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Hello Pete,
We just recently purchased our first wrap property in the Latrobe Valley area. Positive cash flow properties are in abundance down there. In fact we looked at a couple of others on Saturday that just came onto the market late Thursday night. Both are in Morwell and are ex housing commission. The first property was a 2 bedder that needed a fair amount of plaster work along with floor coverings. The hardwood floors had been patched up, but not in a very cosmetic appealing way. It had new wiring, concrete stumps and new aluminium windows throughout. New spouting would be needed. Structurally it seemed OK. Asking price was $36,000. I offered $28,000 but got knocked back. No counter offer. Seems the vendor is firm on his asking price. FMV would be around $33,000 (in my opinion)
The second property was also a 2 bedder, but in better cosmetic condition due to renovation work the vendor has been doing. It’s probably around 80% complete. Asking price on this one is $40,000. FMV I’d say.
Andrew; I respect your comments and suggestions regarding surfing the net for properties, but from what I’ve found over the last few months properties listed on the net are either:-
1. sold already.
2. overpriced
3. are “problem” properties.
I guess market forces are at play here (as always). It’s a sellers market at the moment as I’m sure everyone here is well aware. It seems good property deals aren’t out there in the market place long enough for the agents to go to the trouble of listing them on the web or in their standard publications for that matter. It seems most agents (in Latrobe Valley anyway) have lists of investors that they immediately call when a property fitting the criteria comes onto the market. After all, the agent is after a quick sale without the hassle of marketing.Regina; I tried this approach initially. Ie. Just leaving my name, contact details and property criteria, but I soon learnt that to have the deals come to me, one needs to have some runs on the board, so to speak. There seems to be plenty of tyre kickers out there, so agents seem reluctant to follow up general enquiries. They just don’t need to in the current market!!!
As Darren mentioned, there are good positive cash flow deals happening all the time, far too many for any individual to handle. If anyone is interested, I am willing to do the “bird dogging” thing that Steve mentioned above. I can provide digital pictures along with unbiased descriptions of the properties that fit the criteria. Feel free to call me 0418 174 762, or email [email protected]
Regards,
Eric.
PS. Thanks for the forum Steve. Good to see it’s so popular…………….
