Hi,
I’m 24, and I’ve just finished reading Steve and Dave’s book and thought I’d log on. I’ve been doing a bit of browsing, and went to my first property inspection yesterday in Queanban, NSW yesterday!! Not really a deal but, and I only finding my feet as yet. No need to rush in.
I have, however, found a interesting deal in Scone, NSW near where my parents live in Maitland. Its two 3 bedroom houses on one block, with another block next door also with 2 houses on it. Its advertised at $160,000 and I think, with two houses, you could probably get $130 in rent each (hopefully).
They are on a 1/100 year flood plan however. Is it worth the effort of driving 6.5 hours from Canberra to check it out. I don’t have a deposit or finance organised yet. Any idea’s. I’m happy to be a spotter if anyone local is interested.
Cheers
Andrew
Andrew
What’s the address…..Just kidding.
Sounds pretty good to me. If you get $130 for each of the 3 properties that well passes the 11 second rule.
nu gen
Hi Andrew
I have PPOR and IP in Scone (so I like to think I have a grasp on the area), and know the property that you are referring to. Just wondering if you have spoken to the RE about this property??
Advice will gladly be given …. if its wanted.
Girlynd
1/100 yr floodplain will add a degree of difficulty to your finance but don’t let that stop you.
Cheers
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Hi all,
I’m just in shock how many people buy properties without looking at them.
ACTandy, get in the car or fly, I don’t know anyone who spends that amount of money without actually looking at the property you know the old touch & feel. No difference to buying a car, boat, caravan and house, you need to check and double check, that’s what doing the homework is all about.
Good luck!Wasn’t planing on buying it unseen. Just seeking advice. I haven’t talked the RE yet, was planing on this weekend. Deposit finance is also a problem for that large a purchase.
I’d love some advice. I’ll give the RE a call and post tomorrow.
Thanks for the input. Cheers
Andrew
Do you have equity in PPOR that you can access for deposits?
This may be of some help otherwised if you can’t come up with anything else you could try 100% lend but this could be difficult.
Good Luck
Hi Andrew,
I’m a newbie also. Living in ACT. (Shoulda bought those $40,000 units in Queanbeyan 3 years ago). Read the book, and starting to look at things differently. Without any expectations I would like to run a few questions by a local of like mind, over a scotch or two. If you would care to discuss same you are welcome to contact me at [email protected]
Kind regards, Phil
I’d love some advice. I’ll give the RE a call and post tomorrow.
Thanks for the input. Cheers
Andrew
Hi Andrew
I can fill you in on this property a little – these houses were ex-army (I believe) relocatable houses with carport. There are about 8 all up (2 on each parcel of land) and have been there about 5 years.
As these properties are in a flood zone, finance could be difficult above 80% (Mortgage Insurers are not too keen on flood zones) but Simon or other Mortgage brokers would know if there were ways around this.
The market in Scone is still a HOT sellers market but this property has been on the market for quite a while. Demand for rentals is very strong, at the moment, but +ve cash flow properties are now extremely rare.
My 2 cents worth Andrew is I don’t believe these properties are worth your 7 or 8 hour drive. I believe for your first??? property you can do way better – keep looking.
Take your time and make sure you get your first one right – that is the hardest part, then the rest come very easy after that.
Goodluck
Girlynd
Girlynd
Thanks for the info mate. You right, its a bit too hard for a first buy. Think I’ll try the local area.
Cheers
Andrew
Hey Phil,
Love to catch up. Not really a local, only been here 8 months, but definitely interested in trading some ideas. It might have to be a beer for me but. Haven’t aquired that taste for scotch yet…
Ill send you an email.
Cheers
Andrew
The topic ‘Newbie, Think I’ve spotted a deal, like info’ is closed to new replies.
