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

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

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  1. Lam Thieu

    Lam Thieu Well-Known Member

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    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?
     
    Lam Thieu, 6th Jul, 2008
    #1
  2. BillV

    BillV Well-Known Member

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    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
     
    BillV, 6th Jul, 2008
    #2
  3. Lam Thieu

    Lam Thieu Well-Known Member

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    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?
     
    Lam Thieu, 6th Jul, 2008
    #3
  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    What kind of hints are you after?
     
    Simon Hampel, 6th Jul, 2008
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  5. BillV

    BillV Well-Known Member

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    BillV, 6th Jul, 2008
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  6. Lam Thieu

    Lam Thieu Well-Known Member

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    Melbourne, 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
     
    Lam Thieu, 7th Jul, 2008
    #6
  7. Jacque

    Jacque Jacque Parker Premium Member

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    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.
     
    Jacque, 10th Jul, 2008
    #7