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Stumunro
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@stumunro
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Post Count: 49
October 3, 2007 - 10:16 pm
Try reading through the archives of the forums, you'll see this question is getting very very old.
What are the results of the market research you have found in these areas? Surely this should tell you what is out there or what not? People make opportunities through good investing and massive amounts of reasearch, those that they do find are rare, and besides, after all that hard work no one is going to share them on silver platters for people. In todays markets there are no high yielding investments just sitting there, those that are reside in 'risky' mining towns. It is imperative that you do your due dilegence wich such investments, and is vital that you command a good understanding for how they work. To do so you must continue your research, including sourcing which companies have contracts in these towns, what the expected mining life is, and what the rental cycles are like; alot of the times you might have periods of 10%yield but on the other hand have month long vacancy rates. Just keep looking and looking and you will develop an understanding for these areas, but don't think people are just going to tell you without the hard work.
Stumunro
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@stumunro
Join Date: 2006
Post Count: 49
October 3, 2007 - 9:54 pm
Sydney on the whole is holding steady but i expect over the next two years it should ramp up to some good growth. There are areas which are booming (of sorts) in the lower north shore, such as north ryde, macquarie park, epping, lane cove west due to the new rail line. Inner west should continue above avg growth compared to the rest of Sydney but there are still better oppurtunites interstate. There are some great oppurtunities to pickup some mortgagee sales in the granville / bankstown / padstow and south sydney areas if you want to invest in what people look to be the dreg areas (high crime rate / bad name areas) bordering the inner west. I still think we are another year to a year and a half before we see good movement, but now wouldn't be a bad time to invest! Investers are just starting to jump back into the market now and its showing good improvements across the board including clearance rates, and with such a low vacancy rates yields (if not already) should start pushing closer to the 5-6% mark in the better areas.
Don't be scared of the last boom people! Sydney has always lead market prices in australia, and as other states get closer it's only inevitable that the growth cycle will return to this city i love
Stumunro
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@stumunro
Join Date: 2006
Post Count: 49
September 28, 2007 - 5:56 am
Do you guys have any stance on licensing issues? Will he have to consult a licensed r/e agent for the deals?
Stumunro
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@stumunro
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Post Count: 49
September 28, 2007 - 5:45 am
The renovating strategy will always work if you sell the property for more than all your costs put together.
The problem being that there are many costs apart from just the renovation that fall into play. Take into consideration, Stamp Duty, Mortgate Duty, Solictors Fees, Building Inspection, Mortgage Costs and Sellings costs. The beauty about renovating a cheap house is that you can add alot of value cosmetically to both inside and outside to help achieve profit. There is just more of it to work with. Where as with flats and units there is not as much potential to add value in areas, especialyl if you consider studio or one bedroom apartments. (Although not impossible, as proven by a few people that have mentioned on this site)
Stumunro
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@stumunro
Join Date: 2006
Post Count: 49
September 20, 2007 - 9:33 pm
A good buyers agent will save you money, but you can save yourself the same amount by doing your homework and due diligence. I used a buyers agent for my 2nd IP and i don't regret it at all. there were many things about investing which she taught me, and also i had never bought in QLD, and the negotiating / contract process is different to what i had experienced in nsw. A buyers agent is very very convenient, they do all the ground work and negotiating for you. I would recommend using a BA if you are short of time, or not confident to find a good deal yourself…. BUT if you feel like its something you want to challenge yourself to do, there is ample information out there for you take in and plenty of oppurtunities in todays market for you to find a good deal yourself. GOOD LUCK!
Stumunro
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@stumunro
Join Date: 2006
Post Count: 49
September 20, 2007 - 2:57 am
Awesome job mate. I am gobsmacked at how great you have transformed this house and on that good a budget. you are a deadset inspiration
Stumunro
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@stumunro
Join Date: 2006
Post Count: 49
September 14, 2007 - 6:44 am
Speak to some real estate agents in the area about some comparison prices of recent sales history. I am an investor, who lives in Sydney and i feel that alot of sales are going to cashed up execs / families moved here from overseas rather than investors who have mostly gone out of state. It's impossible to speak so generally about what your strategy should be, if I was you I would be interviewing all the agents in the area and forming your opinion from those discussions. Go on http://www.rpdata.com and get the free suburb report which will tell you what sort of demographic lives in your area. It will tell you what percentage is owner occupied and what percentage rents, unless you have an outstanding rental return which is way above the avg for the area then you should just play for percentages. With such a low vacancy rate in Sydney, it will not scare the investors away by not having tenants in there, agents usually market the property with previous rental return anyway and besides… any investors in the Sydney market today are looking for capital growth and are fairly cashed up so a week or two of vacancy on settlement will not hurt them too much. You will have more chance of the price being pushed up by owner occupiers anyway mate. Good luck !