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Hi Richard,
It's on Blackstone Street. Technically it's Indooroopilly, but it's more like a Chapel Hill kind of area (and we're fairly close to the suburb boundary). I don't know what the land value is but I saw a similar sized block advertised a couple of years ago (although it was further up the hill, but not on the side with the views like ours) for $500k, which is double the council land valuation. I suppose I should go and order one of those street reports showing sales for the past few years
At a guess, I am thinking the land might sell for $380k
Part of me thinks it would be easier to sell as a cleared block than with the old house on it, but a friend I discussed this with today disagreed saying at least it brings income while there is a house.
I was surfing the net when I came across this property:-Yes thats a cheap price alright! Pocket money for some peaople [
]Those photos look like someone has played with the gamma values in photoshop.
The purple-blue garage door and and front posts of the house are almost glowing fluorescently!
MM
http://www.rese.com
(The Australian) Real Estate Search Engine
I’d like to hear more about your software, I think that sounds like a great idea.Essentially how the program works is:
– you create some “searches” eg search type (rental or sale), suburb(s), price range, number of bedrooms, property type
– the program goes out to the internet and pulls in the text information into a database so you can filter and sort the results.
– this makes it quite easy (click one button) to run all the searches you have defined (with their different criteria), and subsequently, you can view the results and see which properties are newly listed since the last time the program was run.
– it keeps a history so if the listed price changes, the property is flagged as being “new” today, so when you filter the results to view todays new results, you also see the properties that have had a price change today (along with the previous prices it was listed at).
This lets me see rental price drops. The largest price drop in the suburbs I am looking in is currently $750 a week down to $530 a week and it’s still not leased yet. These are the kinds of properties I am targeting for the lease option strategy mentioned above (assuming it’s meets other criteria also
– currently the program works with realestate.com.au
I am going to make it index several more realestate sites and I have begun documenting a few more like realestateview.com.au property.com.au etcAnyway, it’s 70% on it’s way to completion for public beta testing (searching realestate.com.au only). Sign up at http://www.rese.com if you are interested in giving it a spin when it’s ready to go. I’m looking forward to getting some feedback and ideas on different ways people want to use this data.
MM
http://www.rese.com
(The Australian) Real Estate Search EngineThis strategy is something I am currently trying to make happen. I was inspired by reading Andrew Grays ebook from creativerealestateinvesting.com.au
I am being fairly selective choosing which properties to target, all properties are in need of some renovation, and in particular, I am only contacting owners whose rental properties have been vacant on the market for more than a month, especially if they have been dropping the rental price over this time (and still can’t find a tenant).
In fact I am currently writing software that makes the internet search process much easier and less time consuming. One of the features of the program is tracking price changes over time for internet listed properties.
So far I have contacted 3 owners. The first one replied to my letter and did not say no outright, so I increased my offer a couple of times and in the end they said not interested.
The second one did not reply to my letter.
The third owner was interested but in the end was too scared to proceed because they “never heard of this before”. The real estate agent was also involved in this negotiation, and after some initial convincing, was keen to help make the deal happen (for some commission). The owner ended up leasing the property at $80/week less than they really wanted, and $180/week less than my offer (considering $100 week equity/deposit accumulation per week).
Anyway, I feel it’s a strategy worth persuing, and hopefully it’s one of those cases where persistence will pay off.
To find the owner of a property, I do a title search.
There are a few websites that let you do title searches. The one I use is Citec.
Citec let you do a title search for pretty much all the states (the Land Search feature lets you search for a Title)
http://www.confirm.citec.com.au/property.htm
Cost is approx $22 per title search
You get the owners Address but not phone number (can look this up at whitepages.com.au so long as they dont have an unlisted phone number)
Here are some example property title searches (with the names and addresses changed for privacy reasons).
Property Title Search Example #1
http://www.rese.com/realestate/ExampleTitleSearch.htmProperty Title Search Example #2
http://www.rese.com/realestate/ExampleTitleSearch2.htmThese pages were obtained from the Citec LANDATA database, and were saved by doing a File->Save from Internet Explorer
Good luck!
MM
http://www.rese.com
(The Australian) Real Estate Search Engine
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