – but today you can only find them in secondary proerties in very poor locations – something buyers agents tend to avoid
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