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As mentioned you need at least 30% deposit if it is under 50 sqm.
Strata levies tend to be high.
As mostly renters rather than owner occupiers the place tends to be a little unkempt.
Capital gain generally below market.
Have high turnover of tenants causing increased management fees.
Cad
Originally posted by Docbue:kALGOORLIE:
I am buying in Kal, seems very stable. Shire just spent $5,000,000 on new acquadic centre, Bunnings just spent 7 figures on a new store. Target, new shoping centre, Harvey Norman spending several mill on new shopping centre, Big W just going up. A lot of new top quality homes going in. Super pit the main mine has 17 years to go on digging site. Currently at 350metre and going to 650 metres deep and several km long. Second biggest mine into gold and nickle, just being bought out by one of the largets mining companies in the world. Into gold and nickle. Price began climbing 18 months ago and are on a steady rise. Rents are good. All indications I can find are good for the foreseable future. Particularly with the ongoing gold forcast. All the best, DocAnother factor is that mining companies are flying miners in on a ten days on and four days off roster which is causing the smaller communities to fail and as such the bigger rural centres are picking up a lot of mining service companies. WA government has made a ruling on something about this but not sure of whole story. Anyone?
Thanks
Cad
Please correct me if you consider that any of my assumptions are incorrect. I’d also like to hear your comments especially if anyone has actually done this.[/blue]
Regards – Moolah
I believe you would need to have 100% vote from the other strata owners to make a change to your strata plan.
Cad
Originally posted by KT2303:After searching the papers and the internet I have found 3 properties that would be top investments. But because i have no deposit I cant secure any finance. Two of these properties are selling for 75% of their market value and the third has a guaranteed tennant for 5yrs at a break even rental price – before value adding. How is it possible to secure a 100% loan????? Please help me as I dont want to be left behind so to speak. Advice from seasoned investors would be an asset as much as the properties.
Hi KT
As mentioned there some very good products around particularly if you have a good income. St George (Aus) has one lending at 106%. It is also well worth going to a reputable mortgage broker as they can play games with credit cards/personal loans for deposit etc. The lenders are very keen at the moment and the market is quiet so have no fear of missing the boat. I started with no deposits and now have many properties. The desire and courage to go ahead is more important than a deposit IMHO.
Good Luck and be sure to find a property where you can add value quickly.. (happy painting!)
Cad
