7 mistakes you make when doing suburb research. When you’re investing in property, it’s really important that you do your research into the suburb that that property is located in. You want to understand whether or not that suburb is likely to grow, or whether that suburb is at risk of declining. But often, we make massive mistakes when doing suburb research that lead us in the wrong direction and lead us to making poor choices.
Hey, I’m Ryan from onproperty.com.au, helping you find positive cash flow properties. I’m in the process, at the moment of creating a new course on suburb research to help people do suburb research. So I thought I’d create some free videos for you guys to help you out as well. If you want to check out the course, go to
onproperty.com.au/suburb. And I’ll talk a little bit more about it at the end of this video.
So the 7 mistakes that you make when doing suburb research. The first mistake that you make is that you’re looking for a hotspot. When you’re doing suburb research, what you’re doing is generally collecting data from multiple different sources. It might be data from the council, it might be sales history for the area, vacancy rates for the area, it might be census data; like population growth and employment statistics for the area.
What you’re doing is collecting all of this data and you’re trying to understand, well, what does this data mean? and is this area likely to grow or decline?
When we’re looking for hotspots, we’re looking for areas that are about to boom. We’re looking for areas that are going to grow 10%, 20%, 30% in the next 1, 2, 3 years. And we’re looking to make a lot of money quite quickly. The problem with looking for hotspots is it’s very hard to understand all of the data to the point where you can actually go ahead and say this area is going to be a hotspot. Especially, because in order to really understand a hotspot, you need up to date data and that’s pretty hard to come by.
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http://onproperty.com.au/310 - View the full transcription and audio version of this episode.
http://onproperty.com.au/free - See real positive cash flow property listings
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investing in property with little money 7 Mistakes People Make When Doing Suburb Research (Ep310) | |
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