Hi thats right I have a beautiful property an acre in fact[if any one wants to look at it email me and I will email you the pictures…
I also have a problem, if some one can help me I would grateful…
the property has a small 2bed room cottage on it which I rent out, for $130 per week to an old lady
I could get more for it $160p/w but as the old lady is on a pension I have not increased the rent in 4yrs. she is now leaving to enter a home.
This is where I now need advice…The land is worth $260000 so the realestate tell me, ..
do i sell it? do I do it up and sell it,Do I find finance to put units on it?
The property is in the sugar belt of NSW…small village on the Hyway about 400 population, so not many lenders want to finance in the area, [westpac , and citi bank will] …The land is 200 yds from the River, 3 minute drive to the beach , 10 minutes from Evans Head beach , where the prices are going up every day so to speak.
15 minutes From Ballina where you have trouble finding a place around $300000 some are selling for 1m..help does any one know this area? can any one suggest any thing ? I am reluctant to sell,
flood has not come on to the land at all in 100 yrs
although is has been designated flood prone and if I build units they would have to be Two story, to satisfy the council.
Finding a solution is not so EZY for me[book]
any smart typs out there.[smart]ezy,
SELL SELL SELL! hehe. If I was you, i’d flog it off. The drought has to break eventually, and if the place is so close to the river, it might be under it soon (when the flood breaks, the IP will fall…) despite there being no flood in 100 years of history (which does not determine the future, but might be an indicator [cigar] If your place is worth 260k, but your rental yield is so low (and still will be when you put it up to market rent), I would let it go as an “underperformer”- you don’t need it for your portfolio. Also, the population of the town is so small- 400.. would it sustain new units? Would there be the demand for them?
I’d kill it, but others’ opinions will differ
kay henry
THANKS KAY.always nice to hear from you. thanks for your thoughts, I am interested in all thoughts on this subject. the river is on the other side of the Hyway I bought the property for $85k and I know the rent is cheap , it just didn’t worry me , An old lady was happy and I was also happy to have some one living there.Now cicumstances have changed and its time for me to think out side the sq the house next door is selling for $280 with no land to speak of and the big old queenslander next to that which is beautiful with the same amount of land as mine is selling for $600K, they have cut their land into 3 blocks.I was thinking maybe I could have my land cut into 2 1/2 acre blocks, sell one for finance and keep one….There has to be an EZY answer for me.[buz2]
ezy
Yes, I’m glad you didn’t raise the rent on the pensioner- they only et 200 bucks a week, and it must be hard to spread that around. Good on you for doing the right thing
I have to say exy, that a rise from 85k to 600k is quite substantial! Did you buy this place a long time ago? If it is 600k for a bit of land in country nsw, with a population of only 400, then it must be one of those “boutique” places (like Berry, or Lorne in Vic). Most places of small populations that I know in rural nsw, have land values of a few hundred per block, so you’re doing well!!
I think if one wishes to sell, and you have already made almost a 1/2 million on your purchase of 85k, cute your profits, and run off and put your successes somewhere else [thumbsupanim]
kay henry
NO NO NO No the old queenslander 2 sections from mine is on the market for 600K its selling as a going concern boutique Restarant, with 2 extra blocks of land included ,,,the land is the same size as my property. my house is only a cottage on a acrea , my land is truly beautiful . and I know the excelant prices will work there way 15 minutes up the HYway to where my land is, My son and his wife and I have plan’s for investing in other projects, I am reluctant to sell , just want as many opinion as I can get,[buz2]
Ezy,
Dont let your heart rule your head. You are making a business decision, if you believe you will receive a better return on your cash from another investment you should sell, if not hang on.
Cheers,
Benson.
Hi Ezy,
Is that near Coffs? Inland near to Urunga? Bellingen? Some of those places are really going ahead…
One of my clients is subdividing alot of land up that way. Will make alot out of it. You might want to see what a developer thinks of the land? I think if you were to cut it up into two you might get more? Units in a place so sparsley populated might be risky, especially if the restaurant is a going concern. My guess is that people would go out to find a nice secluded house?
Good Luck
Liz Wilson
Mortgage Lender
I had a similar situation. Gorgeous 1/2 acre block with very small workmans cottage, only 1br, but in good order and in upmarket area. I only got $150 per week renting it, so I turned it into short term boutique accommodation. Now getting $490 minimum per week with about 65% occupancy. I’ve had good capital gains since 1999, its a keeper.
Does your cottage have character?
Not everybodies cup of tea of course.Happy thinking[thumbsupanim]
Mine and gods little acre
she is Beautiful I have pic’s if you want to see them email me ,
my property is in broadwater a sugar belt on the Hyway 5 min’s from the beach where you can see the ocean liners passing. next to Evans head which is going ahead and 15min from ballina where prices are reaching 1m on the beach 2 hrs up the coast from Coffs Harbour.
The postoffice proprietor telephoned me and ask it was for sale , I only told one person that I was thinking about it. she said she would send me an offer on paper.mmmm it doesn’t take long for the word to get out .I think I should do it up and then rethink my options… I would like to hear what you did with your cottage, and how you advertised it.”Melanies Cottage”maybe?
Have you any pic,s I could look at of your cottage. Thanks for the input to all you great people.[gossip]Its so EZY when I have others helping Me.
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