Forum Replies Created
Hi guys,
Just thought I’d drop my two bobs worth in on where to buy in WA. Talking infrastructure – “Midvale” is my pick, still affordable, lots of subdividable blocks (with rentable homes on them), within walking distance of Primary school, shops, and the fantastic infrastructure going on in Midland!!! Can’t lose.
SQ
Vernon,
Try http://www.regional.wa.gov.au for various stats on country towns. I always find it helpful when researching. The other thing I tend to do is get onto the town’s shire council website and read their minutes…this has given me invaluable information at times. My very first couple of investment properties were in the country and I haven’t looked back since. Best of luck with it all.
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Marisa,
ah yes Northam……….purchased a property 18 months ago there and have already seen substantial growth[thumbsupanim]. Great little spot and I think you’ll still find the odd cash flow property there too!
SQ
Turnby,
There are cheaper WA regional cash flow positive properties than Hedland/Karratha if your uncomfortable with their prices!! Try looking towards the east perhaps!!!
best of luck
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Get yourself a decent Mortgage Broker!!!! I can recommend Link Mortgages in Perth PH: 9272 9344 and ask for Helen McCoy. She will source the best bank for your situation. Best of Luck.
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Sandyman
It all comes down to what YOU are comfortable with and what your future investment goals are. I personally do not have a problem with investing in small regional towns. My very first investment purchase (besides my PPOR in Perth), was in a very small WA country town. I still have that property and a couple more under my belt and all are doing quiet nicely. No – you may not get too much capital gain….but if someone else is paying it off for you, then you will get SOME won’t you??! AND a nice trickle of passive income in the meantime. My advice is not to put all your eggs in one basket, whilst I like my country properties I also have a negative gear in Perth. Spread your risk. Best of luck Sandy with whatever you decide.
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Nads,
Believe me….I understand where your coming from. I was getting older and became almost desperate to get into the property investing scene and had to make it happen, so for me cash flow pos was the only way!!! Reason being – I work part-time and my husband has his own business (3 years in and not very favourable with the banks when it comes to borrowing money to invest). So using the equity in our home, a lot of determination, a positive attitude and a great mortgage broker I have never looked back since buying my first investment property just 2 years ago. I am now up to number 3 which is slightly negative geared but its worth it as it is subdividable.
You will always get the knockers but if you have a belief in what your doing, go and do it before anyone knocks the stuffing out of you with their negativity. You may however have to look outside the square for your cash flow pos properties, but they can still be found or CREATED.
Go For it – Best of Luck
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My father-in-law was looking at doing the same thing in Geraldton, but was put off the idea due to the fact that the land is what actually appreciates and he would never actually own the land. I’d be cautious about this situation, but if you still insist on seeing if the bank will lend on this sort of deal I have a great mortgage broker here in Perth. Helen McCoy – [email protected]
best of luck.
sq
Spot on Doogs……great to see you’ve ALREADY been lookin outside the square!!!! ….and its paid off for you!
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Hi Zen,
My pick would be Hillarys!! I guess the reason being is that it is along that coastal strip heading north, and once the land runs out along the coast, prices will escalate yet again!!! Also relatively easy to rent out the property there due to good public transport and close to beach. However, having said all that I do like Yokine as well, but out of the two HILLARY’S gets my vote.
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I think a book relating to the challenge’s faced by People (like myself), who were never educated financially. This was due to the fact my parents never owned a home together for the duration of their marriage (18 yrs)and were almost bankrupt!! I’d like to see young people read books on how it is possible to achieve financial success through believing in yourself and finding what it is that will make those dreams a reality. For me it was determination not to have to struggle – so I scanned the library’s and book stores for books on wealth creation ect. I discovered real estate was my thing after dabbling in shares and spoke to people who had already done what I wanted to do (my mentors)! One valuable lesson I’ve learnt is DONT HOLD BACK – once you’ve got that first property you wonder what took you so long and away you go …..onto the next and the next and the next…..
thats my blurb!!
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Why not 100km EASTof Perth Zen??!! It is my belief that anywhere within a 100km radius of Perth is worth a look, especially when our lovely coastal areas Sth and Nth become toooo expensive. Once that happens then – where will everyone be looking next??? AND the trick is to get in before everyone starts looking next if you want the bargains?! There are still places East that meet the 11 sec rule and have transport daily to the city, employment, rental demand, tourist attractions, future capital growth I believe, and even a river!!! (No its not Merredin Mojojo) but close….. take a look around.
sq [baaa]
Hi all,
Thank you all for your feedback. I went looking at Midvale & Forrestfield on the weekend and noticed a reasonable amount of activity in the Midvale area. Subdividable blocks are definately a possibility with good access to Midland providing you buy close enough to walk to the main roads (Morrison Rd and Great Eastern Highway) which will make it a hop step and jump from the action in Midland once the re-development is in full swing. Could be worth a shot. Not much to say about Forrestfield though but will need to go back when I have more time on my hands – ran out of time, kids getting cranky and all that stuff.
cheers sq [biggrin]
Phew!!! This is a long thread[blink], but some interesting comments. Does anyone have anything interesting to say about Midvale and Forrestfield?
SQ.
Danga,
Nothing wrong with rural western australia….I have a couple of +cf properties here!! Just make sure you do your research on the particular town. There are still some good bargains to be had, not only cf+ but potential growth if you choose wisely.
sq
Back in the land of living. Spent the weekend cleaning up the mess, not too much damage though. I don’t want to go to tribunal if I can help it, I just want to move on and put it all down to experience!!!! However, I am applying for the whole of the bond which will cover cleaning costs/damage to property……..and maybe some of the rent I’ve lost[blink]
Thanks for all your advice. SQ
Just discovered one of our IP’s (fibro) – has a couple of sinking stumps at the front and have caused a lot of movement in the house (cracking walls/sticking windows ect. Should have got onto it sooner, as we discovered a leaking front tap which had been trickling under the house thus causing the damage. My father-in-law is going to crawl under the house this weekend and take a look, but says he can use cement to rectify the offending stumps!! He seemed to think it was not too major, so will keep you all posted on how we get on with this one. SQ
BT
I’m with you on Joondalup!! Although Joondalup North is fairly pricey, I believe you can still pick up a bargain or two in Joondalup South (still close enough to TAFE, UNI, POLICE ACADAMY ect…..) Its only a matter of time that we’ll see Joondalup South go through an upward trend I believe, as Joondalup North WILL be toooo expensive…any thoughts on this? Quinns Rocks is another of my picks and there are still bargains to be had in some of the regional centres.
suzieq[biggrin]
Thank you all for your replies….it has taken me this long to jump back onto the forum – as you can imagine I HAVE BEEN BUSY!! To LifeX – I had this tennant set up through CENTREPAY but she has the right to pull the pin whenever she likes and that is exactly what she did when I served the first breach on her – hence no rent since. Also I checked her references through a local r/e agent she had rented from, said she was a bit untidy but generally a nice girl. My gut feeling was not good to begin with (single mum, 3 kids), but I went against it because I thought I was just being judgemental and should give her a go. I feel I’ve been slapped in the face. Also on reflection we purchased the property, renovated it, advertised it and didn’t get a lot of response in the first two weeks…..I think I paniked about it being empty and this also caused me to let her in. I have learnt a lot through this experience 1. I was too emotionally involved with the house and 2. I’m up on all the Tenancy Laws so at least I know if a PM is doing their job right should I hire one. According to the termination notice she should have moved out last Thursday. I am having the locks changed this week….she’s STILL moving stuff out but I have let it go this long because it will cost me more to move her stuff out and besides which, I couldn’t get up to the property till this weekend so I didn’t see any point in pushing her! All of your advice has been helpful, I shall keep you posted after I’ve assessed the situation after this weekend.
Thanx again
sq
Judith,
My broker is Helen McCoy from Specialist Mortgage in Subiaco…..not sure if she’s up with wraps though (you’d have to ask her…….as I’m not up with them myself yet). All I know is that she is reliable, efficient, and is always flat out (work-a-holic). She has managed to get us through a couple of deals I thought no-one could pull off. (We are self employed/low income and investing in country props with postcodes not popular with a lot of banks). PH: 9382 8888. See what u think?
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