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taylah111
Member
@taylah111
Join Date: 2003
Post Count: 10
October 27, 2003 - 2:19 am
quote:
Hi taylah111
Don’t look at the obvious either, I found a block of units for sale in Armidale far north NSW, 13 units and 5 storage sheds.
On the surface the deal looked like this
13 x (approx) 110pw = $1430/2×1000= $715k
Asking price $675k not bad so far, the 5 storgae sheds were also renting for $150pw each
So now we have 1430 + (150×5) 750=2180/2×1000 = $1,090,000. now thats a deal.
Properties can have value other than rent, I am buying my 3rd property in 4 months this week, they all meet the 11 sec sol exactly. They are out there.
I pick my towns by doing a general search on Realestate.com for the cheapest houses and see where they are … then I research the town to see if it meets my criteria. It would be nice if they were all in huge towns with no risk but reality is always different.
Good luck
Leigh K[]
Carve your own path and lead the way …
Hi leigh, thanks for your input, I too search realestate.com, but have to type in locations to get anywhere, which brings me back to my question, how do you go about selecting a location, I can;t tell you the hours I have spent on that site going nowhere.
taylah111
Member
@taylah111
Join Date: 2003
Post Count: 10
October 27, 2003 - 2:15 am
quote:
hi taylah,
firstly I wouldn’t call Cairns a rural town….
yes you are right about the lower end of the market, in my experience the better returns are found there.
It sounds like you are looking for +ve CF properties in the places where you find negative geared ones.
If you are ‘deciding on an area’ based on “growth, population and employment’ then stick to capital cities and forget about +ve CF.
Why not try ‘deciding on an area’ based on the numbers. It might not have a large population or much in the way of growth, but it might be a brilliant place to buy a +ve CF property.
I mean, if you can get it all in the one property, well and good, but I’m just trying to say, don’t buy (i.e.) beachfront and expect it to be +ve cashflow
Hi MM, i am not trying to buy beach side, cairns just happened to have a unit with great returns, but it turned out the the whole block was forsale at a price I couldn’t afford, but it was pos cash flow, I donot know how to decide on a area, every town I have searched the median house price is too high to get a return,thats what I want to know, how everyone else is determining an area that pos cash flow exist, I mean surely not everywhere, like you said, forget coastal and major towns, so what is the next stratergy to locating an appropriate area.
taylah111
Member
@taylah111
Join Date: 2003
Post Count: 10
October 27, 2003 - 1:30 am
quote:
there are plenty of +ve cash flow properties, just keep searching, i swear i find one in every search i do, and i havent searched in a week only reason is causei have to wait for some more finance.
look harder
Dear still in school,
what are you searching, is their a site that searches for cheap properties and brings them up all in different areas, all the places I go to you have to type in an area, and this is where I go wrong because every area I put in is no good.
taylah111
Member
@taylah111
Join Date: 2003
Post Count: 10
October 27, 2003 - 1:26 am
quote:
Taylah
What is wrong with property under 80K? If you buy 2 that 160K invested positively etc. I guess you have to add stamp duty etc but the figures can work out.
Good Luck
NOTHING is wrong is property under 80K, I just can’t find anything that cheap, thats my question, do they exist?
taylah111
Member
@taylah111
Join Date: 2003
Post Count: 10
October 24, 2003 - 1:43 am
Hi everyone, I am having trouble too, I have looked up and down and in the west from cairns to melborne and cannot find an area that has low home prices and reasonable rent. With a market so hot as if you are going to get a place valued 20 – 50 K lower than other homes and still get the same rent. I am getting a bit bitter about this 11 sec rule, I have looked in about 20 rural towns and nothing is any where near the mark. The other thing is please correct me if I am wrong, but does this Pos Cash flow investing only work if you are buying a property for under 80K?????
taylah111
Member
@taylah111
Join Date: 2003
Post Count: 10
October 12, 2003 - 1:32 am
quote:
clownsta,
In Bris, all the bookstores now have supplies so try any of the major bookstores including Myer / Grace Bros.
We had been getting $380 pwk for a one bedroom unit that cost $150K. The 11 sec rule – $380/2 x 1000 = $190K so buy at less than $190K fits the 11 sec rule for a + ve cashflow property.
bribie
taylah111
Member
@taylah111
Join Date: 2003
Post Count: 10
October 6, 2003 - 8:45 am
Hi Everyone, thankyou for your input, its encouraging to know that others are in the same boat. Off to Lithgow tommorrow, so well see what that brings.
taylah111
Member
@taylah111
Join Date: 2003
Post Count: 10
October 6, 2003 - 8:43 am
quote:
Hi Tayla,
I drove 800km in a day and found our first property. But it was all worth it!! Now because we have bought a property, the agent is now a great contact and is letting us know of properties on the market, before they are on the net or in their windows. So it really is worth a drive, even if it is to start a relationship with an agent, so that they can be looking for you, which saves you time.
Agents get calls all the time from window shoppers, and they don’t really have a reason to show loyalty to them. But if they meet you, know what you want, and know that you want many, they will help you out.
Firstly, as everyone has said, do your research on the net.
Good luck
Kate []
Aim for the moon, even if you miss you will end up amongst the stars!