Where shall I live (renting) ?

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

 

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.

 

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.

 

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.

 

Thank you all for your responses, what I wanted to hear

 

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.

 

Thank you Hugh, I hope you are well

 

I don't think it's important.
What do you do when you have several IP's in different states?

 

Not important because it's highly unlikely I'd want to live where I invest. Either demographics, location etc.