W.A Goldfields

Viewing 5 posts - 1 through 5 (of 5 total)

jamiedellam
Participant
@jamiedellam
Join Date: 2004
Post Count: 36
July 9, 2004 - 7:06 am
Hi I live in perth w.a . I make money in real estate by building new houses in the first stage of new estates.
I plan on selling 2 houses soon ( I will have $100,000 sitting in my bank account)
I have read the book by steve and feel that this is the way to go for sure.
I want to buy a cheap property and rent it out and continue doing this untill I am earning over 100,000 a year. But the only properties I can find are in places like
– MEEKATHARRA $38k returning $110 a week.
– MT MAGNET $35k Returning $90 per week.
But both these places are about 1/2 days drive from perth and there population is 2000 & 1000.
Does any1 here know where I can get properties in w.a that fit well into the 11 sec formula????
melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
July 9, 2004 - 12:32 pm
Jamie, why don’t you keep one of the houses you build in each estate? Obviously they are profitable for you, and you could use some of the other profit to fund any shortfall from the rent…
Seems you’re in the best place – being first into the estate, esp if prices rise in subsequent houses in said estate…
Cheers
Mel
kp
Member
@kp
Join Date: 2004
Post Count: 509
July 9, 2004 - 1:12 pm
Jamie,
You need to look further afield to the mining towns, such as Port Hedland, Karratha, Kalgoorlie, but they are more than half a day away from Perth.
The rent returns are there but the asking prices are $200k plus
Cheers, KP
MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
July 9, 2004 - 1:19 pm
Agree with kp too expensive, look elsewhere. I would not be putting this capital in this area. My 2 cents worth…. [biggrin]
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
July 10, 2004 - 1:40 am
Originally posted by jamiedellam:
Hi I live in perth w.a . I make money in real estate by building new houses in the first stage of new estates.
Hi Jamie,
I agree with Mel – if it aint broke why fix it.
Cashflow is but one of many ways of making money in real estate – it is not the only way.
It seems to me you are successful at what you are currently doing and would already have a few tips and tricks up your sleeve that suit you. As time progresses you will become evenmore skilled at what you are currently doing thereby enhancing your profit margins and success rates.
Derek
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