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I bought on the Redcliffe peninsula 40mins north of Brisbane 16 yrs ago. My first house I bought for $56000, did some cosmetic renovation and sold 6yrs later for $115,000. I noticed 10yrs later it is now on the market for $285,000. I moved 5 streets away but still the same distance from the water (2 blocks) into a nicer house for $145,000, again did some cosmetic renovations and have just sold 10 yrs later for $420,000. As the peninsula has boomed so now do the areas surrounding it like Mango Hill and particularly Deception Bay. You can still get some good rental properties in Deception Bay some parts being very old and even dingy. Quite a few “renovators delights” still available for the astute buyer. I myself am looking into the area before it goes up too much more. It has been very undervalued for a long time but is now coming into its own. It’s moving very quickly so I wouldn’t leave it too long.
Good Luck!!
[:X]BevI”m looking at land but am in a different situation than the norm. I have acquired around $80,000 in trade dollars with a bartering company that is just now doing a deal with some land developers in SE QLD near the water. I’m yet to be advised of the cost of the plots and the percentage of real cash to trade dollars but I suspect I could make some money here. This is of course if the land is realistically priced for the area. I will be doing my homework price wise before doing any deals but does anyone know how tax applies to the selling of land bought in the way I’m describing? I have just sold my house and am looking at renting for a while and using my house profit to invest in this land and may be build something on it to rent out or sell.
Any ideas anyone or comments?
[:X]BevHI I”m new to the forum and am still reading through Steve’s new book but I have read with interest this particular extended discussion.
I think that all of us are looking to make more of that elusive passive income and property investing is only one of the ways we can, if done carefully, achieve this. Steve has done a marvellous job personally with his trusty partner and even though his technique may not appeal to all of us, nevertheless, he has inspired us to take another look at this type of investing. We are constantly advised to spread our investments around and not have all our eggs in one basket, so thanks to Steve, I”ll definately be looking at this avenue as well. Investing takes great courage and hopefully skill and Steve’s experiences may help us to avoid some pitfalls.
Whatever each of us decides to do will now at least be influenced by his story which I am finding extremely enjoyable to read. A good laugh as well as informative, a great combination and I have to say to Steve, WELL DONE MATE!!! You give us all hope and there are many out there without any left. I’ll be waiting for book II….
[:X]
