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Sounds like an episode of Seinfeld…
I was mainly just toying the idea of what it would cost and what is out there to buy.
There are some vacant lots in regional towns that are cheap ($10k) but as mentioned it is hard for the figures to stack up from an investment point of view unless you get in before a mini boom in the town which is almost impossible to predict.
Would love to hear of some success stories though if someone has done similar.
Thanks for all the responses (especially Steve).
I would agree that it will take a lot of time and effort to produce positive results. I just didn't want to commit if I was to be facing a losing battle.
I have Steve's book at home now and will hopefully start reading it soon. In the meantime I am just keeping an eye on property all over the state (WA)
xdrew i would love to hear a lot more about "what works" for you.
I will be hanging around on this website for sure (and thanks again Steve for creating it) as it is good to listen to what others are up to and the help they receive from all the gurus on here.
90% possibly??
Thanks livewildcard i will have a play around with those tonight.
Morgan posted his question in Sept 2007. It would be good to hear if he ever built up a property portfolio.
Nevertheless I still appreciate the advice you have all given as I am in a similar situation. Just scoping the scene at the moment nervously holding back from plunging into the scary property market haha. I am always assuming the worst. Especially seeing as tenants don't always look after your asset.
If you do end up submitting another offer, back it up with some market research. List a number of recently sold properties and what they have sold for. Compare them to this property. It will then show them why you are offering a certain value. If they reject the offer then it is probably not worth your time.
Keep the videos coming Engelo. It is funny how a reno starts off looking easy then you get all the hiccups along the way. Hopefully you have allowed for some contingency i.e new flooring and windows!
I am hoping you do well as your singing career doesn't look too bright..
Thanks Chooky. Is this one of a number of investments for you? I am starting out so as a first IP it is seemingly perfect. I was thinking along the lines of holding it for 5 years then trying to sell…but then again who knows what the market up there will be like.
What are your thoughts on the intial price. do you think once they are built they will increase in value as people are exposed to them (seeing as they are not prevalent yet) or they will just hold their value for a while?
Yeah thats what i hear but then again. Others are saying that things are fine…Its often times like these you can pick something up while the others wait. Risky though…
My brother and his wife and their 1 n half year old are doing just this. A couple of months in and they are all still alive. Still got a few months to go.
It doesn't sound like the furniture is going anywhere fast JacM. The new house is still being built. You could always just sell the house now and crash with a friend or some rellies? Nothing brings friends/family closer than shacking up with them…
You could always sell your house now and then rent it for the remainder of the time required while the new house is built. That way you can move in to your new house without having to sell the old property still. Paying a mortgage on the new place and rent at the same time is surely a cheaper option. Might be hard to find the right buyer though but i am sure it has happened before.
Yeah per week, sorry.
Hi, I am looking at the new 1×1 apartments up in South Hedland that are on the market for $599,000. They are advertised as being able to rent for $1300 a month which is a yield of 11.1%
I am obviously a little cautious and want to know why these deals aren't being snapped up by investors when it sounds like an easy way to get a CF+ property.
Any insight or opinions would be appreciated.
Regards
