Hi everyone,
I’m new here, and have browsed the forums already, but can’t find any answers/hints to my predicament – maybe cos those of you that are finding them rather wouldn’t tell others…
But where on earth do you NOWADAYS find properties that stand the 11second test ?
The best rent/purchase cost ratio I seem to be able to find is more like $170wk/ on a $125k property… in Bathurst which would be pretty good, but apparently hard to come by…
I got lucky on the Gold Coast – won both pos.gearing and cap gain (phenomenal actually), but can’t seem to really find anything that meets the strict 11second criteria – or even close ?
Any geographic locations anyone can suggest – I’m in Sydney, so rural NSW would be an option where I could go and see the property, otherwise I’d just have to do some more research..(bought my Gold Coast unit sight unseen, so I’m not too worried).
Would appreciate anyone’s “gold mine” leads to which geographical areas are still providing pos. property opportunities, cos I can’t seem to find too many..
Thanks, [
]Marianne.
PS: The minimun time required as PPOR now for 1st home grant is 6 months! (Saw someone asking that elsewhere..)
They reckon they are out there, you just need to look harder.
Me – I’m not wasting my time at the moment.
Hi Marianne,
there are alot of properties in the other states. Unfortunately, I have not found many in NSW that meet the 11 second test. But I want to tell you to not let this be the mark on which you purchase pos. gearing properties.
Let me know if you are interested in travelling to the other states such as in SA and TAS and VIC and I can email you some good deals that meet the 11 second test but best to email me your maximum spending so I can filter the properties for you.
Kind Regards,
George.Hi Marianne,
I was of the mind last week that finding property that meets the 11second rule at this stage in the market in Qld (where I am from) would seem to be impossible.But with diligent searching for online listings (about 2hrs one morning last week) and research on the towns stats, growth potential etc… I believe I have found a town that would fulfill the 11 sec rule (if I can negotiate down the price by $20K, more likely as I would like to buy 4-
. But at least this town has properties that will pay my IO repayments (at 6.47%), rates and insurance and leave a little bit left over and shows signs of steady growth for a remote area!!!Needless to say I am ecstatic … and want to encourage you to keep looking in your state and others.
Cheers for now,
Karen B!Hi Marianne,
I was of the mind last week that finding property that meets the 11second rule at this stage in the market in Qld (where I am from) would seem to be impossible.But with diligent searching for online listings (about 2hrs one morning last week) and research on the towns stats, growth potential etc… I believe I have found a town that would fulfill the 11 sec rule (if I can negotiate down the price by $20K, more likely as I would like to buy 4-
. But at least this town has properties that will pay my IO repayments (at 6.47%), rates and insurance and leave a little bit left over and shows signs of steady growth for a remote area!!!Needless to say I am ecstatic … and want to encourage you to keep looking in your state and others.
Cheers for now,
Karen B!Originally posted by yack:They reckon they are out there, you just need to look harder.
Me – I’m not wasting my time at the moment.
Keep looking you will find it.
Kind regards
Chan Dollars
[Retire Young, Retire Rich]Thanks people for your responses, however, I was a tad disappointed (though somewhatconfirmed in my beliefs..) that only ONE person actually suggested PLACES…everyone else just said – it’s possible keep looking….
But I guess once you’re onto something you wouldn’t wanna share with anyone else or ???
…
[biggrin]I see this nearly everyday.
Where where where.
And everyone says keep looking they are out there.
Well I gotta agree with everyone else.
Keep lookin cause there are heaps out there and you dont have to play with figures.
I found one this week that will return over 70% cocr for a 10% deposit and fees.
Safe you bet.got a government lease and a great tenant.
Just goes to show you have to look outside the square.
Russ.[biggrin]Hi Marianne,
I’m fairly new to this game as well. I was so excited after reading Steve’s book and then started searching with no sucess. But in the last couple of weeks have started to find some properties that are “closer” to the rule. I agree with the others that they are out there but I guess you just have to go through the “journey” of learning where and how to look. Good luck. I’m still at it!!
BusyBeeHi Marianne,
They are out there, but not jumping out to bite you anymore!![blush2]
We found a pretty good commercial deal in Western Victoria a month or two ago, it’s not settled yet, but basically I’d suggest considering New Zealand.
There are still lots of deals there, although not as many as there were 6 months ago.
As Steve McKnight say’s – “Success comes from doing things differently”.
You may need to get creative, to find positive cashflow in NSW at the moment..
Good luck,
Del
I off to NZ again, to search for more GREAT +ve cashflow deals.
If you’re interested in hearing about any quality deals then PM me for details!! This is a genuine offer.Hi,
I learned a thing or two from Steve’s book and have used it to set up a service whereby I can refer you to sources of positive cashflow properties in Australia. Some of these properties are more positve cashflow in the Margaret Lomas style (i.e. taking depreciation into account), are in areas expecting good growth and are available right now.
If you would like to take a look at these properties, please email me and I’ll put you on the mailing list for properties as they come to my attention.
Cheers,
Phil
Now I am New to this too, but I think I found a way of locating them.
I did a search on the internet, limited the search to houses between $10,000 and $110,000. Then for QLD.
The result is that you get plenty of hits and a lot say what rent they get back.
Now you would then need to visit these towns to check them out but I did find some in Rockhampton and all along the coast.
Cheata
[withstupid]Guys, do you want the secret? I mean, the REAL secret? It’s in Steve’s book, but if you’re not looking you’ll miss it…
Are you ready for it?
Here it is:
It’s the PERSON that makes the deal work, not the HOUSE. Any **house** can be cash flow+, as long as the person is happy with the deal.
ANNNNNNNY house.
Kirribilly house…. Now there’s an exception
Have a great day!
Marco
Get more out of Renting!
http://www.positiveproperty.com.auOriginally posted by Marco:Guys, do you want the secret? I mean, the REAL secret? It’s in Steve’s book, but if you’re not looking you’ll miss it…
Are you ready for it?
Here it is:
It’s the PERSON that makes the deal work, not the HOUSE. Any **house** can be cash flow+, as long as the person is happy with the deal.
ANNNNNNNY house.
Kirribilly house…. Now there’s an exception
Have a great day!
Marco
Get more out of Renting!
http://www.positiveproperty.com.auMarco
That broad statement of yours must come under a little scrutiny.
Why would Kirribilli house not be able to be +ve CF if you say any house could be?
I guess what you are saying is if you put a 95% deposit on a $15 million house it may turn +ve CF. That is true but so far out of anybodies league here except maybe Steve’s. Sure any home can be +ve CF as long as the deposit is big enough.
I see what you are trying to say, but if people had deposits big enough to make any house +ve CF, I would hazard a guess and say they would not be wasting their time on this website but probably in Imola for the Formula 1 Grand Prix, or Monaco with their super yacht!
‘Eat rich food, barbeque a yuppie’ [greedy]
There are plenty of deals out there it is just a matter of looking.
Remember Rome wasnt built in a day.
We still receive many applications from clients each week.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Hello Rugbyfan, thanks for your reply. Yes, I agree with you that this statement (as with any other) should come under scrutiny. It gives others and us an opportunity to understand and clarify the point being made.
Firstly, Kirribilly isn’t for sale at the moment and I can’t see it being on the market in the near future. The point I’m making is concurrent with yours – in this industry we need to be reasonable in our expectations. When I say any house I mean just that. I don’t include mansions or Government property. I suppose we could pick this to bits if we wanted to, but I’ll leave it there.
The other (more pertinent) point is that many people focus on getting *just* the right house and then busy themselves looking for the tenant. My view is that the focus should at all times be on the tenant, then the house. For instance, why not build a register of tenants and when you find the place that you think is suitable, send them there during an open inspection. Let the prosepctive tenant tell you what the place is worth, let them do the legwork.
Much less stress <grin> and the tenant has ownership of the process.
Have a great day
Marco
Get more out of Renting!
http://www.positiveproperty.com.au
]
. But at least this town has properties that will pay my IO repayments (at 6.47%), rates and insurance and leave a little bit left over and shows signs of steady growth for a remote area!!!
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