Once you’ve done the research, selected your area and your suburb and know what you want, how long do you wait for the right property to come up on the market.
Ryan: What do you do while you’re waiting for the right property to come on the market once you select a suburb, done your research, know your price range and type of property you’re after? How long to wait for the right property. So, Ryan’s saying, he’s done all the stuff we recommend, which is, awesome. Good job.
You know, chosen his suburb, done the research, knows his price range, the exact type of property he wants. How long to wait for the right property?
Ben: That’s the difficult part because, you could be waiting two months. You could be waiting six months for the right property to come up.
You’ve just got to have faith that the right property will come up and you will buy it at the right price. The thing to do is, obviously, set your alerts on realestate.com and domain, and talk to all the local agents about the off market listings that they’re selling, because in most areas, probably 30% of listings are sold off market.
But, yeah, having that patience and not getting fatigued during that process, and making a mistake, because you are fatigued, is really, really important.
Ryan: Yeah. Something, when I interviewed Jeremy Sheppard from dsrdata.com.au, he brought up a really good idea was, the fact that, most people might restrict themself to one particular suburb, but there’s a lot of different suburbs in Australia, and a lot of them will have, like, the criteria that you are after, after your investment strategy. So, you don’t, necessarily, have to limit yourself just to one suburb.
Especially, if the opportunity that you’re specifically after isn’t coming up, maybe, it would be worthwhile expanding your reach, finding other suburbs that have the same criteria that you want for your investment. Then, that way, you’ve got three, or maybe four, suburbs that you can watch for the right opportunity.
Obviously, you don’t want to spread yourself too thin, but if an opportunity’s not coming up, and it’s been months, and you want to move ahead, you just got to be careful because, if it takes too long, you’re just gonna get antsy and you’re just gonna jump on something, anything that comes up, and it won’t be right. So, yeah, to find a balance between-
Ben: It’s powerful, because what Ryan said, is true. Like, if the market is flat, then you can wait three to six months to buy it. If, the market is rising rapidly, three to six months can cost you 40 to 100,000 dollars. Like, I got a call from a bloke yesterday, I spoke to him 12 months ago. At that time, he was gonna buy a property on a northern beach side suburb in Brisbane for 380 grand.
We can’t buy the same property for him, now, for under $460,000. So, he couldn’t save that money, because he was only earning $80,000 a year. By not entering the market at that time, he’s cost himself a huge amount of capital growth. He’s sat on the sidelines. He’s watched it, but he didn’t have whatever he needed to pull the trigger and buy something, at that time.
Sometimes, that time can cost you massively. Now, he’s gotta go look at alternative areas, further away from the beach, further away from the city, that are affordable, that are never gonna grow in the same way that his property would’ve grown, had he bought earlier and at the right time.
Ryan: Yup. Cool. Alright. Well, I hope you enjoyed the answer to this question, with Ben Everingham from Pumped On Property.
We’re really having a blast doing these Q&A sessions with you guys. So, keep the questions coming. If, you’re at the point, now, where you’re ready to purchase an investment property, but you think you might need some help, then Ben is offering free strategy sessions to On Property listeners.
Simply, go to onproperty.com.au/session and you can book a time with Ben, and you can go through where you’re at, where you want to be, and what your next steps are to get there. So again, that’s onproperty.com.au/session. Thanks so much for watching. Until next time, stay positive.