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Hey all just reading through this. If anyone is interested i did buy this a while back now, halves with a mate 80%LVR. Have done a few things to spruce it up but its pretty much just a get away holiday place.
Heres a link to it on gumtree for rent if anyone is interested:
I know it wasnt an investment, but if we can make it claimable on tax and maybe make a few $$ off it why not.
If anyone has any queries about it let me know.
cheers
PageyGreat thanks for the replies everyone. I thought this may be the case that i had to go interstate which doesnt really worry me. Where can i read up/look at peoples recommendations then?
I want to select a team now that i dont need to change for many years, do it right the first time!
Cheers
PageyYep i do it now, my tennant is a family friend, all is going well but i will say its hard when they ask for a little extension on the rent, i allowed it knowing they will catch up later. Mutual respect. Plus i can drop by and have a look and a coffee whenever. So far so good!
Thanks for your replys guys.
I already have 2 properties in this postcode with 95%LVR so im comfortable i can achieve that again.
My calcs for own funds required is based on buying both as one property so they may be a little on the low side.
Richard, what do you mean by a blended 100% loan?
Cheers
Pagey
Thanks for the reply Catalyst. They are separate titles but in a block of units so have Body Corporate fees, but thats taken into account with the returns above.
Not sure on the vacancy rate ill get onto that thankyou!
The one with the old lady could do with a new kitchen and spruce up. about 5 – 8k worth of work would bring it up good and again increase the value.
Hi Rick,
Im in the same mind, great idea but a bad investment. money could be used better elsewhere but you have got to have a bit of fun and relaxation. Especially if the place is cheap and can still gain you equity. Ive been talking myself into the idea for months!
Cheers
Pagey
The 'Shack' is a tiny asbestos 3 bedroom open fire place on the west coast of tassie. Perfect for fishing, riding bikes and sipping on ales! My circumstances are ive spent all my money on my IP which is now 99% complete with available equity. Tenant moving in next week.
Ive been talking to a finance broker and its looking like we may need to put in 20% deposit, which is ok as the place is cheap (depending on purchase price).
Someone told me i couldn't use equity (in the shack) for investing as it was a shack, this has me worried. So if i brought the place for say 100k and it was worth 200k would i be able to use the equity in it to later invest?
thanks for the reply guys!
I have heard this works. I use thelist in Tasmania. Not sure about WA sorry
That would be the ideal plan but currently my IP is gutted undergoing a full Reno. So no equity available as yet.
I earn a good income so im quite comfortable that i would be able to obtain the required finance.
Once the 70k loan was paid back out the properties would be returning approx $500 pw positive cashflow plus the oportunity for capital grownth. Hence my interest.
