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Thanks everyone, your suggestions and experiences have been very helpful to read. I can’t imagine listing it on e-bay, even just for the exposure it is a strange concept for me. And I’ve decided to not advertise in Dimboola or Horsham, I’m afraid that enquiries might not be serious, I also don’t want people knocking on the door with the tenants inconvenienced.
I’ve now looked at http://www.owner.com.au, and for no upfront costs, it looks like a great place to start. I’m going to visit the property this Friday to be present for a property inspection and valuation. And to take photos for potential buyers to view and check the condition of the house (it is currently tenanted). I hope to find a buyer who will have basically decided to purchase before viewing (which is why I’ll have documents and property inspection report ready), thus hopefully making minimal trips to Dimboola to inspect.
For anyone interested in buying it, the details of the house are as follows:
Location: Dimboola (Western Vic)
Expected selling price: $75000
Tenant with lease to March 2006 at $130 pw. Is very happy in the house (in her second year) and says she will stay indefinitely.
Annual rates (water and council): approx $650
Property management fee of 8.8%
A gorgeous (my personal opinion!) 1930s weatherboard cottage on half acre block, concrete drive, garage, ducted air con, gas and combustion stove heating, renovated kitchen with gas cooking, close to town centre. 2 – 3 bedrooms (formal dining is currently used as bedroom).The capital growth of properties in Dimboola has been surpisingly good over the last year. But depending on the valuation / building inspection, I may advertise for less than $75000. I want to be ethical and make a fair deal.
I’m enjoying this already, which is half the point of the experience. Learning is to me as valuable as monetary gain.
Thanks again everyone,
Leanne
I read the book 3 weeks ago and put a deposit down on my first IP 1 week ago. At first I thought that finding a cash positive IP in Victoria was pretty much out of the question, but Steve’s challenge to be determined and to think creatively kept me looking. I’m still pinching myself, I’m so delighted!
Leanne Bruhn
