It seems there are plenty of +cf investment properties in Whyalla SA. Can someone give an advise about investing in Whyalla?
gamay
You will get mixed responses to this one.
It really depends on what part of Whyalla you are looking.
There are four parts if my memory serves me correctly.
Byronent
Adelaide SAI am thinking of buyng a free standing house, 3 br in Whyalla Stuart. It is close to the shopping centre and Catholic school.There are mainly former SAHT semi’s on the street. I managed to negotiate $85K (from original asking $120K) and the agent says that finding the tenannt for $155/w is not a problem (unlike semi, which have high vacancy rate).
I am still reluctant to go ahead as my understanding is that Whyalla’s population is in decline.
Will appreciate further comments.
gamay
Buy it!
Or pass on the details and I will buy it.
Byronent
Adelaide SAI’m not sure what your experiences have been like, or what the demographic is like in Whyalla, but I urge you to get a good property manager if you buy it.
I will share an experience which has cost me about 60-70K in potentially lost capital gain. We bought a 3br semi in Elizabeth Gr in 1999, as a 1st invest property, for 34K. Rented it for $110/week, and managed it ourselves fresh out of a 4 hour course by WEA and a landlords handbook. We got tenants from hell after 6 months finally – eviction, threats, blah, blah, blah. Leased again after cleanup (not too expensive just a filthy job), for $120 good tenant direct debit from centrelink the whole bit, but she left after 6 months due to domestic violence. The night after she moved out the A/C was stolen, and we were basically scared, stressed, etc, about even going to the property, because of ex tenant blah blah. So we sold it for $54k after 15 months (2001). Ok a nice return over that time frame. Our only mistake was we should have employed a good property manager – even after 2nd tenant. These properties are now worth $110-130K. $10-15 a week and we would have made an extra 60-80K in 3-4 years, not to mention all the extra deposits to buy more of them etc.
I was only thinking about cash positive b/c all the experts told me you’d never make a capital gain in Elizabeth. They were wrong and I believed them and I lost.
I hope you find this useful info.
By the way, I was looking at Pt Pirie a while ago, with +cf. Not sure if its still good. Also Roxby is supposed to be OK. Not sure about longer term though?
Roxby I would take any day, at least 20years left up there, Whyalla any day, but Pt Pirie, unless something is happening there under the table, I would just walk on buy and even consider Port Augusta first.
Mogul, I had the same problem at first but I started climbing in windows and evicting them physically. I only have great tenants now and in 8 years only been to tribunal once.
I started my property purchases in Salisbury and that was similarly priced as you mentioned. I am sitting on great returns and have found a great property manager based in Kent Town.
Mayo & Co on Rundle, Chat with Kirsty if you are keen to check their services, they really give that personal touch in a major city.
Byronent
Adelaide SA
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