Hey guys,
I’m currently renting in runcorn with my partner
We are looking to buy our first property that has either cashflow (renting out room/s) or capital growth
Plan is to save whilst living there for second investment property
preference is south brisbane as work is eight mile plainsAt the moment we are quite lost where to start.
We were enquiring to buy an off the plan apartment “Mahogany” 1.5 bed for $352k 5 mins from garden city (upper mount gravatt
but my gut thinks not good ideaI was reccomended by a work college to buy 2nd hand home in marsden and diy renovate as they’ve seen others with results..
Also looking at some of the house and land packages are very attractive and the 15k grant.. but im guessing its not a wise move
I’m still very lost making a decision – definetly would love to hear your thoughtsThanks
WillHi Will,
I live and invest in the Logan area and I think a lot of it will come down to how much you want to spend and whether the house will be purely a stepping stone to your next property or if this will be an actual home.
If you want to rent out rooms then you probably need to decide what type of people you want to be renting out rooms as that will affect the location you buy in.
With regards to the DIY idea, I’ve done a few and yes there is a chance to increase value as long as you buy right and don’t over capitalise for the area (I’ve seen this happen a few times).
Cheers
RudraThank you Rudra
I notice Logan houses are under contracts very fast on real estate.com, investors are grabbing them as they are bought so quickly.
I have plenty of concerns with that area as its known to have a bad repuation for unemployed, lower social class, drugs. and of course would not want house turned into a meth lab, and can only hope i have respectful tenants.
I am more attracted to areas with new house developments ie. Marsden or even kingston as it would attract more hard working class familys. Do you think these areas are good to invest in your opinion.
Keeping in my partner and i need a roof under our head also so most likely need to rent rooms out.
Hi Will,
Yes you are definitely right about properties in Logan being snapped up quickly. To be honest I’m seeing people offer some ridiculous money for some properties that just seems too high.
I live in Kingston and have properties in both Woodridge and Kingston. I think the type of tenants you get is very much dependent on the property manager or in your case just vetting the people thoroughly. I am just unsure about the demand for rooms so can’t really comment on how much that would help you.
Cheers
RudraThanks for the much needed advice Rudra! your very helpful!
As of 2 years in brisbane former nsw, first time today I actually went for a drive to get perspective of logan area , not sure if it was the rain but it really is not a comfortable area, i give credit to you Rudra for living in an area like this to get ahead, it really had me questioning would i live here.. of course alternative is continue renting and buy property in logan area.if i were to buy in this area is there any issues you’ve experienced you can prepare me for?
Hi Will,
What I’ve found over the last 11 years I’ve been living in the area, is that there are good spots and not so good spots. I pick my investments in the area very carefully to do avoid certain spots.
I think sometimes it makes more sense to rent where you want to live and buy where the investment makes sense, however you really need to crunch the numbers on this to make sure you are coming out ahead.
With the properties I own in the area, I self manage 2 and have the others across 3 different real estate agents. The issues I’ve had with the properties managed by agents is they don’t seem to follow up with the tenant on leases renewals due to tenants not getting back to them. My self managed properties I had issue with 1 tenant who didn’t vacate on time and another tenant who broke a lease early but refused to pay rent until a new tenant was found. However in saying that I’ve had these issues with properties that are 3 minutes from Brisbane City as well so I wouldn’t say it is a Logan issue.
Thank you Rudra
“I notice Logan houses are under contracts very fast on real estate.com, investors are grabbing them as they are bought so quickly.”
Just bought one in Marsden. Purchased before it was even advertised on the property websites. Vendors that are keen to sell and negotiate to a reasonable price are going very quick. The ones that don’t sell as quick are usually not negotiating to much and have a price set in mind.
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