Good morning,
After reading the book 1-30 properties… and $1m in property… and quite a few others, I searched the Internet and found properties in the beautiful suburb of Wendouree in Ballarat.After reviewing the area, core logic data, comparables, real estate data, and the list goes on we made our way to Ballarat to view homes in the area .
We bought 2 properties at the one time and hoping to settle on the same day. 1st property is 687sqm 3 bedroom, 1 bathroom, yard, and a great huge man-cave and garage and well presented. Minimal attention required as per building report. This was purchased for $285K and will be rented back to “owners” for $300pw.
The second property was purchased for $225K 664sqm, 2 bedroom, bath, garage, good condition and rented out for another 12 months for $240 pw. We are thinking of subdividing and building on this piece of land. (A common practice in Ballarat and selling in the $265K mark)We are both confident and nervous at the same time. My question is, do the figures add up, what are your opinions of the area, would you invest in Wendouree? Have any people in the forum made a similar step as we live in Sydney and will have a property manager manage both properties.
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