I think this is Anthony’s (ALF) neck of the woods. He made mention to North Adelaide in this recent post – https://www.propertyinvesting.com/forums/property-investing/creative-investing/4336394?highlight=elizabeth

Cheers

Jamie

Awesome stuff – just goes to show that a decent reno doesn’t need to cost an arm and a leg. You’ve also saved yourself quite a few dollars by carrying out the work yourself.

Best of luck with the second one.

Cheers

Jamie

Easiest way to find out is to give your local OSR a buzz – they should be able to help you out.

Cheers

Jamie

Hi Lordopg

My understanding is that it’s similar to areas in Logan (such as Woodridge) when comparing it socioeconomic status. What do the numbers tell you? There’s nothing wrong with investing in these type of areas – as long as you’ve got risk mitigators in place. I’d start with a “good” property manager.

Cheers

Jamie

Anywhere in Canberra

You won’t find many CF + IPs but the CG is generally consistent (and has historically been in the double digits). The yields aren’t too bad and the vacancy rates are extremely low.

Cheers

Jamie

Nice work tvproperty – just shows it can be done.

What sort of renos did you carry out for the $10k?

Cheers

Jamie

Is the work being carried out by a builder? If so, ask to see a copy of the receipt.

The broker might not have a contact at St George – they’d have to be lining up a fair bit of business for the Dragon in order to gain one, otherwise they’d only have the broker help desk to contact.

I like Terry’s idea of ringing the valuers. How big is the town? Shouldn’t be too difficult to narrow it down in a smallish area.

Cheers

Jamie

Whilst not the correct way, could you have a chat with the agent who sold the property? He/she could then convey this to the vendor. From my experience, you can often get away without involving the legal eagles with minor requests like this. Please don’t take this advice – just merely a suggestion.

Cheers

Jamie

Hi James

Welcome to the forum and congrats on the first IP.

Get in touch with an investment orientated broker. One that invests themselves and understands what you’re trying to achieve.

Cheers

Jamie

Have you signed the lease or lodged the bond yet?

Cheers

Jamie

Hi PL

Yes, there’s investors out there who are doing quite well out of renovating properties in regional areas. I was speaking with an REA in Wagga not that long ago who mentioned that a few ppl are doing pretty well out of purchasing the run down ex govt stock, doing them up and either on selling or renting out at decent yields.

What’s going on…[Read more]

I think there a great read – particularly for developing an investor mindset. I’ve taken something away from each Kiyosaki book I’ve read.

Cheers

Jamie

If going direct, make sure you deal with a branchie that understands what you’re trying to achieve and doesn’t stuff up your finance structure. I know it sounds like awfully biased advice coming from a mortgage broker but we’re constantly dealing with clients who have found themselves in this situation.

Cheers

Jamie

nguli wrote:
As Warren Buffet once said; "Be fearful when others are greedy, and greedy when others are fearful."He was talking about the stock market but I think it applies to most investment options…

Totally agree. It’s times like this that offer opportunity.

Cheers

Jamie

Have you been in sales before?

There are lenders that take commission into account when looking at borrowing capacity. However, a straight forward PAYG full time salary will cause less dramas when sourcing finance.

It’s a tough industry to be successful in so think carefully before making the plunge.

Cheers

Jamie

Hi ten burner

If you google LMI and the post code you’ll find the post code categories used by Genworth and QBE

Cheers

Jamie

Hi Michael

This ones done and dusted. We sorted this out for CG last month.

Cheers

Jamie

Yep, steer clear of fixed leases when renting out your property for a short term. It’s hard enough getting the buggers out on a periodic lease.

Cheers

Jamie

Hi Geezer

I’m not an accountant but I doubt there’s a minimum term.

I don’t think a depreciation schedule would be worth the hassle if only rented for a short period.

Just track the income/expenses on a basic excell spreadsheet.

Cheers

Jamie