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Perth invester learning how not to make the same mistakes

Discussion in 'Introductions' started by GPS, 3rd May, 2016.

  1. GPS

    GPS New Member

    Joined:
    2nd May, 2016
    Posts:
    2
    Location:
    Perth WA
    Hi everyone.
    Not knowing anything about investing (1st mistake), I just wanted to get into my local market (2nd mistake), and brought a 1 bedroom unit (3rd mistake), at close to the peak of the market. (4th mistake, about 2 years ago)
    Paid $280k for an established ground floor unit in North Perth. Probably worth about $250 currently.
    To add to the list of noobe mistakes, I went direct to the bank and didn't haggle over the best deal.
    When purchased I was getting $340 rent, now its $250 :(

    One good thing to come out of the purchase, was the vacant land attached to the complex which is currently being subdivided and sold (a little over $1M), in order to pay for any repairs and upgrades to the building. My boundary fence is also getting extended which will give me an even larger courtyard. So its not all gloom.

    But, I'm moving forward. I want to start my investing again. This time I'm going to take advantage of a mortgage broker and I'm on the hunt for a buyers agent (if anyone can recommend one).

    How do you know if a buyers agent is any good? They all say the right things, but how do you know you are getting the best advice? Is it just recommendations from other investors?

    Anyway, I hope to get some useful info from members on here.
    Thanks
    Gaz
     
  2. MsAli

    MsAli Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,147
    Location:
    Sydney, Australia
    Hi Gaz / @GPS

    Great attitude. Lessons not mistakes :)

    Where are you considering buying? That would determine the BA recommendation.

    Well done on starting and moving forward. Most won't

    Cheers
    MsAli
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,584
    Location:
    Adelaide, SA
    I think you have to watch the forums to see who others folk of the wider investment community are using. You could also review information on the Where To Buy section as well to learn some info yourself - being better armed will help you make better decisions.

    As far as mortgage brokers are concerned, I've used Corey Batt for all of my properties, even when I was living in WA. For buyers agents, you'll need one that's local to the area you're considering.