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thanks for the feedback, just what I hoped for. I will manage myself (have always done so with my -ve IP’s.) so don’t have to calculate management fees.
Have also looked at splitting the loan so a portion is principal as well (risk management)and still maintain +ve cashflow. Very slim margin I am aware but area has maintained good capital growth and I have no reason to expect this to change as property is well situated, walking distance to arts centres and southbank etc.
Would like a bigger return but……those great deals are rare as hens teeth.
Finally, there is a 2 year lease and tennant unchanged for 3 years…safe as it gets I guess.
Just waiting on sinking fund info to see if it sinks the deal !There is no turning back.
http://www.foilbiz.comI mentioned in an earlier post that I am now a renter and am appalled that the agent has not inspected once since I moved in. I will also have no problem getting my bond back when I leave as I filled out on the condition report that the property was filthy on entry. No one at the agency ever queried that report which means I can leave it any way I like. Fortunately for the owner I am a good tennant and the home will be left spotless when I vacate, but it will not be in any way due to the letting agents diligence.
There is no turning back.
http://www.foilbiz.comOn the bright side there are some great floating floors out there and everything your kids now drop will have a much better chance of survival than on tiles.
Keep looking for that silver lining and enjoy your finished product.There is no turning back.
http://www.foilbiz.comDon’t know if it has gone up in the last 12 months but our last 2 properties we used 2 different agents (standard real estates) and they both charged 7%. One here in Brisbane and the other in Caloundra. A quick call to any estate agent should sort it out.
We managed our own property last time and were much happier. We achieved a higher rental than advised by agents and established a good raport with the tennants.
We also found that niether of our paid for agents ever actually inspected the property like they are supposed too.
I am currently renting as I have sold all my properties to start +ve cash flow investing, and my current agent has never inspected my residence. Lucky for them I am a good tennant.
Sorry to ramble on…hope it helpsThere is no turning back.
http://www.foilbiz.comBattz, I would love to drop you an email but son’t seem to be able to find your addy anywhere.
I am based in Bris. Whereabouts in Qld are u?There is no turning back.
Would help if we knew roughly whereabouts your new IP was?
Got Rocky on the list. 7 hours drive from Bris (roughly) hope to drive up in the next month and have a good look around. Any local info would be appreciated.
the information from my accountant was that I had to make a genuine attempt to make the property my main place of residence. ie: change your voting addy, have utilites connected in your name. You can then sell it 2 days after you move in if you want with no capital gains. As long as the taxation office don’t believe you are doing it regularly for the sole purpose of making money. Example: Two days after a friend moved into their new home her husbands kids came to live with them…they had to sell and find a larger home… They turned the house over in 1 month…no CGT.
My former husband and I were fortunate enough to be around and buying properties 5 years ago before the property boom hit Brisbane. We negative geared our combined incomes of $100,000, sold after five years of huge growth to make a tidy profit. However I should point out that we would no longer consider this an option. The cost of homes now is huge and so therefore must be your wage, as you will operate on a huge weekly loss to benefit from negative gearing. The last home we bought and negative geared cost us $250,000 and that stretched our weekly budget to the limit. Remember you don’t make any money until you sell, and you have to be able to afford the gap between rental and loan repayments. That same $250,000 home we sold for $490,000 and there is no way we would buy it today and be able to afford to wait for it to become a $1,000,000 property. Hope another view helps.
I currently live in Brisbane and have done so for 10 years now, but I have also spent about 10years in Towsville so I know the area well. Would love to find a pos.cash flow prop. there if I cannot find one closer to home… shall keep up the search
I don’t know which web site you are using but all I can find in Townsville are negative geared properties. Averaging around $120,000 but only renting at $130/week. Definately not positive cash flow prospects…where are you getting your proerty info from? I am all cashed up and really keen to start but am having a huge problem sourcing my first property….
Not giving up that easy though…quote:
Good for investment properties. You may even get a positive return from Cairns from the first year.
But in Chermside/West you will have to negatively gear though as it is close to Brissy.
I am a newbie who has been surfing the net for two weeks looking for poitive cashflow properties. Where in Cairns would you source these? I did not find anything in either Townsville or Cairns. Are there any good sites other than all the regular estate agents for finding properties in rural Qld?
