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This certainly is buying a problem and creating the solution. I don’t believe I could live there if I knew. However if you are about investing for profit I would assume you could purchase the property at a reduced price and then if you make it over I would re sell or perhaps rent out for 1 year then resell. Of course the neighbours would know the horror but maybe you would attract a buyer from another area. This one is more a challenge of your moral values.
Good luck!Hi Phil,
I have thought this through also as we have moved to Qld from Sydney and are renting. If we sold after paying out the mortgage etc we would have 300K or so. Do we as you say purchase a house and be debt free and have the lifestyle we want now or continue to rent and build up our portfolio?? For us it comes down to quality of life. You say you want to live on your own , no inlaws, then I would say no to tenants also. I think you need to keep some distance especially if things went pear shape. However it is one way to keep an eye on things. I know a guy who owned some units and he would turn up to mow the lawns. The tenants didn’t know who he was and would spill the dirt so he was always 1 step ahead.
If you rent somewhere you would like to live you can have a quality of lifestlye and purchase a renovator somewhere cheaper. I currently believe this is our option. At least you can leave the work behind and maybe do it faster if you make it a full time job.
I think life is a roundabout you can jump off and on at any spot but the outcome will be very different. Sometimes I day dream [sleepy2]if I had $5 million where would I really want to live?? Does the money change your priorities for what you want out of life?Hi MJ,
As I am currently renting I know it is hard to find 4 bedroom houses. With only 2 children but using a bedroom as an office it is easy for the space to be filled. With so much open planning in houses it is always good to have a room where you can go to shut the door.
If not it can always be used as the guest room.
I also had my house valued and having 4 rooms and 1 study was certainly a goos thing in Sydney.LG
Hi Leanne,
I sold our house by myself.It was a few years ago but the principal would be the same. I took some photos and made up my own promotional flyer. I placed this on local shopping centre bulliten boards. I advertised in the local paper and the leading Saturday paper. I created a register page where I took down the details of any person who was interested in the property. This enabled me to say to an agent if I decided to list with them later that the person had seen the property previously and therefore I will not be paying them a commission. I also got legal information from Legal Aid which cost around $30 or so. I have found http://www.owner.com.au to be very useful even if just to read how to go about things.I suggest getting onto each website and see what is selling in your area with those sites.
Good luck and yes it is a great buzz to know you did it and wonderful to pocket the full price!HiLily,
There still are cash flow deals to be made on the coast.You just have to find a problem and come up with the solution (as Steve would say)>House prices in the middle to lower end of the market have dropped and slowed over the past 6 months. I recently viewed a property with 3 different prices depending which brochure you were looking at.There was a $40,000 price difference! Tells me even the agents are still trying to read the market. Don;t be confused with the hype of Souhtern QLD growing at a great rate and the returns you should make.
Originally posted by debtdogg:There are now around 500,000 people living on the Gold and Tweed Costs and sure there isn’t any positive cashflow but plenty of interesting areas to invest and formulate ways to bring on some capital growth.
500,000 people (and growing) have to live somewhere.
markk
Happy Hunting
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