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Buying an Inv Property (Beginners) - Use an agent?

Discussion in 'Real Estate' started by archangelsupreme, 6th Jul, 2008.

  1. archangelsupreme

    archangelsupreme Well-Known Member

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    7th Sep, 2007
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    Location:
    Australia
    For beginners....is it worth going to an agent first to tell them what you are looking for....? just so you can have an idea of what's out there?

    But not sure if it's worth it...afterall agents work for the seller...so...might be better off going on my own?

    I'm eager to get into the market latter on in the year, and want to start on research now. What practices do you guys employ when looking for an investment property?
     
  2. Billv

    Billv Getting there

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    Location:
    Sydney, NSW
    I'd register with a few REA's and let them know what I want
    and if something that meets my requirements comes up I'd have a look at it.

    It depends what you are after and in which suburb.
    I'd start by looking at all the online listings and then continue going to open houses. Are you looking for a house or a unit and have you made a list of criteria?
    Units offer the best yields.

    Cheers
     
  3. archangelsupreme

    archangelsupreme Well-Known Member

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    Location:
    Australia
    My next step is to develop a criteria list as you said, though i have a rough idea what I want.

    - Maximum $400k (which probably means unit since I would want to purchase in the inner eastern suburbs of melbourne)
    - 2 Bedroom
    - Close to transport (especially train)

    Is there a website people recommend which offers hints for starters?
     
  4. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Location:
    Sydney, Australia
    What kind of hints are you after?
     
  5. Billv

    Billv Getting there

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    Location:
    Sydney, NSW
  6. archangelsupreme

    archangelsupreme Well-Known Member

    Joined:
    7th Sep, 2007
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    Location:
    Australia
    i.e.

    * What questions should you definately ask real estate agents
    * where to do your research
    * detailed explanation of the legal aspects, i.e. contracts, settlement....especially if you are DIY
     
  7. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
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    1,885
    Location:
    Sydney
    Hi Archangel

    There's a plethora of information out there and I'd be starting by looking at both the Fair Trading Department and REI sites relevant to the state you're buying in; Victoria, as well as reading the real estate section on this forum. Lots of valuable tips and information in the articles on here too- check out my Due Diligence one as well as the recent addition of Buying Tips. You may find them useful in your quest.

    If you prefer to use a local Buyers Agent to do all the work for you instead, check out some of the Vic based ones who may be able to help you- even if you don't end us using one, their sites have some great information that will assist.

    Home - Michael Ramsay Property

    JPP Buyer Advocates - Melbourne Real Estate Buyers Advocate & Buyers Agent

    Please note that I'm not endorsing these particular BA's- just pointing out a couple of sites that have relevant info on them for you.