All Topics / Help Needed! / Is there a catch? Investing in Over 55's Unit
Does anyone have any info on the Oxford Crest group that manage over 55’s complexes in QLD? I have had my offer accepted for a unit (87k) but no contracts have been signed just as yet.
From what I can see so far (haven’t gone through fine print with solicitor/conveyancer) everything looks promising.
One bedroom unit with long term tenant
Sales price – $87,000
Rent – $250/week
Clears $2700-$3500/ year (body corporate could be reduced fairly drastically). This includes interest and all known expenses. Again, will have to go over fine print.I’m aware it is a niche market but I’m looking to hold onto the unit mainly as a cash flow source to allow me to move onto other properties. I can only assume these types of developments will increase in demand because of the baby boomers coming into retirement.
I have inspected the unit and the village, manager was great and I don’t have any concerns from what I’ve seen. Just want to make sure I’m not missing any major problems that others may have experienced with this type of investment.
Thanks in advance!
I nearly invested in something similar about 12 months ago as I was looking for positive cashflow.
In the end I passed on it and went for something else because I realised I wanted more control over the investment.In my example the numbers look OK on paper, but I was really relying on someone else to manage their investment, so I could then collect on mine.
It’s up to you how you want to move forward but It wasn’t as if there was a hidden catch, more of a decision I didn’t want to get caught up in the “managed” property investment arena.
Cheers,
Dwight
Dwight
Cashflow Positive Investor
I have had business dealings with this group (not real estate related) and find them ethical to deal with and no issues with payment etc. Hope this assists your decision.
Sounds OK but make make sure area is not subject to flooding.
Queensland Floods
16th January 2011We were subject to the Queensland Floods this week as the Bundamba creek rose to a height of 18.98m, approximately 2.75m above the height of the nearby bridge. This caused major flooding across Bundamba and extended to the Bremer River at Riverview.
Thanks for your help guys!
Specialist market wouldn’t touch them with a barge pole as an investment.
Ru intending to finance and part of the purchase as it is very specialised market with very limited lvr’s.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.