What are your resources?

HI everyone

looking for some help with some online resources (preferably free) that are actually used when researching into a possible investment.
Currently iam using a mix of domain, r/e.com.au and whatever limited information available on either residex or rp data.

interested to know from the pros/successful people here what other online resources are being used when doing your due diligence focusing on specifically:
- suburb population growth / forecast
- suburb property sales price history trend or even forecast? (units/ houses)
cheers

 

For suburb population growth I use this a lot:
http://www.abs.gov.au/ausstats/[email protected]/Latestproducts/3218.0Main Features202013-14?opendocument&tabname=Summary&prodno=3218.0&issue=2013-14&num=&view=

For Suburb sale price history I use RPdata (fee based). For trends/forecasts I look at web based reports, analysis, look at public sentiment, change In quarterly growth, yoy growth etc various indicators of S/D in different suburbs to confirm my suspicions and increase my chances of buying in one of the right areas.

Also do Demographic analysis to determine what type of dwelling I should be buying, how big, with what amenities, how important is transport, how many bedrooms, etc

http://www.propertyobserver.com.au/finding/location/suburb-data/4732-holland-park-west-qld.html

 

Personally, how I rate order of importance of Due Diligence for a simple IP.

1. Chosen State Due Diligence
2. Area due diligence (eg inner, middle or outer rings)
3. Suburb Due Diligence
4. Dwelling Due Diligence
5. Vendor Due Diligence.

 

Hey @Leo2413 - what do you mean by vendor due diligence?

 

Hi

Hey @Taku Ekanayake ,

Well for me vendor DD is trying to analyse the following:

1. Single or couple selling
2. What's the real reason they are selling
3. What they really need from the deal. Eg price, flexible terms, etc
4. Any vulnerabilities to explore in negotiations

 

Awesome, thanks for that @Leo2413.
Can you please explain why it would matter if a single or couple is selling?

 

have you checked out

http://blog.id.com.au/

 

Great reply from LEO, nice and simple!!!.

As for me, I do a bit of research but I do not get stuck to much into DATA or the numbers. I have a certain criteria and if it meets by goals then I will simply go for it.

 

Hopefully I am not stepping on Leo's post but to me @Taku Ekanayake a couple may mean a sale due to divorce with vendors wanting a quick sale and settlement to move on.
This situation although sad can procure a win/win for both the vendor and buyer

 

Cool, that makes sense. Thanks @Coota9

 

Negotiation is different and usually easier with single vs couple.

Couple may have one of the two who has an overinflated expectation.

Also if it was owner occupied there is more emotion involved and you have to carefully pay respect to their home, and try not to unintentionally insult them when negotiating down (don't say X and Y are crap or bad design etc)

 

Hi @Taku Ekanayake ,

@Coota9 and @DanW made some great points! Another important point I can think of which really crosses over into dwelling due diligence is:

Determine when it was bought, for how much and how much are they asking now. The shorter the time frame from when they bought it and the closer the asking price now to when they purchased it, the stronger your position is for obvious reasons.

 

Thanks for the great feedback @DanW and @Leo2413

 

I get the sense your really into property investment Good on you mate

 

Absolutely.
It's my vehicle to get out of the middle class

 

Your a champ.

I say this often because I believe it to be true without a doubt. If you aren't already, make sure you work on your mindset development. It will make THE difference, imo.

 

This was quite tough in some areas of Brisbane (asking price being the same as previous sale).. lots of people purchased 5 years ago and are only able to sell now for similar price.

On one hand they feel bad to not make any money, on the other hand some just want to get it over with and move on and realise they can't argue with the market

 

Yup and as an investor uncovering that (and what it means on a few levels for the seller) works greatly in our favour.

 

I bought 2 IP'S early last year that were under previous sale price. They have both increased 10-15%. One was a divorcing couple.

 

there is a similar thread on this i have started at https://propertychat.com.au/communi...websites-programs-do-you-use.3295/#post-60523