- Ambo72_2Participant@ambo72_2Join Date: 2004Post Count: 102
Is anyone familiar with Roma in QLD, and if so, a penny for your thoughts on the place. I have done quite a bit of research on the area and spoken to a real estate agent there and it appears to have the right combination for a decent cashflow positive investment. Houses sell for between 50000 and 250000, and demand for rentals outstrip supply.
IanmarkpatricMember@markpatricJoin Date: 2004Post Count: 127
Thanks for the info I might go and have a look there late this week as I`m going to Rocky and Bundy.
If I get there I`ll give you what info I can find out.richmondParticipant@richmondJoin Date: 2003Post Count: 831
Isn’t Roma quite a distance out of your way from Rocky and Bundy?
rPropertyGuruParticipant@propertyguruJoin Date: 2003Post Count: 1,502
MattP is from that town message him. But I think he is busy for next 2 weeks.
I want to be billionaire! MelanieMember@melanieJoin Date: 2003Post Count: 382
A client and fellow formite is investing successfully in that area at the moment, email me if you’d like his contact details.
It has a lot going for it, but the usual concerns about good and bad areas and lack of capital growth from what I understand.
[email protected]TruskaMember@truskaJoin Date: 2003Post Count: 20
I bought out there last October
4 flats for $110k= rent 4 x $80pw
duplex for $120- rent 2 x $120pw
house for $80- rent $160pw
All make the 10sec rule
The area has sound employement levels, good education facilities (TAFE), major banks (the NAB even has a business branch there) KFC, McDonalds etc. When I visited, there was not one empty shop in the main street. My bank lent me 100% of the value to buy them (using equity of course), and I’ve been told that they are still lending to fairly high percentages compared to other regional centres, so that tells me they feel comfortable with the towns future.
Rents are pretty high due to a legacy of the USA gas companies renting out all available property at high rates “way back when”
On average, rental vacancies are low, but are a bit high at the moment. Not sure why.
Check out this site http://www.watkinsandco.com.au/ They are one of the bigger agents in town. They don’t charge a placement fee for new tenants either!
Check out the houses under $100k page
The house for $65k (ref nor47) is on a large block close to town on a main street out of town. It has been listed for ages. It is stucturally sound and you may be able to get the price down to make the 10sec rule.
A word of warning…the rates are killers. On my 4 flats they’re $3060 pa,and average around $2400pa for houses!! On the cheaper stuff, your lucky to get a +ve cash flow even if you use the 10sec rule
Most of the “good stuff” has already gone. I was lucky to be told about it last September. The locals are now onto whats happening with “out of towners”
Good luckAmbo72_2Participant@ambo72_2Join Date: 2004Post Count: 102
Thanks very much everyone for your input.
Truska, are you serious about those rates??!! [?]markpatricMember@markpatricJoin Date: 2004Post Count: 127
Plans have changed Richmond, won`t be going till next week and probably won`t have time to include Woodgate let alone Roma.CorrineParticipant@corrineJoin Date: 2003Post Count: 9
Rates are high in the western towns b/c they use bore water, expensive to pump and cool, the larger towns often supply smaller close by towns.
tenancy could be affected by recent drought!!