All Topics / Help Needed! / new Sydney investor

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  • Profile photo of trevclarketrevclarke
    Member
    @trevclarke
    Join Date: 2006
    Post Count: 1
    May 5, 2006 - 1:40 am

    I am a new investor in Sydney, have been looking for months to find my first positive income property with no luck!
    But i have found a property with lots of potential, outside my experiance. I dont want to pass on it but carnt go forward, NEED ADVICE!
    details
    Not listed on the market yet. The owner is a friend who has had the property for 20 years.
    Complete Bottom floor 3 x old one bedroom units right on the water north side of the habour. Under 500 each unit. It is a old two story complex with no car park. Car parks available on the street.
    Low rent below morgage repayments, but rented for over 5 years each.
    My idea would be – buy the front two units and join them together to get a 3 or 4 bedroom with habour views for rental or sale.

    My finaces could buy both units but not develope them and i lack the experiance need.
    can i go forward or do i just pass on it ??????????

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 5, 2006 - 7:14 am

    Hi trev

    I will assume that you have done your research and are aware of the end value of the units as is and also once combined into 1 larger property.

    Presumably you are also aware of the costs of doing the renvoation inclusive of Council costs and requirements.

    Presumably there is no Body Corporate other wise is there is you may require the consent of all other unit holders to undertake a change to the Strata Plan.

    If the answer is is YES to all of the above then i cannot see the problem.

    Why no outsource the work inclusive of the Town Planning / Surveying work and just fund the purchase and renovation.

    One concern would be the length of the lease and may mean that you would be unable to proceed further until you have vacant possession.

    Other than this i cannot see a problem with why you can’t proceed.

    Tell me if i am missing something.

    Richard Taylor
    Residential & Commercial Finance Broker
    **NODOC loans from 6.89%**
    Licensed Financial Planner
    http://www.yourstatefinance.com
    [email protected]
    Ph: 07-3720 1888

    Richard Taylor | Australia's leading private lender

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