oh, and for the outside we just got some cheap plants and stones and transformed the dirt into a tropical garden = looks great!

crashy wrote:
leebee, thats awesome increases in rent. can you tell us more?

Hey there crashyI looked all over for IP's and came across a pretty run down block of 3x 2br and 1x 3br unit the size of a house with ensuite. They were quite dirty to look at inside and the same tenants there for so long that the landlady didnt have the heart to…[Read more]

Hi nicknovemberThe property is in Albury – Lavington – close to the shopping centre

Im with Crashy – the only way to reno cheaply is to buy off eBay – buy all the items you need to replace then hire a handyman, local trades people to install it all. We did our reno's so cheap using quality applicances. They look fantastic. The units were renting for $100pw before the renos and were renting for $185 after. The house was bringing…[Read more]

thanks heaps for the offers everyone, we had a hiccup with the finance but just found out today that all is good and going ahead for settlement in a couple of weeks. We already have all the renos organised now so thanks for your offers – that is nice of you all!!

Originally posted by maxolau15067:
Hi,
I know a free lancing architect in Sydney.…[Read more]

Hi dtoovey, the numbers just added up after talking to the agent. I wrote an email in the beginning and the reply indicated further investigation was required. We had no pre conceived notion on Albury at all…….it just worked out that these units were there. After due dilligence we were able to seee the potential.

What I did was to look on the…[Read more]

[jerry] … congratulations and the best of luck to you peter-reebok ….. I hope you power ahead now – the first one is suppose to be the hardest – so it should be easier for you from here on in …. well done and keep up the great work!! [specool]

…. it really can happen but you have to be vigilant and see the opportunities – they are not always there for you to see in the beginning.

Sometimes it means looking further into the deal to see if you can make it better – sometimes it is just plain hard to see how that can happen. A few weeks ago we finally found a block of units and after…[Read more]

mmmm – interesting – I like something with the word link in it – maybe propertylink, investmentlink, realestatexchange, managementlink, managementxchange……not right but I think it needs the word link in there somewhere to tell people you are linking services. maybe even propertyinc or something similar…hope it helps! and good luck with your…[Read more]

[cowboy2] … sounds like a plan! 35k would surely help out I am sure for your next venture – especially if you are buying around the same $ mark.

Maybe the unit you have just purchased could do with some extras that people may pay nicely for? It never hurts to look at what may add value and research if the demand would be there for it in that…[Read more]

[strum] …. hi aleta, it sounds like you did OK….. is there a chance you could do some minor cosmetic updates and increase the rent – that may push it closer to CF+? Not to worry if that is not possible – as it sounds like you may get some capital growth anyway! good luck with it all [exhappy]

Lee

[exhappy] …. I too am about to use Scott aka Depreciator for my new investment properties as he is highly talked about on this site……cant do better than to have that many recommendations I think …. so give him a go!

He is very helpful – I do know that – and yet I have yet to use his services – but I have asked him many questions and he…[Read more]

[exhappy] … thanks heaps for this Troy and to all others for their feedback – we have decided we will ask for the discount and see how it pans out – we have nothing to lose, so fingers crossed!![strum]

Lee

…. can I just offer a comment on this – and it can be ignored if you feel it does not add value!!

I was also feeling that there are no CF+ deals around and had been looking for a long time…..then I realised I had not been doing my research hard enough. Some properties that seem to be negative were in fact so close to CF+ that I nearly let…[Read more]

… thanks heaps for this advice – sounds reasonable to me – I just wanted to know where we stood so I knew what I could/couldnt do. I dont think we will walk from the deal as apart from this there is nothing to be fixed – but we shall speak to our property advisor on Tuesday and see what they say!!

Cheers everyone!

Lee

Hi there,

We are purchasing the whole block of units so there is no body corp involved here to fix anything – they are all on the one title as well along with a 3br house.

Cheers

Lee

Thanks heaps everyone – we will notify the tenants as soon as we can of our plans so they have time to decide what they should do……we are going down after easter so we can pick a great property manager and to make sure our rental increases are in line with market rents!! Thanks so much for your input!! It is an exciting time for us!! [upsidedown]

Lee

oops everyone – I did not mean to say $140 a week CF+ – that was suppose to be annually!! sorry – this makes it nearly cash flow neutral but hey – thats cool with me – its slightly positive!!

Another thing I should have mentioned was that if we want we can strata the property and sell off the house as it has a seperate yard and fenced off from…[Read more]

Hi All

Your right – it is all about the figures so I hope this helps. Lessons to be learnt from this – dont discount possibilities before you work out the potential!

Our story:

Well – the owner originally wanted $530,000 and we offered $500,000 – she asked for $515,000 abut we met her 1/2 way at $507,000 – she accepted!!

We need to renovate…[Read more]

evo] Hi Tamtam

I also looked into these types of properties and quickly left them alone. When you are dealing with retirement facilities the Government insists you maintain the standard of the unit and this can mean thousands of dollars in unwanted upgrades to the unit – even to things you think look ok – you dont get to have much of a say. The…[Read more]