Forum Replies Created
Mattsta wrote
“couldn’t you use a normal landlords insurance policy???”
Actually you can’t use normal landlords insurance if their are seperate leases in the property. This situation happened to us when we bought a student house (with 8 bedrooms.)
You best bet would be to speak to someone who deals in that kind of insurance directly. I tried to call around all the insurance companies when we were looking but it was a long and painful experience. Basically none of the normal insurers deal with this area and the only people we could find who did were a specialist broker in Caboolture. I have just done a Google search and it looks like they have built a website about it here http://studentaccommodationinsurance.com.au/. It’ll save you hours just by speaking to them.
I even asked our local insurance broker but he had no idea as well and he normally deals with general business insurance.
Good Luck
go for a granny flat (if you can get one.) it’s possible to get a decent granny flat completely installed for about 60-70K which you can then rent out for $200+ a week.
it won’t be huge but does that matter? nope
Tracey B said
“Agree with mattsta’s suggestion of borrowing themselves and keeping the cashflow.
There are some great properties all around Australia in the lower price bracket which have nice returns.”Completely. When making an investment sure it would be nice to buy a property right on the safe strip with a nice bathroom and touched up decor but the reality is if you look further afield there is much more money to be made, both in terms of rental returns and capital gains
hmmm 180k and what to do?
Pair up with a friend and but a duplex in a cheaper suburb rent both out on seperate leases to tenants you screen thoroughly and are long term. I did this with a friend and basically the tenants covered the mortgage and stayed for 4 years. I know the market has changed but it allowed me to sleep a lot easier at night knowing we had them there.
I know it’s all about making money on your investment but there’s different ways to do it and for mine, I would rather make less but have less hassles.
i agree you get what you pay for especially in this area
