All Topics / The Treasure Chest / Where are the 11 Second properties?

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  • Profile photo of wise1wise1
    Member
    @wise1
    Join Date: 2003
    Post Count: 5
    April 24, 2003 - 5:43 am

    Hi all
    I am going to the Property Masters Seminar in May and as I am reassessing my strategy, I have put my journey on hold until then but am still wanting to put in some groundwork. I am moving to a cash flow direction rather than a –ve gearing strategy. So my question is re: 11 second rule properties. I have been looking for such properties in WA (I live in Perth) and am finding it nigh on impossible to find a property under 120000k.I can buy a unit for 80000k but the holding costs are high(strata fees etc) and also the rent will only be $100pw putting it way out of a +ve cash flow scenario.
    So I am interested in hearing of peoples practical experience at finding these properties and especially if there is anyone in Perth or WA who is willing to share some insights .

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225
    April 24, 2003 - 6:59 am

    You are not looking hard enough. Like most Perth people you may be blinded by bias and the stigma attached to certain areas. For you to find CF+ properties in Perth you must get rid of these thoughts completely. I know I live in Perth but grew up in Sydney which means to me I look at areas without bias or predisposed opinions.

    Profile photo of PeterParkerPeterParker
    Member
    @peterparker
    Join Date: 2003
    Post Count: 20
    April 24, 2003 - 11:15 am

    I can see what Dean means.

    I haven’t done any active looking in Perth, but I’ve heard good things (yield-wise) about the Kwinana and Armadale/Gosnells areas.

    I’ve also been told that Broome is fairly go-ahead at the moment, but don’t have the stats.

    When I last looked you could get a place in Kellerberrin (and similar towns) for $40k. If you get a good tenant paying $100pw, you might be OK, but i”d be worrying about the almost zero prospect of capital gain, the difficulties of getting a tenant or the town’s negative population growth.

    Peter

    Profile photo of SooshieSooshie
    Member
    @sooshie
    Join Date: 2002
    Post Count: 974
    April 24, 2003 - 11:45 am

    Hi there,

    Here’s a link for you. I don’t know Perth or WA, but maybe this helps

    http://www.aussiehome.com.au

    Cheers

    Sooshie [:D]

    There are no problems, only solutions

    Profile photo of mrhedgemrhedge
    Member
    @mrhedge
    Join Date: 2003
    Post Count: 24
    April 28, 2003 - 1:20 pm

    Hi Peter, You are right. Broomes growth was 18% over the the last 12 months but you will need 250 k to get in at the bottom end of the market. Best regards from a tropical paradice. Andy

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