Hi All,
If you invest in your local area you understandably know the good areas, the bad areas, the good potential areas etc.
Problem comes when you want to start looking into other states for your next IP, talking to any RE agent will get their opinions however mainly it will be to sell their listings. Not knowing all the suburbs in a particular state and how they rate would take considerable amount of time to analyse.
Paying for advice will yet again make some IP specialist richer. So question is how does one find their next IP interstate without knowing how each area rates.How do you IP investors know where to buy next. Magazines I have read display heaps of potential and other magazines consider them bad… Sometime all too confusing.
I have only 1 so far IP in my home state and now looking as to how to select another one in another state etc.
Great forum and enjoy the help everyone gives…
Mel
I use realestate.com.to source suburbs or towns that are within my budget, and that have the type of properties that interest me. Then i speak to property MANAGERs in area that I am interested in. They will give a more honest appraisal of areas that will rent well and areas to avoid. They are the people that landlords have a long term relationship with and they would rather deal with happy tenants and happy landlords. This is easier to achieve if the property is a quality property located in a good area.
Criteria that guides where i start looking at is the size of the town or city, number of employers to support the town and projected growth in the area or upcoming development projects.
At the risk of sound a little self-serving, many property investors when buying interstate, engage the services of a Buyers Agent to help them. You have to weigh up the cost of their fees Vs your own air travel, car hire, meals & accom for yourself to do a few trips to your intended destination and be in the right place at the right time.
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