What's that?

Problem is there aren't many further out for around that price.. also the rental vacancies will likely be higher and the rent lower and there would be more maintenance on an actual house.

Regards,

Alex.

Starting to like this interest only idea, definitely opens my options up whereas I basically had none before lol.

What do you think of these ones?

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=106280497&f=10&p=10&t=res&ty=&fmt=&header=&cc=&c=85016127&s=qld&tm=1267962208

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=106284212&f=10&p=10&t=res&ty=&fmt=&header=&cc=&c=85016127&s=qld&tm=1267962208

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=106282718&f=10&p=10&t=res&ty=&fmt=&header=&cc=&c=85016127&s=qld&tm=1267962208

i think I would be able to borrow around 250k, but the problem I have is most properties in this range the repayments greatly outweigh the rent received so I'd still be paying hefty repayments on the properties, and then there's the chance that they could go untenanted for a time, then I'd be really struggling especially if I wasn't working then I'd be totally screwed.. so I'm trying to stay within the under 150k range and hopefully something with relatively high tenancy and one where the rent would cover or just about cover the repayments. I'd also prefer a unit. Hard to find I know. Any tips??

Regards,

Alex.

Cheers, sounds like a good idea, would be out of my price range though. I'd like to get a unit to rent out, one that I'd be able to live in later on possibly.

Regards,

Alex.

Thanks for the reply. Its leasehold, this is what the agent sent me:

Hi Alex,

Thank you for your inquiry on my property in the Tower Mill building at 239 Wickham Tce.

I currently have two apartments for sale in the building.

Apartment 208/239 Wickham Tce

·         Returning $5344.00p/a paid quarterly

·         Body Corporate $1234.16p/a

·         Rates Paid by the Hotel

·         Link: http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=106284203&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=38431758&s=qld&snf=rbs&tm=1267232279

Apartment 604/239 Wickham Tce

·         Returning $5872p/a paid quarterly

·         Body Corporate $1234.16p/a

·         Rates paid by the Hotel

·         Link: http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=106274091&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=55426942&s=qld&snf=rbs&tm=1267232241

The apartments are sold with a registered lease (on title) through Metro Hotel Group, this is a 5 year reoccurring lease. The return is reassessed on the last 4 years of each lease period.

As long as the hotel occupies the Tower Mill the property must remain under their management.

The lease in place stipulates that the Hotel must insure the property, and also expend to maintain the property.

Both apartments come fully furnished and are approx 20m2 in size.

Both vendors are very keen to sell and I have been instructed to present all offers to them.

I have attached a copy of lease agreement terms for your perusal, please let me know if you would like to arrange a time to inspect.

You have a couple of good points, maybe that's why they're so cheap. its hard to find anything at all around the 100k mark though, what do you mean there would be major problems financing?

Regards,

Alex.