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I own a lot (3 rooms) in a over 50’s accommodation. Returns $20000 – $24000 per year profit (yes after all fees). Bank wouldn’t lend so used capital from another property to fund. Great returns, little or no capital gains. Just don’t put all your eggs on the one basket!
Just to let you know what suits us. We are very handy and look for houses with problems that nobody wants and we can buy cheaply. We do the ncessary work to bring the property up to scratch and then decide whether to hold or sell.
Just to give you an example we are about to settle on a property that has had termites. The previous contract collapsed because the purchaser had a building inspection that uncovered the problem. The vendor had the property treated and we were given a comprehensive copy of the pest inspection reports noting no structual damage. We are doing a reno, repairing the damage and putting down a termite barrier and going to resell. We purchased the property for $250K. The previous offer that collapsed was $319K with the house needing repair. Houses in this area in good repair fetch $330K so even if we spend $30K we will make at least $50K profit.
I find it difficult to pick just one strategy. Each property transaction is different for us and more than one strategy can be present. Start off small and as you gain confidence stretch your wings. It all about learning.
enjoy the ride!
Hi all,
I drive a 95 Mercedes S class.
The reason why:
We lived near a busy intersection in Brisbane and over a 3 year period saw many accidents and deaths. Very Scary & horrific…… whichs makes you paranoid. The only thing you have in an accident is the metal around you and with 3 small children l want to protect them best l can. Our first Merc was pretty old but very reliable – Solid as. The older Mercs are not as expensive as one might think. You can pick up an E class 95 & 96 models for around $10,000.We have our own business so the company bought the next Merc and all expenses including petrol are company expenses. We have 4 properties at present and are currently looking at investing in commercail real estate.
It is interesting the responses you get from agents if they notice your car. Some see you as professionals and offer you discounts that you wouldn't normally get. Others think your made of money and try to rip you off.
Linda