Forum Replies Created
- Michael 888 wrote:Hey Yorkie,
outstanding stuff, especially the Albury units. I figure 7.3 % yield before expenses and not having allowed for whatever depreciation you've got to write off.
Did you need to put any cash into the deal (not equity from other properties) and if so what was the LVR (if you don't mind
sharing) to bring it to positive territory, and at what interest rates.cba did a 95% loan against abviously with lmi, which was about 6k, reasonable to say not much cash down from me.
at 8.88% which has now come down to 8.63%, which is good. i also got all the depreciation reports which the previous owner had done when he completly reno'd them 18months prior.+ he'd done all the strata title plans and searches etc, which took about 8 months foir him to complete, but never did the final strata plan which i have bought all the plans off him for 1/2 there original price(he gave me the original receipt) which was a huge bonus, so i will strata them and then get it all revalued and it should then be worth Approx $155k + per unit. i paid $126k. so not abad return…. wish they were all like this. but i did the hard yards and negotiated well, he originally trying to sell them for $155k and i got a discount for buying all 3….so the numbers stacked up.
Thanks for sharing your purchases. Wouldn't mind talking with you about Frankston.
am just about to reno a house in frangers, was for sale for $ 220-$240k, i paid $183K. it had some very old termite damage in some weather boards and 2 floor boards only, which was the bonus for me being in the trade, $400 dollar termite treatmnent if needed and replace 2 baords.. $50. bargain, 600sq block res2 (medium density) and on no through road with school at end and shops 200mtrs away…… bring it on… more tea vicar. sorry lost it then.
so give me a tinkle or email if you interetsted in frangers or seaford or rosebud etc… also looking for some j.v if anyone interested, 3 bed unit development in rye,20mtr to beach and shops next to existing 3 unit site so the precident has been set….?? [email protected] or call me. wayne 0411 331 225
supersarafu wrote:Hello,I'm extremely new to property investing (just getting to the end of reading books and starting to research locations).
I'm looking primarily for cashflow +ve deals in Melbourne's North – North/West suburbs. Could really, really use some advice from anyone who is currently investing in this area or who has previously explored this option.
… A little short on mentors in my friendship group (though many inexperienced people keep trying to tell me what to do!)
Any help greatly appreciated.
PS. Will happily buy a beer for anyone willing to share success stories relating to our chosen area!
Sarah
hi sarah, i got the terry ryder hotspotting a few montha ago and he's saying epping, if u want to email me [email protected] i will send the report to you. don'tr worry about the beer, coffees good. also if you want to pick my brains or possible j.vs we can chat.
thanks and keep researching.
waynehi tina,
i have no mortage on my ppor and its worth $435k so had a line of credit set up with comm bank for $200k and also have 2 other investment properties that are cash flow pos+.am about to refinance with rams to up the line of credit to $300k as the comm bank wouldn;t at the time.
bought the 3 units on 1 title with 95% loan from comm and the other 2 houses on 80% with another lenderand am using the loc(line of credit)for the deposits and costs etc.
hope this clears this up.
also my wage has improved from the previous years. (self employed carpenter- banks generally don't like us!!).
hi all forumites,
i have been doiing lots of reseach in the frankston area and know the place pretty good now after checking it out for the last 4months and many a trip pre-eastlink and now joyfully post eastlink. if there are any of you that are looking to invest but are time poor or can't get there then i would be happy to get some of your details and send you some good deals with a spotters fee which can be negotiated as agreed. also if any of you are looking for j.v partners to invest in the area will be interested in any offers as well.
p.m me for more info??
i am also a fully qualified carpenter and fairly experienced investor.
thankyou and look forward to any comments( good or bad) i have thick skin.
wayne (yorkie)
leewizza wrote:It's about time someone said it. Well done! I too believe it is impossible to find these CF +ve properties. Not one so called mentor or even guru investor seems to be able to tell us newbies how to do it without maing no sense. All I want is for someone to write a book or hold a seminar which isn't about purely motivational talk and 1980's investing strategies. CF +ve is something only achieved with 50% (exaggerated) deposit or with millions to invest on a development. If these gurus were so good at it and had sooooo much wealth, why the hell are they charging drug money to listen to them hype you up? And why are they even doing it? They surely couldnt be short of cash… If anyone can answer the common forum topic of how do I start without beating around the bush I would be happy to hear it. I'm super keen to learn all about the world of investing and have done nothing but read books, listen to successful people and browse these forums for months and months on end. I haven't found a positive CF property and I've been looking for a good solid 6 months. Sorry to sound so negative but like the last post, I am just frustrated that all I want to do is learn and noone is willing to give the answers. Not even if you pay for their books! If someone can prove us wrong then please do, we'd love to share the facts not the theoretical preachings pulled out of outdated books. Thx, Leehi leewizza,
i have read the books and done the research and listened to lots of agents telling me that its not possible either.i have just bought 3 units in albury, a 3 bed house in lavington and also about to purchase a 3 bed in frankston which are all positive cash flow, and after all costs etc are paying at least $50 each a week.
they are out there, you just gotta see them, be creative change your way of thinking and they will appear. i've done all of this research via the realestate .com website. so its not that hard….. u have to think outside the box.
the units i bought were being marketed individually at $155k each, they were all on 1 title and the owner was about to strata them, i asked what he'd take if i bought the lot pre -strata?. $400k thge agent said… i bought them for $378,500 , and he sold me the strata plans and all the tax depreciation schedules (he'd completely reno'd them 2 years earlier) for $2000 (they cost him $8000 and 12months timeframe for strata)he gave me the receipt.
they are all rented for $535 pw.so it can be done, this latest deal, the owner is selling and wants to rent back the house for 5+ years at approx $100 over the normal rental for the area, and do all the maintenance as well.!! bring it on…
so u just have to do your research with a finer toothed comb..
good luck.
wayne
hi jaffa and tina.
skype – wayneclayton1
email- [email protected]
mobile 0411331225there are some good bargains in frankston north, i have been searching out the whole of franskston for the last 4months and i can recommend plenty of good potentials and you'll get good cap growth and will do for a while. are you interested in j.vs?? i havn't done any but am actively seeking some interested parties as there are some good buying opportunities out there.
i am a fully qualified carpenter and have 8 investment properties( 5 that i've just bought in the last 2 months) 1 i actually bought via the internet in albury, without seeing, had building asnd pest and photos to go on only, and a lot of research….. but there are some good cash flow positive properties out there.
i would be happy to chat further on any of these topics and also j.vs if interested.
as regards to buying out of state and organising trades and factoring in to costs, i think if you read margaret loamas 20 must ask questions book,there are some good buying tips and info regards this subject. i did it with my albury property and have since seen it and was all as i was told by the rental managers and building inspection guy…. us tradies do have a bad rep, but were not all as bad as the few out there that give us this rep… so u have to trust your gut instinct and also get references from previuois customers, i recommend that you do.
look forward to replys from you.
I never have a problem finding deals it's always the problem of how to fund them. And then when it's thinking of JV's it's more difficult as there is not as much profit to share. I have not done one of these yet. I should not say NEVER as early days it was difficult to find a deal. It does get easier! I find 'finding the deal' the good part that i enjoy now..
hi jaffa soft,
you sound like my twin?? i'm in the same boat, were are you doing your deals??, mine are mostly frankston way and looking at rosebud and also traralgon. are these any areas your looking at?? if so or not would be good to get our heads together for a yack.
thanks wayne
wlc carpentry.did you ever find anyone to do the options thing with?? have just realissed it was posted back in janueary?? if nothing came of it i would be interested.
pm me.
thanks waynei think i,m also at the same stage as you, i am 37 and have recently bought 5 properties which are all cash flow positive and am looking for a mentor and or a partner in crime to do some more cash flow positives.
i am a fully qualified carpenter with my own business and have done heaps of reasearch and can see so many deals at the mo that i'm getting frustrated..
went to the dean parker reno masterclass and read the 0-260 + properties book by steve mcknight and missed out on his results mentoring for this years intake. but if there are any interested parties out there that are interested in j.v, wraps quicki cash deals etc, then i would like to hear from you, and also possible mentors/coaches etc.
thanks and look forward to hear from some like minded people!!!!.
