Hi everyone,
How are we all? We I have been toying with the idea of buying an investment property for years, I have got enough for a deposit, been and seen the bank and got pre-apporval and now it's up to me to take the final step.
I think I am suffering from a bit of 'analysis paralysis' and just need some opinions.One of the places I am looking at is in the Bayswater/Boronia area in VIC, it's a pretty neat 2 B/R Unit in a complex of 8 Units. It's about 5 mins from main st and railway station the unit looks to be in a nice area, so I am just wondering if these numbers look ok- I know it won't be a positive cashflow but it's the closest thing I can find in this area.
I am not sure what body corporate fees would be, I will check this week.Sale price $230-250K
Stamp duty $9K +/-
= 239-259K
Rent $260 P/W
Repayments $290 +/- (based on a loan of $220 – I can put in more for deposit to bring it down but wanna have some reserves)
Agent fees $21 P/W (8%+/-)
Body Corp = ???Do you think this is worth a look or is it to highly negative geared.
Any thoughts would be great cause I am soooooooooooo keen to make a start.
Cheers
Dan
Tuff-et
Might want to find out from the bank if your pre-approval has passed the LMI's. This normally requires all documents including a street address. Just be careful, a pre-approval from the bank can still get knocked back from the LMI. I don't mean to be negative but you need to find out for sure before committing to borrowing 80%+.
Hydra
The location of the house is in a prime position. You can get everything beside of you. Communication is also easy. So I think you should make it a try. My main concern is about Repayments conditions. These look little complex to me.
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