Join Australia's most dynamic and respected property investment community

Where shall I live (renting) ?

Discussion in 'General Property Chat' started by Marco Bon, 23rd Aug, 2016.

  1. Marco Bon

    Marco Bon Active Member

    Joined:
    4th Aug, 2016
    Posts:
    37
    Location:
    Melbourne
    Hi all again,

    A thought crossed my mind and I had to start this thread.

    How important is to live (renting) in the suburb that you want to invest into?

    Moreover, if you were renting in the area in which you are trying to buy, wouldn't it be risky to fall for an emotional purchase?

    Look forward to reading your posts..

    Ciao for now,
    MB
     
    Perthguy likes this.
  2. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    906
    Location:
    Melbourne
    I think it's great - nothing like getting to know the good and bad parts of a suburb as well as the values by living there yourself.

    The Y-man
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,589
    Location:
    Sydney or NSW or Australia
    I wouldn't dream of doing it.

    I know several investors who have never lived anywhere near their IPs. Why? They're all zone industrial, commercial or retail.

    Metrics are what counts.
     
    Marco Bon and The Y-man like this.
  4. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,798
    Location:
    Perth
    I don't think it is important but it is good to get to know an area. I live in Perth and invested in Melbourne. It was a lot of work to get familiar with different areas, lots of driving, home opens, auctions.
     
    Marco Bon likes this.
  5. Obsidian

    Obsidian Active Member

    Joined:
    19th Aug, 2016
    Posts:
    35
    Location:
    Sydney
    Not important at all. I fact, in a lot of cases, it could be unwise for general property investment. Unless you want to turn the IP into an PPOR eventually.
    You live/rent where you want, and invest where it makes financial sense to. There is no need to be able to check on the investment property every week as you drive by.
     
    Marco Bon and Perthguy like this.
  6. Marco Bon

    Marco Bon Active Member

    Joined:
    4th Aug, 2016
    Posts:
    37
    Location:
    Melbourne
    Thank you all for your responses, what I wanted to hear :)
     
  7. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,124
    Location:
    FNQ
    It's not important and can be a hindrance. The area where you live might be great for lifestyle reasons or for a ppor but not for investing.
    No need to necessarily buy locally although it's probably a good place to consider first.
     
    Marco Bon likes this.
  8. Marco Bon

    Marco Bon Active Member

    Joined:
    4th Aug, 2016
    Posts:
    37
    Location:
    Melbourne
    Thank you Hugh, I hope you are well :)
     
  9. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    I don't think it's important.
    What do you do when you have several IP's in different states?
     
  10. NewGuyACT

    NewGuyACT Member

    Joined:
    9th Aug, 2016
    Posts:
    20
    Location:
    Canberra
    Not important because it's highly unlikely I'd want to live where I invest. Either demographics, location etc.