Hi everyone,
What are your opinions on ugly, poorly set out houses? I’ve found one with a great return, but it’s a terrible eyesore…
I don’t think there’s much that can be done to make it look better either. Would it be a problem to rent out/sell? I couldn’t bear to live in it myself (I’m talking dark, really wierd design, looks like a shed rather than a house), but the returns are good.
What do you think?
Hi Soleil
Does it matter if it’s ugly as long as someone wants to rent it? What are the vacancy rates for the area? If they are low and you think you can get an occupant who will pay the rent you require then go for it. That is, if you don’t need to spend too much on maintenance or even upgrading. I wouldn’t live in my investment property but I have a tenant that is very happy to live there. If the figures stack up and your manager can find a suitable occupant, who cares?
Good Luck!
i’d look at economical ways of making the house as appealing as i could… fresh paint etc etc… remember that even though you would not live there, it still has to have some sort of appeal to tenants, all my places are nice and clean and tidy… not ultra modern by any stretch, but definitely liveable.
cheers
rHi Soleil
my thought are similiar to the other guys but one extra comment. you may plan not to sell, but if you need too Ugly houses sell very poorly. At the moment everything is selling well. but 4 yrs ago some of these Ugly houses couldn’t get an offer. What about the future?
westanThanks everyone…
I’ve decided to leave it… turns out it’s been on the market for about 8 mnths which seems a LONG time in the present climate. Vendor has dropped the price by $20,000 – making it $130,000 (returning $290pw). That gives you an idea of how ugly it is!!!
Thanks [
]Hi Soliel,
Would you mind telling me what location the property is in? If its in a good location then I may consider putting on an offer.
Thanks
Tom
Ok guys, i’m only new to the ip game myself… but a 130k house renting 290/wk?
Lets see. 130k @ 7% = 175/wk.
Am i looking at this wrong or does this property seem like an absolute gold mine?
-Steiny
on raw figures it looks promising, but never take anything at face (or figure) value.
cheers
rhi ppl
just wondering Soleil do u know if it’s structurely sound? could be why it hasn’t sold for so long.
[]!Hi again
Tom, I’m sorry- I only came back to the forum this morning – I rang up the agent yesterday to say I wasn’t interested & she said there’d been another offer they’d accept (another lady looked through it after me, and must have made the offer).
Looking more into it, I’m really glad I avoided. To explain further (yes it does all look too good to be true on face value but my figures are a bit vague) – it was actually a huge place divided into two sections. One was rented at $150pw to a lady who’d only been there a few months. The other was vacant-had been for a year- but apparently the owner (who’d managed it herself) had someone about to go in at $140pw ( I didn’t check into this at that stage).
The RE agent even admitted it’s tenants never stayed long, and were not the best quality.
There was a huge crack in the loungeroom wall – I’m no structure expert but it looked worrying [
]So don’t worry, I don’t think we missed out on much!
]
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