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  1. #1

    Default Buying an IP without personally viewing

    Newbie here. Hope to get some feedback.

    Going with numbers alone and a trusted person's keen recommendation, would you buy an IP without viewing it p yourself personally?

    Yield is 7% ++. Trusted person, who inspected and viewed IP himself (sort of like a partner you know has the eye for detail when it comes to properties) feedback came back positive.

    It's a "go signal" except that you, the buyer, didn't see and inspect IP.

    Would you go ahead with the offer?

  2. #2
    Join Date
    Jun 2013
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    Default

    Would depend on location (both town, suburb, street, aspect and neighbour proximity), price, type of property and photos.

  3. #3
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    Default

    No. I wouldn't personally. What else would you spend $100's of thousands of dollars on without viewing? I'm sure some of the experienced PI's would be comfortable to do it. How many IP's have you bought previously? Has a builder looked at it?

  4. #4
    Join Date
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    Default

    Also make sure the trusted person hasn't an interest somewhere? What's their experience?

    Get a good builders report carried as part of you conditions.

  5. #5

    Default

    Quote Originally Posted by donthatetheplayer View Post
    No. I wouldn't personally. What else would you spend $100's of thousands of dollars on without viewing? I'm sure some of the experienced PI's would be comfortable to do it. How many IP's have you bought previously? Has a builder looked at it?
    Intending to buy this property and will be my first IP. I will include in S &P subject to builder's report clause.

  6. #6
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    I'd say what's the rush? I would definitely want to look at it. What is preventing you from viewing? If it's a problem to view now what's it going to be like when you own it - i.e. if you have to visit for whatever reason? Sounds like unnecessary risk for your first IP. You really want to be a total expert in the market to buy site unseen. Really interested to hear what the very experienced PI's have to say.

  7. #7
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    Default

    Edit that should say a Pre Puchase inspection - use one of these members they are qualified and insured: http://www.buildingsurveyor.co.nz/

  8. #8

    Default

    Quote Originally Posted by Maccachic View Post
    Also make sure the trusted person hasn't an interest somewhere? What's their experience?

    Get a good builders report carried as part of you conditions.
    The trusted person is the other shareholder on which we intend to buy the property under (an LTC company). He's my partner. The only experience he had was buying our own property together.

    Would my partner personally viewing the property be enough for us to go ahead? Or do you usually have all shareholders (if under company) view property before proceeding with an offer?

    We plan to have the builder's report clause in the S&P. I'm more interested with the numbers but then, that's only one of the factors of the investment decision.

  9. #9
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    Why can't you view the property? If I was your partner I'd want you to view it. What if there is a problem after purchase? You won't have anyone to blame but yourself for not viewing. Are you ok with this? It sounds like you want to make the offer. If you are comfortable with all the possible scenarios that could arise from not viewing it go ahead. I can't understand why you wouldn't view it..

  10. #10
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    A friend of a friend bought a place over the net. Looked lovely but she hated it and would never do the same thing again. It was her own residence, but similar parallels exist, especially if you follow the mantra - never buy a place to let you wouldn't live in yourself.


 

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