Hi everyone,
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.
Thanks,
Ian
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.Isn’t Roma quite a distance out of your way from Rocky and Bundy?
cheers
rMattP is from that town message him. But I think he is busy for next 2 weeks.
Cheers
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PropertyGuRu
I want to be billionaire! [] Hi,
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.
Happy investing!
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Mel
[email protected]Hi
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 $160pwAll 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 ruleMost 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 luck
Thanks very much everyone for your input.
Truska, are you serious about those rates??!! [?]
Plans have changed Richmond, won`t be going till next week and probably won`t have time to include Woodgate let alone Roma.
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!!
Corrine
All make the 10sec ruleIs the 10sec rule what the 11 second solution used to be before GST ?? [?][
]Rod.
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] 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
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