How far from home do you invest?

When you bought your first IP, how far from home was it?

For subsequent IPs, did you venture further afield?

Do you feel you've graduated beyond that and will invest anywhere now or do you prefer to keep it local still?

 

Was 17,000 km for me
Was working in UK and bought in oz remotely

 

1. First one was 160 kms away. From Sydney to Newcastle.
2. Yes.. All in different states.
3. I'm not sure why but I kind of like the distance. A bit less attached to the IPs.

 

1/First one was only 1,673kms away
2/Both IPs in Brisbane-one in North and other in South
3/Buy in area's I think have good upside for growth in short too medium term regardless of distance from me..

 

1. Ip #1 was a ppor first
Ip #2 was same state but 1000km away.
2. Stayed in Qld for first 11 years then ventured into NSW next and recently SA.
3. Would rather continue to diversify as it reduces risk provided we do it well. I don't mind not being able drive past nearly all of them regularly as all that will achieve is me seeing how the tenants are not looking after the lawn or garden very well. It removes some of the emotional attachment.

 

Not interested in buying ips close to home unless there's an actual financial advantage, and there usually isn't one as we tend to live rural. Claiming tax deductions to inspect ips interstate or overseas is a pretty nice gig though. I'm more than happy to use ba's and agents as part of the process. I drive past our ips on google maps regularly and that's sufficient for me.

 

I have 2 ip's in the same suburb as my ppor. I bought them because I felt I knew the market well and they were well priced.

They haven't been terrible, but In hindsight probably should have gone further afield, which I've subsequently done.

 

1st one was 6hrs drive from home in Meridian WA in 1994 for 22k, PM let some bogans with pit bulls in it that trashed the joint big time, lost $'s.
Swore I'd never buy something I couldn't drive past on way too/from shops/work again and stood by that, and self manage.

Could have made allot of coin buying away from home but life's too short to stress about having some unsupervised stranger manage my business

 

I live in Melbourne and have invested in Melbourne and Brisbane only.

If I hadn't grown up in Brisbane I don't think I'd have had as much confidence to buy there for IP's, but with good property managent I don't find the distance any issue.

I don't really think it's any different to owning property on the other side of Melbourne.

In fact we don't even bother driving past one we have that is 500m down the road from where we live!

As long as the numbers work, property management is on top of tenant issues and the rent gets paid, I don't think distance from where we live is a barrier to buying anymore.

 

Yes, some people are fortunate to never have any problems but most days we hear or read about others to the contrary, like this one today
https://propertychat.com.au/community/threads/the-reason-i-try-not-to-use-agency-tradies.3905/

 

First couple were 500kms from where we lived.
Now own in Perth, Regional Wa and Russia.

Only the first one was site unseen from memory.

Blacky

 

9km from home for me!

IP2: Currently looking from my home... up to about an hour away....

 

Though we currently live in Sydney, IP 1 was in coastal town I grew up in, 2000 people - owner built home, made $$, IP2 and 3 same spot, villas, made $$, will start IP4 and 5, subdivide Torrens houses, same spot, will make $$. Our current situation makes this a good option for us. Next stage sees us selling down 1 or 2, and getting into capital cities. Have learnt good lessons as far as developing goes and we will try to build on this and not just rely on buy/hold out of our comfort zone - will be a challenge

 

1. 950km.
2. Still trying to work it out....

 

IP1 958km from home. IP2 is planned to be 958.01 km from home ( would like to try and buy the house next door ).

 

200m. I can see IP from my balcony

 

First ip was 5km away, second was 15km. Then i let my learning kick in and branched out to other states vic, qld etc. A part of my strategy was always to benefit from various state cycles and diversify across Australia. It's worked well.

 

Next door - so you can choose your neighbours