Hi anyone!
I am very new to this and though excited at a few prospects I just wanted a little guidance on a few things.
I have recently come into contact with an opportunity in Bundaberg. A new development…home and land package of $298,000 (of this, land costs of $95,000). Projected after tax cash flow to be positive in year 2, $164. My concern is that it is a very "tax investment" property with a negative pre-tax cash flow of $7,928…after reading "0 – 260+ properties in less 7 years" I came to the impression that to be able to reach my goals I need cash flow POSITIVE properties and not negatively geared ones.
Does anyone have any comments on this? And does anyone have any comments on Bundaberg?
Comments would be much appreciated.
Hey benbrophy
I've been a frequent visitor to Bundy for the last 2 years ,as my Brother moved from Sydney at that time, to build a house in the Innes Park area, and I have a free place to stay when I visit. The town of Bundaberg is huge, and from what I'm told has the largest growing tourist sector in the State. Whatever that means? Lots of cute looking 'backpacker girls' anyway. From my casual observation, real estate prices have gone up in some areas and types of dwellings, and down in other areas and of course types of dwellings. There are plenty of opportunities to be had, as a large percentage of blocks have old houses on them, and are easily subdivided, and fairly cheap to come by. Or! should I say were!!!……, until last week that is! It seems all of a sudden, investors are moving in on these bargains. I know that the stupidest thing to happen in Bundy, was for the council to reject extending the airports runway to take jets out of Sydney. As you may know, Hervey Bay put its hand up and got the jets. Dumb! Dumb! Dumb! Anyway, I love the area, and the relaxed, friendly style of the locals. I bought a double brick two story unit in South Bundaberg with a long term tenant. Its a 2 plus 2 arrangement, and when I was looking into them, the two that were for sale, went overnight , as I left my phone on re charge in another room. Talk about DUMB! I got the third one though.
BUT!!! The best part of Bundy has to be Bargara. What a great little sea side town. I reckon if there was the ideal picture that one might have of the 'sea change' cliche, then Bargara fits it. Check it out for yourself. I cant get enough of this place, and have decided to build a house there and some. Oh and by the way……..There is a 600 dwelling town with resorts, shopping centres and waterways, to be built between Turtle Cove and Coral Cove, and the machines are on site working already. Some serious Singaporean money behind it.
I guess with 78,000 people moving to QLD every year, not all of them want to live in Brisbane, The Gold Coast, or The Sunshine Coast.
Thanks Pendo…appreciate the comments and if all else fails I'll move there myself and meet some of those "backpacker girls"!
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