Finally found a property with a $730 p/w incoming, at low $200000’s asking price. 1 issue its under offer/contract. I have asked to be next in line if the first deal falls though, which the agent said was fine. However I was wondering how often good deals like this fell though. The area its in is a country area, so finance might be a problem for the person. I know only full docs are acceptable. It is highly annoying to find a great property and can’t act on it.
Matt R (Gold Coast)
not much you can do about it matt. first in best dressed. keep looking as surely another great deal is only around the corner.
Eric
Matt,
It sounds too good to be true. Must be non residential.
Good luck and keep us informed of your progress.
hrm
I’m confused hmackay,
Are you saying all non-ressy stuff is too good to be true, or have you got your RIP only hat on and can’t/won’t believe there is a better/softer wall out there than the one you are currently beating your head against ??
It was a 6 pack of units. Renting for $130 each. Asking price was $225,000. Still waiting for their contract to fall though haha.
Matt R (Gold Coast)
Hi Dazzaling,
Don’t be confused.
No. Not saying ALL non resi stuff is too good to be true.
No I’m not beating my head against a wall.
Surely you would agree that $730 / week for a low $200K property is an incredible return (almost 17 percent for $225K)for residential, or for any property.
My reply was not intended to offend others. It was merely to make a comment about the amazing return. I can’t see what I have done to upset you so much.
PS. I do have one commercial bought 5 years ago. At that time it returned 10%. Now thru rent increases it returns almost 13%.
Regards,
Herb[chill]
hrm
Heya Herbage,
Nah…I’ve got a pretty thick skin…hard to upset me, everything is apples Herb…unless you’re one of those pedantic nit picking useless lawyer types.
I agree for ressy stuff, the return does seem a tad fanciful. Looks & smells a bit like the “big fish that got away”.
I’m not offended in the slightest Herb. Hope you aren’t either. Happy days.
Onya with your 13% return with the CIP. Why don’t you tell us a yarn or two about it ?? I’m sure people would be interested.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Hi Dazz,
No, I’m not offended.(****%%%$##)
No, not a legal person nor nit picker.
Jusst here to learn and hopefully give some advice when and where I can.
I guess I’ll have to get used to your unique style and tone.
I do find some of your posts informative and ammusing at times.[biggrin]
Now about my CIP.
Bought a factory in 2000 at Mornington Vic for $225K; current rent xGST is $2360 pm; current mort$165K. Interest cost approx $960 pm; all outgoings paid by tennent. Allup purchase cost say $240K, Cash on Cash Return= $75k (total outlay)/ rent – interest (1400 x 12) = $16.8K rent pa = 22.4%.
Never been vacant……..would love a few more.Hey Dazz,
Howabout sharing some details on your best and/ or worst CIPs.
Regards,[cap]
.hrm
Herb,
Have a squizz at the Tell Tale forum. Not much more to tell.
Numbers on your place look reaL good. Don’t understand why you haven’t loaded yourself up with more ??
Hey – I presume the dashes / squiggles and all that in the brackets are happy thoughts ??
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Hi Dazz,
I guess we are on first name basis, great.
Yes just had alook at “Tell a Tale”. Never had / made time to read these, I will make time in the future.
Your posts are inspiring (without p155 ing in your pocket) great stuff, the reson that i have not ventured further into CPIs is, I guess lack or knowledge and guts.
I would like to learn more so I’ll be followimg your posts in this section.look forward to more good stuff, see ya and regards.
Herb[biggrin]
hrm
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