What are peoples thoughts?
And no, I haven’t been flown to Queensland for a “free” holiday!
Cheers.
Chris.Can be OK of cashflow but not great. Banks will normally only lend around 65%. Growth unlikley
So unless your 65 and have cash
Dont bother
Nigel Kibel
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If you do your research throughly,and are involved with a reputable company, then they might be just “ok”.
Companies selling them off the plan make huge commissions.So they’re tens of thousands of dollars over priced.
Everyone involved,has their hands in your pockets.
Right up to their elbows.
I wouldn’t touch them with a barge pole.Only my thought.
bruham.I can speak on this with some experience.I bought a serviced apartment in 1988 off the plan for 188000.I know you will all like this..it was cash flow positive(with 99% finance),even before the considerable tax concessions were taken in to account.The money came in every month on time,and the only outgoing I paid were for the council rates of around $550,a sinking fund of a few hundred dollars,and a capital fund levy of few hundred dollars.All up my outgoings were less than $1500.The tenant paid for everything else,including any maintenance.So it was a set and forget investment that worked really well,with the security of an initial 10 year lease with two further 5 year terms.The only downside was when I was trying to sell it.It took about 12 months to sell.It wasn’t that there were not the buyers,but most couldn’t come up with the finance,even though 80% was readily available without even looking.I settled on the property last week for $11000 more than I paid,but if I had spent $188,000 on a house in Melbourne back in 1998,I would have probably doubled my money!
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