I went to a RE company auction tonight of ex-government housing from a major regional centre.
There were 10 properties for sale. Most were single houses from a pair of maisonettes. 3 were actually a pair of maisonettes.
All have been freshly painted, have large blocks, no carports/garages (opportunity here) – some with new or painted roofs, one even with a new kitchen!
What did they sell for, you may ask?
The single ones sold from $39,000 to $52,000. the duplexes, $80,000 to $102,000.
The local agent claims the can rent from $70-75pw in poor condition, to $120pw with new carpet & upgraded wet areas.
Only problem is they are vacant & can take 1 month or more to find tenants. 3 months vacant if you do a reno (so she said).
Now if that doesn’t meet Steve’s 11 second rule, I don’t know what will.
So this goes to show that they are out there…just keep looking.
And did I buy any? No. I’m in the process of setting up my egal structures, finance & bookwork for my last years tax return. But when I’m ready, watch out!
One young bloke bought his first 3 tonight (including one duplex)! He’s a bit nervous but is confident thsi regiona centre is about to take off!
Anyway I’m going to another similar auction tonight, & there are several more before Christmas.
Cheers,
David Paxton
“You Only Live Twice”what was the location on the ones that sold and if you are willing to tell where is the next lot?? how did you find out about these kind of auctions they sound fab !!!please send info through my email if you aint willing to give info over forum thanks
[email protected]Hi David
Why such long vacancies.
ErikaIf I told you I’d have to shoot you…. [
]You need to make phone calls – and not just to RE agents. Try targeting key regional centres in your State or Territory, and call companies, govt departments, organisations and so forth….
Remember, “seek & ye shall find”.
Erika, I dunno. As I wasn’t buying this time my due diligence wasn’t very thorough. Interestingly the PM had a week holiday this week, so I relied mainly on the RE agent for trends in the areas, vacancy rates & good/bad streets for the properties concerned.
The guy that bought 3, flew to the area the day before as it is a long drive from home.
Personally I would prefer to buy the whole duplex rather than one side in case the sewer rats live next door.
Cheers,
David Paxton
“You Only Live Twice”David can I ask are you talking about Melbourne or Sydney ? [
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)My guess is South Australia!
Cheers
Leigh K[]Carve your own path and lead the way …
Thanks David for the information.I’ve been looking for ages for a positive cash flow properties with no success so far.I would appreciate it immensily if you could could me any more details.Thanks again,[email protected]
Arty, you’re not even close.
And Leigh, I’m going to have to shoot you now… [
]It’s nice living in a place that once hosted the world’s best Grand Prix.
…say no more…[
]David Paxton
“You Only Live Twice”Hi David
Would be most obliged if I can have the city/town where such auctions occur. How does one find out about such auctions. Please advise. Thanks in advance – [email protected][?]Hey David,
Why is it so secretive with how these properties can be found? I’m sure if you charge spotting fees for the successful buyers from your list, then, I reckon you will be able to start your own empire within weeks!
HW[?]A place that once hosted the world’s best Grand Prix! ………say no more![
]
Shame that I live in Brissy[]Hi David,
my guess is south east of Melbourne (I live approx 1 hr noth of Melbourne!) and these sound really cheap, maybe I will have to look up gov’t dep to find some in my area!!
Thanks for the info!!
Leah B[
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