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  • Profile photo of Doug.qldDoug.qld
    Member
    @doug.qld
    Join Date: 2005
    Post Count: 5
    November 1, 2005 - 11:30 am

    Ok
    So there is another similar but better deal here![biggrin]
    Asking price $125k
    Annual outgongs based on loan of $131k, $13622.
    Annual Income, $14532

    Cash positive $909 pa, with no up front cash required and annual rent reviews with min 3% increase each year for last 8 years.

    I can access a loan for 100% plus costs based on equity in other properties I have.

    So this looks like a goer to me, ready to make an offer to try and make it even better! [cigar]

    Can anyone help with these questions?

    This is a studio in a high rise apartment block, I feel there is no need for a building inspection – am I right?

    What is the best way to analyse the adequacy of the balance / contributions to sinking fund?

    The furnishings are 8 years old – can I start a new depreciation schedule if I go ahead with purchase?

    Any other considerations for this type of property?

    All input gratefully received!!
    Doug

    Profile photo of Doug.qldDoug.qld
    Member
    @doug.qld
    Join Date: 2005
    Post Count: 5
    October 27, 2005 - 4:19 am

    This deal wasn’t as good as first appearance – i guess that isn’t uncommon, but still not too bad, it would still be cash flow positive with a 10 – 20% dep. I was actaully looking at an old listing (and old price), and the rent quoted on that ad was not right. The updated price / rent is $108k, $200pw return. Outgoings about $3.5k p.a.
    Finance I am guessing is the diffuiculty as it is 19sqm.
    Anyone like to comment, I have read conflicting reports about student accom.

    Doug Finch

    Profile photo of Doug.qldDoug.qld
    Member
    @doug.qld
    Join Date: 2005
    Post Count: 5
    October 23, 2005 - 11:24 am

    Its student accomodation studio. Don’t have $95k in my back pocket….but do have equity! Saw some other similar but at 110k, and they are 19sqm (!)
    Regards
    Doug

    Doug Finch

    Profile photo of Doug.qldDoug.qld
    Member
    @doug.qld
    Join Date: 2005
    Post Count: 5
    October 23, 2005 - 10:07 am

    Thanks Richard
    Just wondering – is it possible to get finance on apartment <50sqm as I have come accross a potential deal for a studio in Bris CBD, returning $230 wk and listed at $95k, haven’t got into the nuts and bolts yet but I’m guessing its less than 50sqm.
    Regards
    Doug

    Doug Finch

Viewing 4 posts - 1 through 4 (of 4 total)