I have found what I think might be a good positive cashflow property.
What do others think.Purchase price $45 -48k Rental of $110p/w
Positives: Sound structure albeit a small 9sq home
$5k in renos will probably add 10-15k in value as its probably the worst house in the street
Tenants will be available. Property Manager seems as though he will screen tenants thoroughly.
No carport or garage, curtains or light fittings.Negatives: Small country town less than 1000
small ex-commission home
needs painting, minor timber repairs (do myself) new heating system, carpets & vinyl, other minor repairs e.g. windows, security door etc.Interested in your opinion.
That is cashlow pos on those figures.
9 sq is pretty small too!
I can run a report for you if you drop me an email.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Simon
Just interested to know what sort of report you can run.[
]Cheers
Leigh K[]Read, learn, grow but most of all do it.
Oops I hope I haven’t created a monster.
Just a favour to gocats. I can’t go doing it for everyone – I would never get any work done. [
]Just a spreadsheet with showing what a property costs per week to own. Nothing too flash.
Cheers
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Hi Gocat
if you can get it for 45k plus reno’s that brings it up to 50k
to me it just makes it.
if you refinance it after the work and put 20% finance on 42k at 5.65% interest is 47pw
rates/ water/ insurance / agent 33pw
total 80pw
rent 110pw profit 30pw
But
the small town could be a concern
1. check out if you can get finance on the property (even if you aren’t getting finance). Not just for you but if you ever have to sell then potntial buyers may not be able to buy because of finance.
2. in a worst case senario and you want to sell can you sell the home reasonably quickly after you have fixed up the property.
3. Will the 5k you spend add 5k at least of value to the propertry. (you say yes to this).
these are some concerns off the top of my head, if you can answer yes to all then it may be a deal.
all the best with it
regards westan
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