Forum Replies Created
Pevans
You must be talking about Newman?
Just missed that one as well!! It taught me a valuable lesson..
Hindsight as they say is Twenty20 vision!!!!!
Regards
MikeyWelcome to the site!!
Do a search through the forums on this topic there’s heaps of great info.
To get you started log onto http://www.realestate.com.au check out kalgoorlie and especially kambalda in the WA goldfields there’s heaps of cash flow positive properties there. I’ve got a few over there and they are working very very very well!!! And there seems to be a massive upside yet to hit this region with state government funding lots of infastructure for the booming population growth over there.
Good luck and welcome
Mikey PKalgoorlie at present is starting to make a huge run. The expansions that are happening there are huge. There are several massive projects planned for the area in next few months one in particular with a company by the name of BHP (nickel west). I won’t mention any figures because I’m still coming to terms with what it will do to the market in the short term! Exciting times in the short to medium term in the goldfields of WA and the Real Estate is still dirt cheap and the returns are great!! Caution is still the name of the game, however “ya gotta be in it to win it!”
I’m not endorsing the goldfields but I am investing in Kambalda /Kalgoorlie and will continue to do so. Check it out!!
Cheers
Mikey P[strum]In my experience, when you find a market thats ready to invest in (house price well below replacement value with local expansions ready to hit in the next 6 – 12 months and job vacancy on the rise) then have a good look around. Markets that have been flat or going backwards for a number of years are perfect.
Find the average price, learn what rents out and what doesn’t. Sort your finances out so you can go in with cash unconditional offers with short settlements. Then go shopping. Go shopping hard. What you are after is the bargins and the desperate vendors. I am constantly suprised at what people will take for their property when the old $$$ is placed in front of them with a short settlement. You will have to put quite a few offers in but be patient one will come up trumps. We sometimes work on half the asking price!! 30% is a good starting point, but make sure your $$$’s are ready and that you are prepared to go in unconditionally, and last but not least don’t counter offer…you’ll soon train your agent.
Sorry if this sounds a bit forward and rude, but we have been operating like this for about 8 years now in quite a few markets, believe me it works.
Cheers
Mikey.Wow..Wealth4life…
Fantastic. That’s something Donald Trump would do.
Bet the orginal Vendor is spewing!!
O’ well information and knowledge equals success on a huge scale………………. when both are actioned!!!I love it……
Mikey P[strum]
I went to a property management seminar three weeks ago. A lady started her own real estate office in Perth and built a rent roll (portfolio of managements) of 579 in just over three years. After paying her staff and overheads she netted between $25,000 – $30,000 per month. She sold it a few years later for just a smidge under $2m!!
Another way of looking at creating wealth through real estate??
Food for thought
Mikey PGreat love it!!!
L.A Aussie maybe he hasn’t got any rentals???
Maybe he makes ugly houses pretty and sells them time and time again and lives on the winnings??
Cheers
Mikey PHi
I will sound like a stuck record here but checkout Kalgoorlie and Kambalda on http://www.realestate.com.au these two places are showing great returns..well into cashflow+. The growth over the next few years over there is huge. Kambalda especially is focusing on building their community rather than allowing fly in fly out type workers that create a temporary population. You haven’t missed the boat in WA at all..Perth maybe but over the next 6 months or so the market will go gang busters in Kambalda just ask the locals. Houses selling for $100K returning $160 – $180 per week.
I’m not endorsing Kambalda but I am investing there and loving every $econd of it!!!!!!!!
MikeyThe market in Bunbury seems to have slowed a little, however inter state and international buyers especially from the UK and South Africa are still keeping the show on the road. There are several exciting projects planned for this area. The Worsley expansion is scary because…so I’m told there will not be a work camp on site. That means residential workers either in Collie or Bunbury and surrounds. There are still a few good buys around Brunswick 15 mins drive away in the low $200’s…..
Every time I think of you could have bought in Bunbury 2 years ago, it makes me realise that being in the right place at the right time sometimes is essential in amassing large sums of $$$’s.
I again echo which place next??? Adelaide? Kalgoorlie?Mount Isa?Tasmania?
Cheers
MikeyYep
Crazy crazy times in the West…….
When it ends which it will, the fall out will be huge. But when will it end??? WA is one big mining town in the middle of the biggest resource boom in history. The Chinese economy is set to keep rolling, the migration from country to city of millions of chinese each month will keep the infastructure building going which in turn keeps the rock digging going in good old WA. The olympics are also happening in 2008 over there!!!!! 350,000,000 middle class chinese have been created in the last two years and their thirst for gold to illustrate their wealth will only increase leading up to the games!!!! The only question I have is which state next????
MikeyThe major developer in Manjimup is Harry Hoffman he owns Ardross Estates based in St Georges Tce. They have recently been the $$$$’s behind Jurien Bay and Millbridge at Eaton near Bunbury. They have developed the Annanuka Estate in Manjimup during the last 15 years . I’m sure if you call Ardross they will give you any info you need. Regards Mikey P
Thats all good but where is it??
What area did this all take place? Anything $2M or below for Ocean front multi unit site on main land Australia is an absolute steal!!!
Manjimup has certainly had a good run over the last 12 months. I go there on a regular basis for sport and business. The logging issue a few years ago knocked the place for 6 on the Real Estate front, but it has bounced back very nicely. I don’t know what is in store for the town but the place is positive and growing through natural population at present. Good people in town as well.
Cheers
Mikey PKen
We have been investing in WA for a while now. Coastal real estate as you have quite rightly pointed out gives a pathetic rental return but the capital growth over the last year or two has been great. I have diversified in WA by investing in Port Hedland, Bunbury, Busselton, Albany , Kambalda and Geraldton. The capital growth has been fantastic downsouth and Geraldton. Hedland and Kambalda though are just coming into their own presently. Pressure on housing supply in both towns is pushing rents higher and higher. One example is a duplex in Kambalda that we bought and renovated cost a total including stamp duty settlement etc.. for $65,000 has just been leased for $200p/w.
Check out South Hedland and Kambalda at http://www.realestate.com.au I think you’ll be very very suprised. Some people would call it risky…with the expansions that are happening in these places currently I believe it’s risky not to be involved if you are serious in making a few bob.
I am not endorsing Kambalda and Hedland but I am investing there and loving it!!
Cheers
Mikey[strum]Just looked up “Moranbah” on realestate.com. $350K+ for a house I wouldn’t buy there either! $150k in a mining town is my limit!
Cheers
Mikey PI’ve spoken before on Kambalda in the WA Goldfields. I have been buying and selling there for about 12 months now. I have just returned from my monthly trip from there. I bought another 3 this week. The market has tightened rapidly. A good place to check it out is http://www.realestate.com.au also on a search engine type in “Diggers and Dealers”. This conference was in Kalgoorlie last week. The plans for the area were revealed. Consolidated Minerals are trebling their nickel output over the next 12 months just as a snippet. Check out the announcemnts on the asx site for Mincor mcr and sally malay smy that’s how I monitor my buying and selling in Kambalda.
Happy prospecting to all those who venture into the mining towns in search of extra wealth. Did you know the resource boom is creating wealth at an unbelievable rate in WA at the present?
I am not endorsing kambalda but I am investing there and loving it!!!
Mikey.[strum]
Try closer to 4% down south in Bunbury/Busselton!!!
Hi
Kambalda certainly is running hot!
The commodity prices of both Nickel and Gold are going great guns. Nickel on 31 March was $14,960US per tonne. Today $19,505US per Tonne! Gold $634US/oz. The expansions over there are happening!
I am currently buying 3 more units in Kambalda this week. Sold one there last week for a nice tidy profit of over 50% in three months. The other one I mentioned a few posts ago, that I sold settled last week.
Hey Kambalda might be a risk. In my opinion every investment is a risk. Show me a risk free investment and I’ll throw a million dollars at it today.
I have investments in Southwest WA that have gone well in the last 24 months or so, however the amount of money it costs to buy in Bunbury Busselton Dunsborough now compared with else where is crazy! Thats why I have diversified some of my investment capital into the Goldfields.
I am not endorsing Kambalda but I am investing there and loving every minute.
Does anyone know of any other places that are on the edge of booming? It would be great to compare notes.
Thanks
Mikey[strum]
