I currently have 2 cashflow positive properties in Albury/Wodonga, wanting to buy another property this year & thought I’d go elsewhere as didn’t want to have ‘all the eggs in one basket’. (PPR is in Melbourne)
However another property has come up in the same area and fits my requirement of being fairly self sufficient close to CF+ & a good buy.
What do you think of putting all eggs in one area?
Cheers,
RodA/W isn’t going to disappear overnight, it will always be the major inland city on the border. There is some industry, major transport links, university, private schools, army base, airport, regional hospital Etc…….
New bypassed on the Hume will only push travellers to take a break further on ie at Albury instead of Holbrook/Tarcutta.
I could think of worse locations.
If you are looking to avoid land tax, buy on the other side of the border to limit your holdings in one state.
Thanks for your thoughts IPfreely!
You are definetly right about A/W being a place that isn’t going to disappear, there is so much going on there it is really great.
Long term goal is to have 10 or so properties, so I guess if 3 of them are there it really doesn’t matter – it comes down to how the numbers come up I guess.
Thanks, you have reassured me & I think we will get a bit more serious about this place we’ve looked at.
Have a great week!
Rod.Hi MR H
What part of Albury are you properties located in? I have one in North Albury. Bought for $100,000 and rents for $200pw.
Engelo
EngeloRumora | Ohio Cashflow
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Engelo,
Wow that is an awesome return, nice work! We are just getting started with this property investing business – would love to pick up some great cf+ properties like that one day! I guess that’s the best thing about this forum, getting to hear what you experienced investors are achieving.
Have got 2 units in West Wodonga, got them for $160k each in 2009 & 2010 they are renting for $200pw each. Looking in the North Albury & Lavington areas for the other one at the moment.
Any tips you may have on finding good properties would be great – I figure it comes down to getting to be familiar with areas – property values & rental prices is the best way.
Rod
It's always good to diversify in terms of location but if you've found a deal that looks good and your confident it will do well – then go for it.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
MR H wrote:Engelo, Wow that is an awesome return, nice work! We are just getting started with this property investing business – would love to pick up some great cf+ properties like that one day! I guess that’s the best thing about this forum, getting to hear what you experienced investors are achieving. Have got 2 units in West Wodonga, got them for $160k each in 2009 & 2010 they are renting for $200pw each. Looking in the North Albury & Lavington areas for the other one at the moment. Any tips you may have on finding good properties would be great – I figure it comes down to getting to be familiar with areas – property values & rental prices is the best way. RodI bought a housing commision home. I gave it a minor tidy up and paint. You will find that most of the housing commision stock can be bought around the $100,000 mark and will rent for around $200pw some even $220. Only negative is that some areas are on the rougher side but its slowly cleaning up. There is the odd unit that pops up on the market for around $80,000 thats not housing stock, they look like decent buys
Regards,
EngeloEngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
MR H wrote:Engelo, Wow that is an awesome return, nice work! We are just getting started with this property investing business – would love to pick up some great cf+ properties like that one day! I guess that’s the best thing about this forum, getting to hear what you experienced investors are achieving. Have got 2 units in West Wodonga, got them for $160k each in 2009 & 2010 they are renting for $200pw each. Looking in the North Albury & Lavington areas for the other one at the moment. Any tips you may have on finding good properties would be great – I figure it comes down to getting to be familiar with areas – property values & rental prices is the best way. Rod$160K purchase with $200pw rent is far from CF+ in my books. I own HC stock and CF neutral with 105% purchase (that's how I work out CF, on ALL costs and outgoings) but positive with depreciation (we did a small reno). I also think there is an oversupply of units and wouldn't touch them.
Unfortunately I don't see big capital gains for the area (others do) so I wouldn't buy there again. I'm getting better equity gain and yield in Sydney (with reno). Cash flow is fine but it won't make you rich. You need some CG.
I am currently thinking the same thing bout investing in a different area. Having said that I have a good deal with the property managers looking after the property in the area I have currently brought in. How do people go about working out one good property manager from another ? If you are just buying one property to you try and bargin a deal out with them ?
Yeh, $160K renting for $200 pw is not great, but doesnt have to mean its bad. It depends on the situation and the loan its servicing and the location might hvae slighly better capital growth.
How is capital growth for Albury/Wodnga? As an indication, do you mind, Rod & Engelo, give us the current approx. market value of the properties you both in 2009?
Jenny111
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