Property investing s**ts me sometimes, here's why...

Hey everyone,

I will be honest; im currently working with a high-end online marketing start-up and we are trying to solve active problems in a few industries (by coming up with solutions that actively help). I have chosen property investors in Australia since its my passion and experience.

Im trying to find out what the biggest problems are as an investor in Australia, and for me during my journey, they have been:

- Education: every seminar/course out there is just trying to sell you on their own model, wouldn't it be great if there was an unbiased platform to get the scoop on the course providers out there?

-Your first investment: my biggest problem here was paralysis by analysis! A thought I had would be partnering up with an experienced investor and using them as your mentor for your first deal, in return for a fee (to the mentor)

-Managing house maintenance/repairs from afar - I know im SICK of spending time getting 5-10 quotes when having work done to my rentals. Wouldn't it be great to submit your job to a website and have 10 quotes emailed back to you? (this does exist already, but I feel like they are doing a terrible job, I wont name the company)

I would love to know if anyone has any active problems that they wish would be solved!

hoping to achieve an awesome solution for the property investing community and make this passion of ours a little better.

Al
 
Hey Alex,

Not sure if this will help but this is what I experienced on my first purchase this year.

Education came to me by reading books and these forums as I didn't have the money to 'rush in' and had to wait and save

Analysis is probably the biggest problem for most, hence why the where to buy thread always seems to be the most active. Maybe we need searches more detailed than re.com

As for managing I'm still early on but don't the PM's get the quotes for you?
 
@ Tyla, no fee required here, just asking for some help to get the creative juices flowing!

@ Moneyman_85- I agree, for the first time investor analysis seems to be the biggest roadblock, I know it was for me, I had a form of mentor-ship however which really accelerated my education and decision making (80/20 rule). In return, Ive helped a few peers get there first deal, without charging a fee.

PM's usually will use there regular property management/handyman guy, Im sure if you really pushed it you could get them to get a range of quotes for you, but I feel they would not really want to (whats in it for them).

My reasoning here is based on my own behavior, I usually put off little maintenance jobs until they build up to a point where I have to get 5 or more things done, and finding one guy to do it all is usually an issue (or expensive). At times like these, It would be great to fill in one form, and get a bunch of quotes back for each job, dont you think?

in terms of analysis, I Use the PIA software and pricefinder, and they help a lot so I would recommend trying those.

Would love to here what anyone else is stuggling with, I promise im not going to plug anything!
 
-Managing house maintenance/repairs from afar - I know im SICK of spending time getting 5-10 quotes when having work done to my rentals. Wouldn't it be great to submit your job to a website and have 10 quotes emailed back to you? (this does exist already, but I feel like they are doing a terrible job, I wont name the company)

Al

I have found a site called OneFlare very useful for this matter. I have found good tradies at a good price via this site. I suspect though that it is a geographically based service though and quality can vary depending on location.

https://www.oneflare.com.au/
 
Unfamiliarity with other cities/jurisdictions.

I want to know why certain sites sell for more $/sqm, why they can rent more. Is it because of the street, tenant type, position, orientation, permitting? I think if a site can provide historical sales figures WITH useful and insightful commentary justifying the price or labelling it as overpriced/underpriced, that's awesome information!

Obviously real estate agents are useless in this matter because they have no idea, and they lie.
 
Problems -

1. Decent rental yields.
2. Decent tenants who pay and look after the joint.


When we had 5 IP's we had them all managed. All the problems both with tenants and maintenance were handled by them, so that's not a problem.

3.The problem is getting the good PM - to handle to all correctly for you.
 
Difficulties in determining my rights as an owner. There are free advice services for tenants and lots of information on tenants rights on the net, but bugger all for the owners of these properties.

Anyone who sets up a website or service of this nature would do well. I'm sure advertisers would be keen to buy a spot on that website.
 
Solution

Buy nice properties in nice areas . Chose a PM who only works as a PM . They make the best PM's as that is their only business w. It's not a side line to keep them afloat during the bad times , sales wise .

Also be married to someone who looks after everything ... That helps :D

Cliff
 
I have found a site called OneFlare very useful for this matter. I have found good tradies at a good price via this site. I suspect though that it is a geographically based service though and quality can vary depending on location.

https://www.oneflare.com.au/

Thats a great website! thanks for sharing.....I used something similar recently when moving interstate and looking for backloading services, I entered my details and had 10 companies email me with quotes.....I was very impressed.
 
Unfamiliarity with other cities/jurisdictions.

I want to know why certain sites sell for more $/sqm, why they can rent more. Is it because of the street, tenant type, position, orientation, permitting? I think if a site can provide historical sales figures WITH useful and insightful commentary justifying the price or labelling it as overpriced/underpriced, that's awesome information!

Obviously real estate agents are useless in this matter because they have no idea, and they lie.

That would be the Holy grail in investing/development software! seems complicated but I would pay for it if it worked.....thanks for the suggestion!

I agree, asking for this info off agents is like asking a used car salesman if the car he is selling is good, ulterior motives....
 
Problems -

1. Decent rental yields.
2. Decent tenants who pay and look after the joint.


When we had 5 IP's we had them all managed. All the problems both with tenants and maintenance were handled by them, so that's not a problem.

3.The problem is getting the good PM - to handle to all correctly for you.

Agreed. I have a rubbish PM at the moment which I should do something about....a property manager review platform/website would be useful, as long as the reviews came from trustworthy sources
 
Difficulties in determining my rights as an owner. There are free advice services for tenants and lots of information on tenants rights on the net, but bugger all for the owners of these properties.

Anyone who sets up a website or service of this nature would do well. I'm sure advertisers would be keen to buy a spot on that website.

This is a great idea! a huge inequality exists in the tenants favour!
 
Solution

Buy nice properties in nice areas . Chose a PM who only works as a PM . They make the best PM's as that is their only business w. It's not a side line to keep them afloat during the bad times , sales wise .

Also be married to someone who looks after everything ... That helps :D

Cliff

Hmmm. where can I find one of these so called spouses who will take care of everything?
 
Heres another thought:

When you have a portfolio of 3 or more IP's its gets tricky to stay on top of maintenance (e.g. having gutters cleaned, hot water system maintained etc)

its easy to forget about these things, as they are just annoying to deal with - they are not urgent, but putting them off can lead to urgent issues (e.g. I neglected my gutters to the point that they were so full my roofspace became mouldy, damp, and the ceiling paint begun to peel!)

A great idea would be a calender with those necessary tasks, that either reminds you when its time to have it done, or even better, sends a request to you handyman/property manager when it needs to get done, taking you out of the process...
 
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