Hi guys,
I’ve got this great investment property in Brisbane, and just can’t seem to sell it. I am quite desparate, so have it on the market well below val, yet am having no bites. It is Cashflow positive, with huge depreciation and 20k of furniture included, and I still can’t sell it.
Is anyone else having this problem? Because it has a long term lease with a corporate tenant it doesnt appeal to home buyers and i think the agent are a bit lost because of this.
Does anyone have any ideas how I would go about selling it?
Thanks for you suggestions.
Get another agent, sole agencies are for the agents benefit not yours, Trust me I’m an agent.
Hi Cre8iveQ
Let me see.. you have a +cf property with 20k of furniture and a long-term tenant? I would think that property would be a good one to hang onto? Is there a problem with this one? I would think that you would have a LOT of people sussing out this property then if this was the case. What are the ‘sore’ points of this property… what are the bad points? hard to see when it’s your property, but you may have to take a step back yourself perhaps and see what needs to be done.
Perhaps this property doesn’t meet the market with what others may see as a ‘good’ deal?Not sure… just a thought?
Do you really want to sell this one?
Tam
Timtam, I’m slightly dislexic and I probably can’t spell iether, but every time I see you name I inadvertantly read
TIT MAN
Sorry But I couldn’t hold it in any longerHi Cre8ive
Can you give us more details. What area is it in? (Is it a high risk area eg: if the tenent leaves, will it then be re-rentable easily.) Contract conditions? Is the property too good for the area you are trying to sell? Is it one of the contracts that have the rent guaranteed for 5 years, etc, etc. Would you buy it now if you were looking for an investment property. If not, why not. If so, why are you selling?
CalderThere is nothing wrong with it. It is in a premier suburb, with a brand name architect and developer and it is in a boutique development of only 12.
It is my only property and the best investment i have. Actualy lets be specific. The only investment I have that has made me money. But I need the equity to pay off some other very high interest debts. I cant refinance because of some marks on my CRA as a result of these other loans.
My only solution is cut my losses and give the unit up, pay off the shark debts and live to fight another day.
Be creative… you can buy knowledge.
Calder,
It is in Clayfield, Brisbane. A premier suburb of Brissy if you are not familiar with it.
It is a standard lease with a magor airline. They house their engineers in it. The airline have taken 10 of the 12 units in the development. They pay 3 months in advance and given the oppurtunity I would buy properties like this every day of the week.
It is a sought after unit in a saught after suburb. Replacing tenants would not be a problem. But because corporates are so good teh managing agent only charges 4.4% management. (about half the usual)
I think the agent is just stuffing me around actualy. I have an open agent agreement so I will have to give it to others I think.
If you have any ideas on avenues to sell it please call me on 0402 455 200
Be creative… you can buy knowledge.
Originally posted by investron:Timtam, I’m slightly dislexic and I probably can’t spell iether, but every time I see you name I inadvertantly read
TIT MAN
Sorry But I couldn’t hold it in any longerHAHAHAHA.. nice one. That’s it… i’m NOT gonna change my name now!
[lmao][laugh4][laugh4][laugh4][laugh4][laugh4][laugh4][laugh4][laugh4][laugh4][laugh4]Tam
Hi Creative,
First entry onto the forum was a ‘pump’ for a real estate organisation based in NZ
These guys are well worth a look. I bought a property off them in New Zealand which is now tennanted at 11% Gross. They are straight up about the risks and the downsides, and have definatly done thier homework.
Well worth a look.
and now a disguised advertisement for your one and only ‘performing’ asset to realise some bad debts – hmmmmmmm
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi again Cre8ive
Why don’t you cut your losses so to speak with the non-performing ones, and buy more of these properties in Clayfield?
Tam
Cre8ive was over my house and I asked him the same question. he said jump on this site and ask the question. He gave me his log on details. I have never used the site before.
As for why I dont get more. I dont know of any other deals this good and I cant borrow anyway as my CRA is stuffed.
Be creative… you can buy knowledge.
is it listed on realestate.com.au
There appears to be many properties listed in Clayfield. Looks like many are trying to realise their profits now.
Whats the price, council rates, rent and body corp fees?
Is the rent guaranteed for a number of years.
Maybe i can offer some advice.
Is it a serviced apartment or an actual strata unit?
Who’s valuation is it below market at – valuer or R/E agent?
Is it a studio apartment or a full sized apartment?
If your CRA is stuffed how did u get a loan in the first place … ??? …
Have been looking at the real estate pages of Clayfield. There looks to be a huge amount of properties for sale (and rent) at the moment. If you have an open agreement, you should be able to list with more than one agent at a time. Have you thought about writing your own advertisement – Peter Spann’s suggestion – to make the property more desirable. You can try all sorts of inventive stuff eg: see if the tentant wants to buy for a future investment. Do a leaflet drop. I’d come up with other suggestions, but when brainstorming, they become sillier & sillier, before they start to make sense. Have a brainstorming session with a group of friends over a beer or two. You never know what may come out of it. That’s what we do when we get stuck for solutions. Nothing ventured, nothing gained.
Its an 80sqm 2 bed unit with balcony and 50 sqm courtyard.
I have had this tenant for over 12 months so I am a bit rusty on the market rent but from memory long term furnished rental was 475-485pw and short term furnished 500-700 depending on the season. Better check with the agent though.
Either way it doesnt matter. I am very confident the tenant will stay on. in fact I am so confident I am happy to leave $5k of the purchase price in solicitors trust and refund it if they dont stay on and the next purchaser cannot relet.
I just cant see it hapening. It is too sought after a unit and complex, so I will put my money where my mouth is.
Be creative… you can buy knowledge.
Then why aint it sold yet???????
And the CRA question by resi??
“Never argue with an idiot, as they will bring you down to their level and beat you with experience”
I still smell a rat.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Just a thought, is it worth while advertising the property as a trade for something cheaper, and using the cash differnce to pay off some of your debt. [upsidedown]
Jenny Lamberton
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