G’day! I’m currently researching the unit market in inner city Brisbane and was wondereing what people’s opinion on the current state of the market is. I’m looking at the $150k and under bracket as rental investment properties. Any hints or insights into this market for a first time investor would be greatly appreciated. [
]House Mouze,
I am a land man…..I need to see a block of land that I own with a house as I have a strong belief that land carries the true value.
As to units in Brisbane though there is a large supply of them at present. For your own interest it would be worth ringing 10-15 agents and asking for their vacant tenancies in the area you wish to invest in. This will give you a clue as to how high the vacancy rate is.What are you going to do with the units ? (reno, Hold, etc.)
Look forward to your reply.
Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinThanks for the reply mate!
I’m looking to build a positive cashflow portfolio with rental units/apartments. I’m not real keen on lmowing lawns! I’m only starting out, so i would probablly “-“ve gear my first unit. Thanks for the advice on the occupancy rates, top idea. I have seen a place called uni lodge in margret st with units at atound $88k. Any ideas on what body corperate expenses and strata would be for something like this?Hi
Ask the selling agent what thse costs will be.
BTW what will these properties rent for?
Cheers
David U
You are welcome Mouze Den. Just gald you are asking the questions.
The question about the costs is a very important one. You should research this very carefully especially at a place like unilodge. you may find the costs outweigh the percieved cheap price. If you are after units why not try and source one yourself in a high rental area and try to get it for the right price.
If you really want to go -ve you should try as hard as you can to make it as minimally negative as possible. That way you do not limit your DSR (Debt Servicability Ratio) too much and impede ourself further down the track.
As to the lawn mowing I have only ever had to have lawns mowed three times with my houses and the returns ,gains and general control of the property to me far outweighs the unit benefits. The only time I could see myself buying units would be a pack where I control the whole site.
Another option might be to find a rundown unit and fix it up then rent it at a good price. This could increase the viability of the unit and build you some good equity into the deal. Unit renos I guess would be fairly easy as there is no outside concerns merely interior. I know from house experience that internal especially flat walls are an easier job than Weatherboards.
Make sure you check out the sinking fund and Body Corporate management costs to ensure you are not buying a problem. Might be worth chatting with a solicitor to see what things to look out for in Unit buys. If you need a good one in Brisbane let me know and I will fire you a guy I use.
Hope my ramblings help.
Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert Einstein
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