Forum Replies Created
Justin,
Given property investing is new to you and you stated at this stage you are not all that familiar with subdivision/handyman etc, I would only recommend purchasing one out of the two properties to begin with. After you become comfortable with the process, move on to your second, third etc etc.
I live in WA and believe there is certainly nothing wrong with Thornlie. There is however a high turnover of stock in this suburb given its affordability and therefore is probably more consistent with a profile of an investor who is aiming for rental yields rather than capital gains. As a beginner I would recommend starting off by looking a property that offers you positive cash flow.
It sounds like you are looking to build on these blocks however and so I would just encourage you to research resale prices of new dwellings being built and preferred builders and costs etc. One point to note in WA is if you decide to hold one of the properties long term and not demlolish, properties with 1 bathroom can sometimes be difficult to sell. Just a thought. Also if you are looking at building 3*2s are becoming very popular and possibly there may be more margins in these than 4*2s.
Regards
Craig [8D]
Gday 111111,
I agree with HWD007 on this one. I dont know if it will cost you $100 per week, however the costs will certainly run into the 000’s and on a personal note, if I was told that inspections were required biannually, I would certainly walk away ( hope this doesnt cause more confusion for you, just offering what I think is sound advice).
I noted your comment:
Even 3BR Brick veneer houses in the same and similar conditions and area
are selling for 270K – 310K range.While this may be true, have you asked yourself while then is a 4Br being offered at such a price. Possibly because the vendor is aware that the significant costs will need to be incurred to maintain the property in a reasonable condition.
It can often take months and months and some time years to find a suitable property that is consistent with your profile and criteria. All I can suggest is give this one considerable thought and if you have even the slightest doubt please walk away and keep looking. There are plenty more bargains out there where you do not have to worry everynight when you go to sleep whether hidden problems may begin to appear. Do not be sucked in by the thought of being offered a four BR house for the price of three. There is obviously a reason (most of time). Hope this helps.
Regards
Craig[8D]
