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  • Avatar of bozzaabozzaa
    Participant
    @bozzaa
    Post count: 1

    hi guys, i am new to this, have seen these apartments up for sale on nepean highway frankston, beach frontage, sounds pretty good to me, can i get some opinions,
    thanks

    brendan

    http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105668822&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=69196970&s=vic&snf=rbs&tm=1240791935

    Avatar of maree_bradrossmaree_bradross
    Member
    @maree_bradross
    Post count: 401

    Ah I know the ones – used to be a large motel complex. There seems to have been no action there in developing for a long time.
    They seem good value and probably walking distance to town/train

    Avatar of Scott No MatesScott No Mates
    Participant
    @Scott-No-Mates
    Post count: 3,784

    As ex-motel rooms they will most likely be <50m2 which may mean that you will have some difficulty in financing a purchase. Turnover of tenants will be reasonably high and your levies will also be high if there is to be a fulltime concierge onsite/swimming pool/lift etc. This will hammer any returns.

    Avatar of dr housedr house
    Member
    @dr-house
    Post count: 281

    it doesn't say if they are serviced apartments?
    You can't really add value, capital gain may be limited and outgoings are often quite high.

    Avatar of god_of_moneygod_of_money
    Participant
    @god_of_money
    Post count: 970

    Ask for Management fee, strata fee etc (big cost)…. and get the gross rental valuation. The nett return may be ~5%.

    It may be difficult for re-sale in the future (main concern).

    also problem with financing.. but only A$80k …. can pay with cash and park it in DFT

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