Where to find another property for further investment

Discussion in 'Where to Buy' started by Linda in May, 19th Aug, 2015.

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  1. Linda in May

    Linda in May Member

    27th Jun, 2015
    Hi there,

    I am new to the property market by chance. After purchasing one property, I would like to make further investment but I do not know where to buy.

    Could anyone tell me how you find a property?

    Do you cooperate with a sales agent or a buyer agent? Or do you focus on several developers?

    If you buy your properties through advertisements online, which website would you prefer?

    Thanks for everyone’s reply.

  2. Tekoz

    Tekoz Well-Known Member

    24th Jun, 2015
    Hi @Linda in May,

    It's up to your decision whether you want to invest for:

    Cashflow positive
    Capital gain

    But bear in mind that do not for the sake of negative gearing benefits go with Off The Plan or brand new House & Land package.

    This is what people has advised me in this forum.
  3. Azazel

    Azazel Well-Known Member

    18th Jun, 2015
    Hi Linda,

    I would start with a budget. Then I would see what my money got me in different areas. Have a look at yield, time on market, vacancy rates etc...
    Decide what type of property you're after: house, townhouse, unit etc...
    Create a 'profile' for the type of property, eg. 3 bed, 1 bath, 2 garage, 600+m2 block, brick and tile, walking distance to transport.
    Take a look on realestate.com.au and the real estate magazines for some ideas.
    Don't forget to factor in council rates, insurance or for a unit body corporate.
    Search on realestate.com.au usually or Domain or All Homes.
    Tekoz and Leo2413 like this.
  4. Chilliblue

    Chilliblue Well-Known Member

    18th Jun, 2015
    It sounds like you have no strategy and that is what you need to act as a guide.

    Work out what you have and what you want and then find the investment vehicles that will get you there.

    If its property, then you have already received some good points above.

    Best of luck @Linda in May
    Propertunity and Leo2413 like this.
  5. The Y-man

    The Y-man Moderator Staff Member

    18th Jun, 2015
    Find out what is good about your property, and what is not. If the one you bought is fine, look for a similar one in the same area.

    The Y-man
  6. Leo2413

    Leo2413 Well-Known Member Premium Member

    18th Jun, 2015
    All over the place.
    As others have said above. This is what I would do in order more or less:

    1. Finance: Work out how much you can borrow first. No point looking at places 700k only to find out 3 months on you can afford 600k max.
    2. Choose state: Personally I would choose a state that is not in a boom market or just starting a decline. I know everyone is different so choose a state that your comfortable with.
    3. Choose suburbs in your price range within your chosen state. Use websites as mentioned above.
    4. Refer to your strategy: If your strategy is long term buy and hold, then look for solid dwellings that are not too negative cash flow so it wont drain your income (again can be a different story if your on very high income). If your strategy is adding value then look for dwellings in those suburbs that have add value potential and so on
    5. Short list some properties you like that meets your finance, strategy and risk profile.
    6. Business time:Go after them with offers.

    That's the basic outline for me. There are a lot more details for some of the above and I know I sound like a broken record on here but somethings never change - if you haven't already go and buy some books on investing by aussie authors. Trust me there is massive amounts of useful information in a logical order with some detail that will help you and could save you 10s of thousands. Even if 1 tip on 1 page helps you, its more than worth it.
    Last edited: 19th Aug, 2015
    Gingin, Azazel and Propertunity like this.
  7. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    19th Jun, 2015
    Yes I could, but you really need to work out your own technique that suits you.

    Who is the representative of and is being paid by your contractual adversary, the seller?

    At least a BA would be acting for you as a buyer. Just make sure you choose a good one if that's what you decide to do.......and don't pay all the money upfront!

    Who are trying to sell overpriced product OTP (off the plan)?

    The website I'd prefer is the one that lists the properties I want to buy. You cannot limit yourself on this issue. The advertising medium is irrelevant to the issue of the right property to buy.
    Leo2413 likes this.