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Thanks for the input all,
I currently have 2 investment properties already. I have been looking at older duplexes as rick sta also recommends. These I believe give good cash flow and if renovated $ can be added. Also looking at cheaper un renovated houses with "potential".
I used to live in Adelaide so I know about Elizabeth. If i was a little closer I would certainly buy there and I think there are OK areas of Elizabeth so it's not all bad:)
I appreciate the ideas, they are very helpful.
I recently had the power connected for 4 weeks…cost about $56 for electricity all up for reno work.. no biggy!
Labrador,
What area of Phoenix did you buy in? I lived there about 10 years ago and in that time the area went through massive growth.
There are some pretty bad neighbourhoods in Phoenix but considering u bought 3 houses for 122k, sounds ok for being only 3 years old. Keep in mind the Americans are a little different in that they expect to have at least 2-3 bathrooms for a 4 bedroom house and double garage to be easily rented out..
goodluckA buddy of mine worked as a realestate agent in the US during the peak times when properties were selling in hours after going on the market. He was commission only, i think he said he was getting 1.5% or close too it on the sale price. No retainer.. no nothing… not even fuel allowance. He done that gig for 9 months working about 25 hrs a week and almost sold 1 property.
He put in so much time and effort, and was really motivated but still could not get a start… i was really surpised when he told me that.
Just my 2 centsUnfortunantly i have already paid this fella. I'm sure it was his apprentice that was doing the work but that is still no excuse as he should have been supervised and I know he wasn't.
thankyou and I know for the next time something like this happens.
i would typically offer about 8% below asking price off the original ask price.
I have just listed one of my properties for sale and the agent convinced me it was a good idea to put a premium on the house to "try the market". There idea is that there is always some fool out there that doesn't know the true value of a property and will pay a higher price. The market isn't great in this area, not bad either but I believe asking a realistic price will get more people through and offers sooner.
Without highjacking this thread, any thoughts on why agents do this?
Here's a little more info. Location is rural NSW. 4 units in the block. One title (non-strata). 2 BR 1 BATH for each unit.
I did not include the rental income of the proposed purchase in my online calculations. The online program did not provide that info.
