Five quick free videos to give investors a leg up
If you're looking for a quick leg up with property and investing, then there are a number of online resources, including applicable information from overseas. We've compiled five videos that you can quickly watch to get a bit more understanding about different areas of investing.
1) Quickly analysing an investment property's return
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This video from Bigger Pockets is based in America, however there's certainly tips that any Australian residential investor can learn from. With useful fundamentals, and a quick explanation of how you use financial calculators and listings to quickly make sense of the financials, this is a very clear explanation of a simple 'first check' to see whether you should consider a property for further analysis.
Video description: "Investment properties are everywhere. Hundreds, thousands, maybe tens of thousands (depending on where you live.) So, obviously, it's impossible to go an look at every single one. So how do you choose which ones to look at, what to spend your time analyzing, and how the heck do you even analyze it?"
This five minute review of an investment property also shows how you would go back and tweak the loan to see if the return you need is possible, and how much deposit you will need to ensure this. While Australian investors will be painfully aware of the difference in prices between the properties used as examples in this US video, and the prices and returns they are likely to face in Australia, it's interesting enough as a starting point. It also delves briefly into the concept of benchmarking - that is, understanding what the minimum return requirement is for you to consider a property. This is a number that varies from investor to investor.
2) Resolving tenancy disputes
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This Queensland video is the first in a series produced by the Tenant's Union of Queensland, and is worth a watch to understand putting the shoe on the other foot. It covers dispute resolution and a tenants' guide to QCAT (Tribunal).This particular video looks at a bond dispute, and the collection of evidence and reasoning of the argument and debate.
All good investors should attempt to get inside their tenants' head to see if they can help solve these issues before heading to Tribunal.
3) Renovation and building tips
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Architect your home brings us this stage presentation video with Hugo Tugman at the National Home Improvement Show in the UK. Tugman indicates some crucial points about a property needing to be both beautiful as well as functional - beautiful without functional just isn't worthwhile!
He covers increasing space (including height space), proportions, staircases and the 'wow' factor, including a useful mindmap of considerations. It's largely concerned with building a property new.
4) Prepare for an Open Home
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Sydney's Just Think Real Estate's Edwin Almeida has this quick video with Wendy The Candle Lady about the sense of smell in an Open Home. She notes it has the highest sensory recall of all the senses and is crucial. This is just one of a number of comprehensive videos about the different aspects of preparing for home opens.
This American video shares real estate agent Bill Fields' open house tips with getting buyers into the home, and it discusses figuring out what the objectives are (to get listing leads, to develop buyer leads and to sell it).
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5) Buying at auction
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This video from Ray White Victoria Park discusses the auction process. If you haven't spent much time at auctions, then this video is a good introduction to understanding the process. It's useful to hear some of the auction lingo, and to see what auctions look like as well as some of the terms and conditions you can put on your auctions prior to bidding.
While it's coming from the real estate agents' perspective, it's an interesting introduction.
The top tips outlined include in the description:
1. Find out what the property is worth and how much you can afford to pay.
2. Familiarise yourself with the auction process
3. Arrange your finance before the auction
4. Have your contract of sale checked thoroughly before the auction
5. Get some help on auction day
6. Don't be afraid to put an offer before auction