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Hi Rose, I was in a similar situation to you earlier this year. I managed to get finance through AFIG Wholesale. Higher interest rate though, 6.8%. Ph n.o. is 1300 360 801.
Cheers Dean
hi Kelvinh,
The electricity account is held in my name and I invoice the two tenants accordingly, the workshop has a secondary electricity and water meter. Yes the block is also a development block 1090m2 R40. I’ve enjoyed quite good capital growth with this one also.Cheers Dean
Hi Wormit, I’m from Perth and pretty new to this forum as well. Look, I actually stumbled across a cash flow property by accident and through stupidity too – I’ll explain. The property’s in Midland, I wanted it because Midland’s a bit of a hot suburb and I was prepared to go into a heavily negative geared deal. The house needed work ($90 p/w tops) on a 1/4 acre etc and it had a large workshop down the back.To cut a long story short, the vendor wanted to rent the property back from me for 130 p/w, I figured he only wanted the workshop (which was right) so I fixed up the house for $3000 and now have both rented at 120 and 130 p/w respectively. Please don’t think I’m boasting, I just wanted to let you know that opportunities are there, perhaps not he traditional ones (country towns etc), but ones that require thinking outside of the square.
I hope this helps.Warm regards
DeanFirstly, thanks for all your comments, they’re greatly appreciated . I have been thinking about this deal all day and still haven’t decided. I’m a bit of a hoarder though when it comes to property. 80k is quite good a good sum but like many of you have said it will be eaten up by costs and I suppose once it sold thats the end of it. If we keep it and this is a 10% suburb, then in possibly 10 years time it would have doubled in price and more the longer we keep it.
I apologise for not telling you all (an oversight) but the agent I mentioned was the one who sold it to us in the first place.I will check the legitimacy of the offer. Will keep you posted.Cheers Dean
