I would appreciate any feed back, I am looking a buying my 1st IP (scary)
It is a movable one bedroom unit in a park for $26,000 the one next door is currently renting for $115.00 a week, catch is you have to pay the park $50.00 a week out of that leaving me with $65.00 a week, I can’t see much capital gain in the future?
Do you think it is still a goer for my first one?
Regards janet
Most capital growth comes from land component which you will not own.
Other issues to consider would be how difficult it might be to use the equity in the unit to purchase something else, how easy will it be to resell if you need to, what security do you have for the lease with the park.
You need to consider what you are trying to achieve with this purchase
Thanks for your input, I will consider these things.
Rgards Janet
Hi Janet,
Be careful – I once found a similar unit with a good deal. But the condition was that on purchase, I had to relocate it to other land. So double check the conditions in place.
Kind Regards,
George.“If You never never ask, you’ll never never know”
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