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i own two houses in kalgoorlie and one in kambalda and all three are rented out giving good returns.
kambalda is obviously smaller and more prone to been untenanted in a downturn in the economy,that been said there is lots of mining activity in the area and they will be mining there long after i'm dead and the town itself can't expand anymore because of mining lease land and native land so i'm glad i own a house there.I am a miner and have lived in both towns recently.
the trick with buying in a mining town is to offer what miners want and with kambalda buy a cheaper property with good construction .
kalgoorlie offers good bargains but same thing applies ,don't spend too much ,go for good returns creating income stream as opposed to huge capital gains.
if you buy right then there is money to be made,there are not too many investors in the area so not lots of compitition and well priced properties.I rent out one property fully furnished and found there is a demand for this.in kalgoorlie it is not wise to buy from behind a computer ,make sure you visit because checking the condition of the neighbours is critical ,not so much a problem in kambalda but be aware kambalda west floods alot causing problems.you could purchase a 2 bed duplex in kambalda for 86 k and if furnished at the moment 300 per week unfurnished 220$.
Kalgoorlie boulder can buy 3 bedroom house $150 upwards and returning $300 unfurnished.
good luck and any questions just ask.
i wonder if the financial advisor sold his properties because they were negativlely geared and costing him too much, I know he said that it was to open accounting firm but i'm just negative about negative gearing.
i thought your original idea of buying lower end houses in regional areas a good one ( it's what we do and it works).as long as you do your research and buy right.
good luck and keep the dream alive as it will pay off in the long run.
Yes you do learn alot and they dont just throw you in the deep end, they should first let you sit in on any deals and appraisals and then they will sit in on any deals that you do. also we had a two hour training session every week so the training is ongoing. in the training sessions we often did role playing pretending we were buyers or sellers which was good when doing it with one of the agents who had alot of experience. but they also taught us how we should lie, for example, if a buyer offers $200,000 on a house and you talk them up to making the offer $205,000, you then ring your seller and tell them you got an offer for $200,000 and tell them to leave it with you as you are sure that you can get them to increase their price, ring them back in half an hour with the real price and the seller thinks you are great because you tried so hard to get more money for them, i had a huge problem with this as i hate lying and i refused to do it. and i was quiet disgusted with the other agents that did it.
yes you can make alot of money but you have to be a very good sales person to do this, that is why i wasn't very good. some of the agents in my office had been there for over a year and they were still on the retainer.
oh and kiss good bye to your weekends as thats when you have to hold all your open homes.
-thanks lordopg.
hi,
I have been reading this forum for many months now but this is my first post.my name is Hannah and i am a waitress living in Kalgoorlie, i have always wanted to become a real estate agent and i got this opportunity when i came to kalgoorlie a year and a half ago and im so glad that i did as i learnt so much that it is now helping me with my investment portfolio.
i was paid a retainer of $470 a week which is the law in wa now, but you had to pay it back when you made a sale or if one of your listings was sold. if you sold a property you would get 20% of the commission and if one of your properties you listed was sold then you would get 20% of the commission, you dont always sell your own listing as any agent in the office can sell your listing so if one of your listings was sold for $250,000 and the commission was 3.3% then the total commission paid by the seller is $8,250 and 20% of that is only $1,650. now say you are working there for 3 months, your retainer is up to $5,640, if it takes 1 month to have one of your listings sold and 8 weeks until settlement you are only paying off $1650 of your retainer.
I worked there for 4 months and i got 4 listings and i didnt sell one single thing because i didnt like to push people or lie to them or constantly call people i knew who were not interested ( i was told to call every client 6 times before giving up on them). another part of my job was door knocking and trying to get people to sell their house with me, i didnt do this once as i hate people coming to my door but it is part of the job and it gets results.
i say give it ago as i hated it so much but i think it was the very best thing i have done.
