Hi everyone I'm in my late 20's looking to buy if the current market permits . Came here looking for advice from a lot of you who seem to know a lot about property. I'm only looking to invest at this stage. Can't afford to live in it right now. I am also contemplating whether to enlist the help of a buyers advocate. I want to know if they're as good as they claim to be.
Welcome, @YZD - you've certainly come to the right place. I've learned so much useful information, across many different areas of investing, from the people here in PC. There is not a single question that I've asked that somebody on here hasn't been able to answer. As for using a buyer's advocate - I've used the same one for two different purchases, in two different states. She was worth her weight in gold. Knew all the ins-and-outs of the buying process (which can be quite different if buying an investment property, compared to something you'd want to live in yourself), and it helps to make it a far less 'emotional' experience (it takes on a far more business oriented affair). I'd use her again tomorrow (if I had enough to buy another place........). Like all industries and services, there are a lot of different advocates/agents out there (and it really does pay to read the fine print before you sign up), and paying more for one doesn't necessarily get you a better quality service either. So, if you do decide to use one, please do your research before committing to anything. Good luck with starting your property investing journey. Once you've been bitten by the bug, it's hard to get outta here Cheers, KayTea
Hi! Welcome. Like anybody - their are great BA's and average ones. Where are you buying and is it your home state?
@KayTea thanks for sharing your own experience. I've gone in for a consultation with a well known one in Melbourne. Seems he has a ton of terms and conditions tying my hands up should I Buy a property without his permission. It does not seem like a transparent process. I feel like these buyers advocates are just as shady as real estate agents well the one I saw anyway.
Welcome to the forum. Buying something for someone else to help pay the mortgage can be an excellent first step rather than buying something to live in - it's generally a lot cheaper to rent for yourself. If you are on a very restricted budget for buying your first property then using a Buyers Agent or Advocate can chew up a lot of your cash which you need for deposit so have a good look at how it will impact your borrowing power and if the fees are worth it. A good BA will basically pay for itself but if you have limited cash then it might mean the difference between something that will meet only some of your criteria vs something that only meets some of your criteria. In Melbourne I have met (but not used) James Gatherum-Goss For Property Investors – Castle Advisory . When I'm in Melbourne I usually catch up with James and Sam his wife (@Lil Skater who is a PM). James has a unique set of skills and is not just a BA but also an accountant which is a great skill set.
Hey @YZD! Welcome In Melbourne we do a catch up each month, one in the East and also one in the West. For the Eastern group we catch up every second Tuesday of the month at alternating venues - you can sign up here for a reminder. West is normally on a Thursday, next one being on the 27th and you can find the details in the meetup section. Suggest you come along to a few. There's a number of regulars and some new guns, but it's all really casual and there's plenty of advice you can get from the meetings over a drink and dinner. Thanks for the tag @Westminster, please excuse my tardiness - short weeks are hell!
