All Topics / The Treasure Chest / a twist is it or isnt it

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  • Profile photo of stargazerstargazer
    Participant
    @stargazer
    Join Date: 2002
    Post Count: 344
    August 31, 2003 - 10:56 am

    hi all

    i noticed alot of negative comments about inner city high rise apartments and the hotel accommodation type.

    Banks either have tightened lending or wont lend on these pruchases.

    I have seen something that looked interesting to me. I would like your thoughts on this type of purchase.

    a torrens title townhouse
    3 bedroom
    own land it sits on
    own secure parking
    two bathrooms
    80 squares
    kitchen
    lounge
    laundry
    two year old

    cbd adelaide near central market

    price 280000

    This is a property that is being used as a serviced apartment by the lessees.

    secure rent

    bookings 95%

    solidly booked in advance

    has a dual purpose
    owner occupied
    or rental

    building depreciation 4%

    This to me is not a serviced apartment as one perceives like a hotel room.

    Reckon this could have some merit as an investment.

    Spoke to the bank there position the fact that it is leased as a serviced apartment they wont lend on it. Even though they acknowledge that in the true sense of the word it is a double storey townhouse no hi rise.

    The bank that gave me this reply was the NAB.

    any comments

    regards
    alf

    Profile photo of muppetmuppet
    Member
    @muppet
    Join Date: 2003
    Post Count: 900
    August 31, 2003 - 11:22 am

    Hi Alf

    If you are really serious either change banks or contact one of the mortgage brokers on this forum.
    There more than one way to skin a cat
    Regards

    Profile photo of calroncalron
    Participant
    @calron
    Join Date: 2003
    Post Count: 78
    August 31, 2003 - 3:24 pm

    Wow.. Alf either you meant 80m2 or it’s are really huge townhouse..

    80 squares would make it 2 times bigger than our PPOR of 40 squares which is 4 bedrooms,
    3 bathrooms 3 car garage and a granny flat.

    Woohoo great deals down in adelaide.

    Advice??? Get a broker that know this sort of property and deal with them.. The Banks are the most hopeless source of knowledge and the most closed minded people in the business… The best bankers are the ones that got out and are making a heap more working for the banks but not working “for” the banks at the same time..

    Cheers..

    I wonder if this is the 2 star mail:)

    Calron the Alcamist
    Turning things into gold is fun.
    [email protected][;)]

    Profile photo of stargazerstargazer
    Participant
    @stargazer
    Join Date: 2002
    Post Count: 344
    August 31, 2003 - 3:38 pm

    lol

    sorry my mistake

    80m2

    not quite that big calron wish it was i wouldve bought it already.

    regards
    alf

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