How far from home do you invest?

--Only if I have, say a fam. member on the ground there to supervise.I do like to keep my eye on standard of any servicing/ work needing to be done- v. cautious I know & prob limits my opportunities.

 

I don't know why some people are so worried about having iPs far away. Any issues and the property manager will liase with you to sort it out. It's not like if you have 8 ips close to you your going to drive by them all the time. ..

Think about this : The money you save from having ips close to you so you can manage it or do maintenance your self etc...weigh up that money saved compared to the massive amount of money lost from not benefiting from multiple state cycles.

Now that's painful to me.

 

My first ones were close.
Sold them.
Then I went further afield - regional NSW and Tassie.
Sold them.
Now it's close again, but I'm lucky that I live in a booming suburb. I did a kitchen reno this year on one of them and it was great being able to walk there - about 250 steps door to door.

Scott

 

I have always had dreams and aspirations of buying in other states. It just hasn't happened that way. After my divorce and losing a huge amount of an inheritance, I bought a little place for me and the kids. A few years later met my partner and he had his own place as well. We bought together and gained 2IP's as our back up/get out quick plan. After a few years we bought a bigger place together, sold our PPOR, renovated his place and sold. And bought in the new suburb we lived in for a replacement IP (got over having bad tenants and no clue they were trashing the place). Move forward another half a dozen years or so and the kids start leaving home.....one by one they have settled down and moved into our rentals, sometimes with friends, sometimes with partners/families etc. 2 kids, no problems......only problem is, I have 3...lol so when she started her family, we started looking again and have bought locally for her to rent. I was looking at diversifying and buying rural nsw near my father, 1. he is getting on in years and I may want to be close to him in his later years, this may come in handy and 2. he has a great property manager for his current investments up there, so I knew I'd be looked after as such......Maybe that will be my next venture. Long term, all 3 of our properties can be subdivided into 2 and 3 unit sites, so we are slowly progressing towards our retirement wealth, with the help of the kids (and that's how we put it to them). While they save for a house deposit, (still paying market rent), they know they wont have to move until they either send us broke or buy their own family homes.......that last statement means I have plenty of time to keep saving and maybe buying a few more......maybe then I will get out of this state and diversify more.....fingers crossed. lol reading this back I could say my family forced me into property investing, but I think its more in my blood...lol

 

1st IP 2.5 hours drive
2nd IP 10 hours+ drive
3rd IP planned - same with IP2

 

1st IP was 15km for me.
2nd was 14km from me.

 

Start looking now in the 13km range

 

I think I know the feeling. Can laugh now

I purchased in Merredin, Pollock Street? I think 2003?.... in a Bad pocket, but then again is there a good pocket? I paid $28,000, sold it 12 months later for $60,000 and then it was on sold again for around $120,000

My tenant had their clothes stolen regularly from clothes line.
Then there was the landscaper who just got out of jail, had to use him there was no one else around... and then there was the self taught plumber who stole plumbing fittings which inturn gave him a full time day job.
Nice part of the world

 

We live in Melb and have an IP in Kalgoorlie - approx 3,000km's.

I hate it when the tenant calls up for a light bulb change at dinner time.

 

Uh-Oh; what happens when he gets to IP no 15?

 

900km first one (Geelong), and around 900km the second one (Edens Landing).

 

Hindsight is priceless hey
I bought out there as an Asian airline/Air-force? (or sim) got approval to setup a training base out there in the mid 90's, was big news and supposed to be a large influx of people to the town, support grew etc, etc, never took-off (no pun).
Can't remember what st/rd the property was on now, very large corner block Sth of the Hwy, East of the College. Interesting town like most Nth & Sth of it, perhaps all somehow related, like Tasmanian's

 

I invest anywhere. Where I invest is totally dependant on research and where it is positioned in relation to supply and demand, rent return, vacancy rate, competition, infrastructure, vibrancy, possibility of employment and variety of employment.
Investing and property investing is risky so I like to tick all of those boxes or it is a crap shoot (risk). You cant remove all risk from any given area...thats why I buy lots
That has it's own risk therefore....its a risk

 

I drive past mine regularly.

 

First and only IP was 953km up North.

Looking roughly in the same area for my next one right now.

Keen to invest anywhere in Aus as long as it all stacks up

 

I agree being able to drive by your ips from time to time is nice. But for me, I place a lot more importance on building a portfolio that is exposed to multiple cycles. It also reduces risk.

 

I agree @Taku Ekanayake.

 

First property was actually 40km away from my rental home

Currently in the process of purchasing in Brisbane and i live in Sydney

Would invest anywhere as long as the numbers are correct but would prefer to invest locally but priced out at the moment

 

I feel you have to be borderless. It all depends where the cycles are at. It would be well worth brushing up on knowledge in other states as investing is all about getting a return, not emotionally liking the area

 

My first IP was 15kms away and subsequent IPs vary from interstate (WA) to my recent purchase which is literally around the corner from my PPOR.