Forum Replies Created
Hi,
I recently (last year) bought a block at Blackwater and had an Olympiade Homes (Forest Glen) transportable home built on the land and it is rented out at $460pw.
The house came with council approvals, carpets, curtains, light fittings, flywire screens, front and side verandahs, carport and the price included erection on the block. I had the flyscreens upgraded to security screens and doors.
What it did not include was:
Connection to water, sewerage and electricity and screening under the house.
Other items to consider are:-
Fencing, landscaping, concrete, air conditioning, dishwasher, toolshed.
I found it cheaper to employ Sunshine Coast people to connect the water and sewerage and to lay the concrete.
I was going to do the same at Mt Isa but the vendor pulled out of the contract.
I have a house on a large corner block at Blackwater which is also rented out for $460pw and currently have an application in to council to put a second dwelling on the block facing the side road, and when approved will have another Olympiade home built.
I find theOlympiade Homes being new are hassle free, don’t require renovation and don’t need any repairs for some time.
If you require more information please ask.
Barry M.Hi Lee,
I think you are certainly on the wrong tram to bucket Steve and his methods. I wish I had read his book 20 years ago. In the last 2 weeks I purchased a duplex for $236k showing 9.9% return and with a $10k makeover to one of them the return will increase to 11.09% ( and I already have a tenant agreeing to pay an extra $75 per week). When the other tenant moves out I will do a makeover to that unit and increase the rent on it by $75 per week which will lift the return again to 12.18%.
I have also observed plenty of other properties at or near 10%. they are not in the metropolitan area but what do you expect?
I am now combining Steve’s methods with those of the Reno Kings and looking for properties to value add to obtain the required return.
These are not easy to find but who said it would be easy. However they are available. Just keep looking.
Barry M.Having checked out numerous secondhand transportables for a Queensland Regional town block of land, I came to the conclusion it was too costly to pay for the renovations to be completed after the home was sited on the block so I looked at new transportables and selected one from Olympiad Homes who are at Forest Glen on the Sunshine Coast.
This home came with Verandahs, carport, floor coverings, window treatments, light fittings, ceiling fans, insulation, bathroom and toilet accessories.
I only had to organise local tradesmen to connect water, sewer, electricity, have a concrete drive and paths put down, air conditioning and a letterbox and clothesline added and it was ready for a tenant, showing a return of 11%, not to mention depreciation.
Being new, no maintenance for some time!
After you have done your numbers on a secondhand transportable compare the costs with a new one. You may come to the same conclusion as I did.
Cheers.
Barry M.
