On path to investment
THE decision to invest has been made and the finance is in place. Now what?
Actually finding an investment property is the next step and while it may seem obvious, a lot of soon-to-be investors may not actually know where to look.
Firstly, keep an eye out for “For Sale” signs in the suburbs that you have decided you would like to invest in.
Looking through suburbs that you’re interested also helps in finding property that people are selling themselves, without the use of a selling agent.
If driving through the suburbs doesn’t turn up any leads, try a more direct approach.
Contact local real estate agents and ask if they have anything that suits your criteria.
If there is a potential sale and commission involved, they should be very helpful.
Another research tool that most are very comfortable with is the internet.
Sites like realestate.com.au allow the investor to filter for the location, price and type of prop- erty. This makes for efficient and very easy property hunting.
These sites will provide images of the property, dimensions, floor plans, suburb data and agent details.
Also give sites like the National Mortgage and Deceased Est a te Data ( www. nmdata.com.au) website and the Public Trustee a go.
These websites can be a useful tool for finding potentially undervalued investment property due to the nature of their selling circumstances.
The real estate sections of the newspaper can be very useful places to seek property for sale, especially looking through the free local paper that you find on your front lawn every week.
The above are all quite passive strategies.
If you are really keen, you may want to be more proactive.
Take the house hunting one step further and approach owners of properties that you have deemed to have excellent investment potential.
The current owners may or may not be interested but you having nothing to lose; only a potential investment to gain.
If you feel uncomfortable knocking on doors, leave a letter in the mailbox with your contact details; then the ball is in their court.
If you are ready to invest and just need to find the right property, employ as many resources as possible to find what you want.
It may be time consuming and cost you some money but buying an investment property is not a decision to be taken lightly; proper research and commitment to looking for the right investment mitigates the potential for poor investment decisions.
Happy house hunting.
HAPPY HUNTING: There are many factors to consider when purchasing an investment property and many ways to find the right property for you.