Hi I just made this site , im 21 and looking to start my investing journey / ive already got a deposit saved up so im going to start ASAP, just wanted to ask what are your thoughts on buyers agents ? Because im looking to use one because I dont really know anything about buying the right property etcc for now because im new to this anyways, ( one of my biggest goals is been able to get these properties my self in the future and have the know how to do so and I think this site will.help me ) Anyways im from sydney and looking to buy in brisbine only because I heard thats a good place to start buying ip at. Anyways does anyone recommend a good buyers agent ? Maybe uve brought through them or heard good things about them ? and would recommend them ? Let me know thankss !!
In my opinion, you're much better off waiting three months and doing some reading and buying yourself over using a buyer's agent. You might not be able to find a place quite as good as a buyer's agent or negotiate quite as well, but as long as you don't go into it unprepared, the difference should be less than the $10k+ fee, plus you'll learn a lot more this way, meaning that your second purchase is going to be somewhat easier. If you use a BA for your first purchase, you're basically still at square one in terms of knowledge for your second purchase.
Welcome, you will enjoy this place. IMO; a BA is only required if you are time poor, lazy or swimming in cash to spend. A bit of hard work on the computer, calling agents, reading what folks say here - would be all you need to do. You may want to time your next holiday to be a research trip to Brissy as well to eyeball the areas you are looking at. I have bought sight unseen interstate over the internet twice, and it is a bit scary, but if the research is there it is not so bad...still own one of them after 13 years. Once you have selected an area of Brissy to buy, it is not too hard from there to narrow down to the right streets, and the property style required for maximum rental appeal and possible future growth.
Hi Freedom, Well, I reckon being green, you might do badly with negotiating and you might not buy a good IP to start with if you DIY. But you are already on the forum which is great and you are looking at Brisbane, which sounds like you are partway there - this gets another tick! If you decide to not use a BA, use the collective wisdom of the forum as a guide to decide what to buy. (I'd stay away from high vacancy areas, units and flood prone areas in Brisbane), I look for transport, hospitals, universities in deciding where to buy. I also think about land scarcity too. Note some posters or some people in the realestate business push a certain agenda that might benefit themselves so read heaps, and always keep a bullsh*t meter ticking and switched on. For negotiations, @Leo2413 has mentioned heaps of books on that topic, do a search and you'll find his posts. Some people pay way too much for a property - especially in the early investing career and using a BA would have saved that money, but understand the recent comparable sales so you don't overpay if you DIY... Along with a heap of other tips like "i'm looking at this property and i'm also interested in another on the market down the road at this time"!
Freedomlife94, post: 234128, member: 5894"]Hi I just made this site , im 21 and looking to start my investing journey / ive already got a deposit saved up so im going to start ASAP, Great start @Freedomlife94 , well done! Your already moons ahead of most - young, got cash and wanting to build a great future. Doesn't get much better then that. Btw just curious what you did to save the deposit? just wanted to ask what are your thoughts on buyers agents ? BA's have a place in the investing game imho and it depends on how much time you have at any particular point of time of your investing and also your level of knowledge. one of my biggest goals is been able to get these properties my self in the future and have the know how to do so and I think this site will.help me ) That's a great goal to have, and to be honest, imo its the only way long term your gonna soar and do very well. I would recommend buying some books by Aussie authors and start learning basic concepts, then you can discuss on the forum. So many people have made big blunders that could have easily been avoided if only they had a bit more (basic) knowledge. So books, forum people and then networking here to build a team. Keep it simple. If you stick with it and are really focused, you'll find over time your knowledge, experience and skills will greatly increase.
I think you need to understand if Brisbane really is a good place for you to start investing and the reasons why before you do anything. Lots of people will have different opinions, doesn't mean they're right. Just saying if you're going to do it yourself, without a BA you need to do plenty of due diligence. I'm not entirely sure that Brisbane is the best place for you to start, but that's just my opinion and I could be very wrong. Do lots of reading though and weigh up differing opinions.
Hi @Freedomlife94, I've given this advice on here and separately to friends a number of times. Best to set some specific time-based goals to ensure that you move forward. This worked for me: 1-2 months learning as much as you can 4 weeks zeroing in on a specific strategy ( a good point to get a 'team' in place - accountant, broker, etc ) 4 weeks researching markets / locations 1 week to get a loan approval in place 1-2 months to find and settle on a property 2-4 weeks minor repairs and find a tenant I used a BA in Brisbane ( Property Zest ) for that purchase. In my case though, largely because I am time poor and I was a newbie invester. I'm also using them again at the moment. It can be handy to have someone on the ground checking out properties and to bounce strategies. Some avoid BA costs with their own travel or use Property Managers to inspect properties for them ( some may be willing to do this to secure your business ).
Hi im not lazy and im definitely not swimming in cash haha , its just that I dont know which areas im going to buy in tbh , like im not sure which areas I should be buying in or anything like that ... hoping ill pick up on this soon , And haha yeah that would he scary but thats the level I wanna get to/ been able to buy inner state
Haha thanks , I worked to save it up . And as for the ba its not that I dknt have time I still get 2 days off work everyweek etc its just the distance I know nothing about brisbine and have no experience in Investing . What books do you recommend ? Thanks!
Nice method ! Its just I dont have the confidence to start my first one alone , im thinking of getting 2-3 and hopefully by then ill know much more then I do now. Also was property zest anygood ? How much do they charge , I acctuly seen a buyers agent today , he showed me his method and how they find these good capital growth ip honestly he really seemed like he knew what he was talking about , only this was he charges 16400 per property which I think is pretty up there!
In my case I had done enough of my own research to have a fairly good idea of where I wanted to buy. Suggest you talk to a number of BAs. You need to find one that suits your needs. Ask them to send you some sample reports. I called a few before I selected Property Zest. Pricing depends on the value of the property you wish to buy. $16400 seems way too high. Also be careful to ensure you are using a truly independent buyers agent. You can find a list of independent buyers agents here Members - REBAA For me the 1-2 months of learning was: - somersoft / property chat forums - magazines - attending some seminars ( keep your wallet closed ) - 1-2hrs average per night researching locations and markets
These buyers agents in that link you sent me , are they all good buyers agents ?, il give a few of them a call
I'm more convinced by the Melbourne economy and housing market than Qld, but I don't have a crystal ball and may be proved wrong. I was just saying do your own research. Maybe talk to BAs in Qld and Melbourne.
Hey @Freedomlife94 , welcome aboard. I don't have a recommendation because I've never used one, but I'm sure there are people here who have.
They are all independent and work for you to meet your interests. That means they aren't getting kickbacks from developers. Note 1 - buyers agents charge on a fee for service basis. Naturally they don't want the task to drag on too long, with an excessive number of inspections. @Jacque might be able to provide some perspective on this. Note 2 - You will find many instances in property magazines of 'property advisers' or 'investment professionals'. Be wary in this situation. Kickbacks may be involved. Doesn't necessarily mean the behaviour is unscrupulous. Just be wary and try and understand all the ways they are making money from a relationship with you ( including through alliances with solicitors, accountants and mortgage brokers, etc)
Okay cool so would you recommend property zest ? Also how much do they charge ? Any chance uve heard of binvested ?
Hi Freedomlife94, a friendly tip. The search button is your friend. And a friendly second tip. I would recommend not going with binvested.....
Yes I recommend Property Zest. Like I said above, I am using them again. Best that you only talk to Buyer's Agents affiliated with the association. Talk a a few listed here. Property Zest is one of them. Members - REBAA They also work to a code of conduct. Code of Conduct - REBAA
