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Dear xDrew,
Thank yo so much for offering your advice, l really had no idea that properties were ranked that way.
All the advice that l've been receiving is pointing in the direction of maybe l should look elsewhere. I just thought, l have enough equity to purchase a grade A, later and this B has come up first.
Its so confusing….arrghhh
oh also, l can only work wth the NAB or the commonwealth bank in the town as no other bank will be willing to lend because of the remoteness. I'm going to ring the real estate agent to chat about the growth of property in the area and see what they say
Thank you,
Its a tricky one, yes l have a rental property in the UK that was not a great investment as l bought it as a renovation, but kept hold of, and the market crashed. The good news is, so did the interest rates. I'm well and truly out of the tie in with the bank rates and so make an income, although after listening to your advice, the agent fees, Non resident Landlord insurance at a whopping 120 pounds a month and repairs etc, its probably not a great deal, but gives me an income of about $500 a month before tax.
I like the idea of two or three positively geared properties as l work part time and it will supplement my income.
I have about 300k to play with for investment properties and l thought this one might be the way to go.
Thank you Derek for a great response.
I was going to put 20K down and borrow the rest.
The agent fees are $10 a week.
There is growth but yes, its very slow. The good thing (i think) i may be wrong is that there are no rental properties available in this town at all, and the list is very long.
My girlfriend has finished renovating the property and so has a complete new bathroom and kitchen, and carpets.
I look forward to your repsonse
Thank you for responding
The property is in a very rural place and the nearest town with harvey normans etc is 4 hours away. The property is owned by a girlfriend of mine who is wanting to release teh equity. In the town there is a the basic shops, a school, a hospital, lawyers etc. The property is being used for doctors and health care staff who are on their years rural placement etc so hence the fully furnished draw card for the hospital staff. Medicare local actually pay the rent. There is a hospital dietician in there at the moment. The contract expires August but she wants to stay there much longer. Once she goes, mediare local will put someone else in.
What are your thoughts
