Hi Everyone,
Could anyone give me their opion re buying an investment property in Mt Isa please.I am new to property investing & to this forum & would really appreciate any constructive advice.
Also, if someone is willing to give me a qucik phone call on 07 3209 6876 to let me know you are available to chat, I will call you back so you don’t cop the costs for the phone call.
Best Regards to you all.
John B James
Hi John,
Send me an email or PM me if u want to have a chat about Mt Isa.
Cheers,
J.
Just a thought about Mt. Isa… if all the investors from here and somersoft have long been buying up or checking out Mt Isa, then wouldn’t it all be sold up, or the only places remaining be dogs? I ask this because Mt Isa is so often mentioned, but it can’t be a bottomless well of properties. It’s tiny (a population between 20,000 and 26,000- looked up from google.com.au, but all sites have different figures).
John James, a word of caution. Seeing you’ve given out your phone number, some people who ring you could be RE agents, or people wishing to flog off their property to you- nothing wrong with that, but just bear it in mind
Also, people sometimes talk up places because they have properties there, and wish others to buy in the area to create price rises.Something for you to check out, John- an article about population movements- 1998-1999, from the ABS- it’s good because it’s recent. It suggests there is population decline in Mt Isa.
http://www.abs.gov.au/Ausstats/[email protected]/0/3e9de893cd149a68ca2569de002139bd?OpenDocument
kay henry
Hi John and Lois,
Welcome aboard and I trust you will find a lot of useful information t o help you along your way.
Mt Isa has been discussed before and I suggest you do a search. Click on forum boards towards top left of your screen and the click on search.
Type in Mt Isa and a world of information will open up to you – some of if may be a little dated but nonetheless you will find it of interest.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi John & Lois,
Try this:
It is a little bit more up-to-date, and may be of added interest along with other links provided to you.
The rpdata reports (as per the one above) is provided free, and give a good quick overview of the postcode you are researching. Unfortunately, these reports are now no longer available for people such as myself in Victoria, but for those in NSW, Qld, SA & WA it is still free and definitely worth a look. They also have excellent (more detailed) reports but these are at a cost, and again, are not available to Victorians. [glum2]
Do not stop there though, there is a great deal of information available in this forum, on the net and in libraries. Remember….research, research, research. Make that the key and sooner or later, you will open the door to your ideally suited investment property.
Good luck,
Jo
John James, a word of caution. Seeing you’ve given out your phone number, some people who ring you could be RE agents, or people wishing to flog off their property to you- nothing wrong with that, but just bear it in mind Also, people sometimes talk up places because they have properties there, and wish others to buy in the area to create price rises.Some people offer their help because they have no ulterior motives and are happy to share their knowledge (even if it is very little!)
Cheers,
J.
yes positivecashflow, some people do offer assistance without any ulterior motive- of course they do
And some people have an ulterior motive.kay henry
Couldn’t agree more kay henry [cap].
Cheers,
J.
Hi
I have 1 PI which is a cash cow but I would not buy any more as I am to cautious with the mine and all, I was lucky my PI was in a good area more luck than good management as I brought without going there
as memtion ther as been a lot of interest in the place in the last year so you could be getiing the left overs so to speack
glenn
yes I know I am a bad speller“I should be content to look at a mountain for what it is and not as a comment on my life” D. Ignatow
John and Lois.
Some of my opinions on the place.If you want to invest in Mt Isa, never buy site unseen unless you have been there before several times and know your agent like your best friend.
Avoid RE agents from out of town offering properties in MT Isa like the pest, usually they are pedalling what the reputable in town agencies wouldn’t sell to their worst enemy.
There are several areas that to the untrained eye seem fine, but that a LOCAL agent and a HONEST agent will tell you are the pits. Also there are areas that are marginal to said bad areas that are been slowly sucked into bad areas because they become impossible to tenant unless you surrender your property to the local housing authority who rents mostly to “locals”, who systematically trash the place, and you have to fix it. Some of those areas are no go ghettos even for the police.
So far for the bad news.
The good news is that there are good agents, for example Jay’s RE
http://www.jaysre.com.au/default.htm … (ask for Lorrain for the best sales lady in town)There are good properties clearly positive even if you borrow 100%, and there are plenty of tenant who earn 50 or 60k if they work in the mines. Of course there are also a lot of lemons, and lately some places are beginning to be overpriced.
The big question with mining towns is always what if the mine closes… In my opinion Mt Isa has gone past the one mine town, and has now population and activities that go beyond the mining.
Still, it is a higher risk area, you will make good money now, but who know how much it will last.
I wouldn’t recommend a first time investor to start there, but I cannot say don’t buy, you may find your best performer there.
I have 6 properties there, and cannot complain.If you decide to go and have a look, Qantas flights out of Brisbane if bought well ahead are rather cheap. Book a day tour with a LOCAL re agent, and if you decide to buy, buy something that is possibly tenanted, and managed LOCALY and that does not need repairs. Local builders and tradesman besides being so busy that you cannot find one, charge as if you too owned a mine.
I was quoted for a 4 car’s carport (after waiting for 2 months for the quote) $3500 to erect a $1800 Bunnings carport by one builder who told me he would send the apprentice to do it, and from another builder, $5,000 to erect a $2000 Mitre Ten kit and no guarantee, or $6000 to erect one made by by himself, with guarantee.
Remember that termites and soil contamination are a big problem there, use LOCAL solicitor to do all the searches.
Best wishes!
May God prosper you always.[biggrin]
MarcJohn and Lois,
For extra info on Mt Isa I suggest you also visit the current Somersoft thread on the topic.
How’s Mt Isa rental market?: http://www.somersoft.com/forums/showthread.php?t=16445
Cheers,
Aceyducey
I’ve found Jay’s RE to be full of BS. I spent half an hour on the phone to Ben from LJ Hookers in Mt Isa. Very honest and informative. I would buy off him with confidence.
Also, people sometimes talk up places because they have properties there, and wish others to buy in the area to create price rises.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
