Thinking of buying an investment property

Hi Everyone

We have a little bit of equity in our property and was thinking of using that to buy another. After talking to a few people and reading a few articles it seems like Brisbane would be a good place to look. I am time poor so I wouldn't be able to fly there to inspect any properties, so was going to look at getting a buyers agent. Firstly I was hoping to get feedback if people had some experience with a buyers agent in Brisbane and would recommend any. Also as I am unable to get to Brisbane can the whole process from employing the services of a Buyers agent to purchasing a property and getting it rented out be done from Melbourne?

Any feedback would be greatly appreciated.

 

Well come to the forum @Nicholas. Good decision to invest in property. Yes, the whole researching, inspecting and managing can be done remotely. Give @Andrew Allen a ring to see what he can offer you. Heard good things about his services.

 

Strongly second this. Allen is a gun and a top guy.

 

Thanks guys really appreciate the help

 

Quick question... would you give away $350, 000 to a random on the street?

While a BA will certainly seal the deal, I think it'd be really great for you to come to some of your own conclusions and do some research about what areas of Brisbane you are most interested in, what your investment strategy is, what your goals are and research on your chosen BA. For example, what is their track record like, feedback about them on this forum and outside of this forum.

You may not have enough time, but I think if you wouldn't give away 350, 000, then perhaps it's about making the time. This is your future. At the end of the day, it is a large sum of money to purchase an investment property, which may or may not grow. Plus, take into account the BA fees, which can range up to $12, 000 from what I have read. At least if you have your own goals in mind, you can guide the process a little more... and that's part of being a great investor.

I've learnt so much with each subsequent purchase and I continue to take away lessons from my decisions. Decisions which I'm content to accept the consequences for, for example, growth or no growth, a good property or bad property. Thankfully, the latter hasn't been the case and the former is creeping in the right direction.

Finally, I would definitely recommend that you check out some threads where perhaps a BA has not worked out (I'm not suggesting Andrew Allen isn't great by the way; I haven't had any dealings with him) - for example, Assets, Liabilities and Duds. This will help you know what to avoid and outlining expectations around communication.

There is a chance that your property might not grow and would you be content with this result even after using the services of BA?

If you wouldn't be, then I'd suggest taking the matter in your own hands.

 

I have met Andrew, but I cannot vouch for him or services as I do my own locating, but it seems he is not into the areas that will be the most headache.

I think you do need to do some reading here, look at where the suburbs etc are and know what sort of budget and return you need.

 

Good post.
Investing in property is not for everybody, especially if you're too time poor to do that vital investigation and learning in the early stages.
I'd even think that a BA is more useful to experienced investors who know exactly what they want and can specifically use the services of a BA to their advantage over less experienced investors who aren't exactly sure of what their exact target is, and who wouldn't know the difference between a good and bad deal.
BA's are salespeople too....