Morning guys,
I know this would have been covered previously if I dug through the forums, but was just hoping to get some specific information and perhaps information that is a bit more up to date. Things tend to change over the years and do not want to base information off an outdated post.
Basically, our plan is simple, my business partner and I are looking at purchasing a property, performing some cosmetic renovations over about a month, and then holding it and making it positively geared.
We would typically be looking at purchasing a property for around $200,000, spending about $15,000 in renovations.
So my question is, we want to renovate in areas within 2 hours of Sydney (as we are both based here, and would like it to be fairly close so we can travel there after work if we have to, or when we went out there to renovate, we didn't waste a lot of the time in travel. So can anyone suggest any good areas that are within 2 hours of Sydney? We have been looking around the Maitland area and it seemed to show some good promise, or even some areas just past Windsor which may still technically be Sydney did not look too bad either.
If you can suggest a good area, would you be able to also provide a good recommendation for a real estate agent that is helpful and honest and able to suit our needs. And further to this, would anyone be able to recommend good tradespeople to use in the local area? We do not mind doing a lot of the minor recommendations ourselves, such as painting, removing existing things, but when it comes to plumbing, electrical, laying carpet, landscaping etc, would probably be best to leave to the professionals, at least for the first time anyway.
Feel free to send us a message if you have any recommendations for us. We would really appreciate it.
Thanks!
How did you find maitland in terms of the rental demand? Did you prefer Maitland over Windsor or vice versa?
I believe both are fairly strong rental markets, one benefit we see attached with Maitland is hopefully there is some effect from the mining in the area that will increase the demand for renting.
Looking at both areas, they both seem to be able to provide relatively strong yields, up to $400 per week for a $300,000 property seems to be quite achievable.
Nice self promotion.
Doesn't take a fool to see both posters registered on the same day. Coincidence? I think not.
If you want to promote yourself people would be more likely to trust you if you gave advice.
Catalyst,
I assume some posts were deleted that I am missing?
Looking at our profiles – LillianWA has been a member since 9/8/2012, and I have been a member since 5/12/2010?
And also I do not believe I did any promotion anyway?
Have a missed something? What is streamline promoting? My question was simply about the areas? I think you need to grow up Catalyst!
OK my mistake but Lilian- You need to grow up?? Come on- are you 5 yrs old?
Streamlineinvesting. Your post sounded like a newby question and then I see a link to your blog where you are offering property advise. Hence my confusion.
You asked about $200K properties then offer advise that Maitland is good with $300K properties. Which price range are you looking at? Western Sydney has some good opportunities between $200-300K for what you are wanting to achieve.
In the last 2 years that has been our strategy. Buy/reno hold with increased equity and CF+. Works a treat. Although reno is the buzz word in property and every man and his dog thinks they can do it. I'm seeing some horrendous renos and also some that look great but the buyer hasn't made any money (I looked up buy price on RPdata and the asking price now). You need to know your end price AND your reno costs.
Once you decide on an area do loads of research to make sure you don't fall into that trap.
Thanks for the information Catalyst, and to clarify, I have had experience with property investment, however not much with renovations and hence I do not want to make mistakes.
Also our blog may offer some advice, but mainly is just to display our experiences so far, mainly with US investing as that is where we have had some experiences.
And to clarify, our intention would be to purchase a property around $200k, and then renovate it to get it up to around the $300k value. Hence why I was looking at what a property around $300k might be able to rent for. Sorry for the confusion.
What you are doing sounds exactly what our plan is, basically just purchase a property in need of renovation, and then do it up a bit and get it to CF+ and hold it and keep it in our portfolio, and used the increased equity in the property to continue this onto the next property.
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