Hi,
Although I have some background in IT, this is the first billboard site I have actually bothered to genuinely peruse in detail.
I started investing in property about three years ago. I am just about to complete my second development project and I have (as anyone would) experienced some quite significant changes in my life over this time – not the least of which being moving from Melbourne to Nth Queensland.
In another 6-8 weeks, my latest development will FINALLY be complete. It will end up as a -CF IP but (after some number crunching) is better for me to hang on to for a little while rather than forgoe such a significant portion of profit in CGT. I dearly love this place (not that I wouldn’t sell for the right price), but it has taken a significant amount of emotional energy not to mention other factors.
I have read numerous books on the +CF ideals, but due to being effectively ‘locked in’ to a development (that has now taken 2.5 yrs) I have been unable to act.
Getting to the point, I would have traded the lot in two days ago when I recognised one of those ‘bargains of a lifetime’ that really does appear every week or two when you are looking hard enough. 13 units (11 tenanted) for 420k renting at $55 each. The possibilities were endless… wrap half, rent them all, sell individually, etc. It would have meant $6-7k annually in +CF…
Steve, I am learning every day – but I would cherish an opportunity to participate in your MAP – even if you take a year off… pls advise if you would consider even a watered down version.
Thanks, good luck and good investing.
Are you getting the figures from wrapping the apartments?Because as they are you would only get 8.8% gross and thats not a very good return for that sort of outlay.Thats if they were all rented at $55 for 52 weeks.
Also the banks look at this size property as a commercial venture so you would need to put up 35% deposit plus fees etc.
I personally would keep looking.
Russ.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
