Yesterday i travelled for 10 hours on the hope to put offers on some + cf properties. I started at Northam then York,Brookton,Narrogin,Williams,Collie,Harvey ,Woroona, Pinjara and back to Perth. Only to find those Damn Investers have been and stripped all these places dry. The left overs were structally unsound and very crappy. My point is even in the small regional towns you really have to have contacts as to when these places come onto the market as there all going very very quick.
The internet sites are so out of date some of these properties advertised for sale have sold weeks ago. I left thinking that id have offers on multipul properties in which i only left one which i pulled out after the counteroffer as the tennat informed me she would be moving out.
It wasnt a complete waste of time though , it made me realise id have to rethink my stradigie and to continue i would need to lift to the next price bracket to get something that would attract renters. Possibly neutral slightly negative for first year, Or less properties and bigger deposits.
The industry may seem on paper to have slowed but in real life it seems just as hectic if not busier to me.
Bit depressed but ill keep looking and im sure ill come across some good deals that will suit my investment plans.
The towns i have mentioned are regional towns about 2 hours out of Perth incase the Eastern Staters havent heard of them.
[thumbsupanim]Thats me driving there and[confused2] thats me driving home .Regards Risky
If you want the rainbow youve got to put up with the rain!
Originally posted by Risky:Yesterday i travelled for 10 hours on the hope to put offers on some + cf properties. I started at Northam then York,Brookton,Narrogin,Williams,Collie,Harvey ,Woroona, Pinjara and back to Perth.
The average quality of cheaper houses in some of these places leaves a bit to be desired.
I’ve thought that some of the larger towns in that list need more villa type units to provide an alternative to the common asbestos/timber places.
Though I’d think these would rent quickly and land is cheap, the main problem is building costs (assume $100k per unit) being out of kilter with average incomes and average rents so overall return might not be that great.
Re looking slightly higher, I’ve tended to favour well-located brick places built within the last 20 years priced near $100k.
Regards, Peter
Why don’t you call Russ, he says he’s got plenty to sell in WA.
Although, I am an Eastern Stater, I know those areas very well as my folks live on a farm in Cookernup (Harvey). I was actually born in Harvey too.
I know what you mean about the areas though. My relos are R/E agents in Harvey and you think I might get some inside info, but there has been 9/10’s of bugger all go through that’s even close to +ve.
Don’t give up.
‘Eat rich food, barbeque a yuppie’ [greedy]
I don’t bother with the Internet at all for those very reasons, I know for a fact that most good properties are sold b4 they even get on the net.
Just jump in the car, establish a network, and make sure every one knows u are serious, and go back regularly.
However be prepared to buy fast when u find them, 2 hours of thinking can loose u great buys, that’s why spotting is hard. U have to be cashed up and very serious. Most of the time they don’t mind subjects to tho, they just wana know u are serious.
[medieval]Go get em[thumbsupanim]
Regards Bear
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DONT MISS OUT!!!!!Thanks guys for replies, Ive just got of the phone to the agent that i did give an offer to and she is bending over backwards to try and get the deal thru for me. She has talked the tennant into staying and signing a long term lease if i put down some roll on lawn and put new gutter on the back patio and she will pay another 10 pw for doing so. Which is exactly what i was going to offer the tennant anyway . Also the vendor is keen to sell so my offer might get accepted without to much counter offering. Which im keeping as + geared offer.
So all in all it may turn out alright after all. Northam 1.5 hours out of Perth population 7000.
Rugby fan Harvey is such a pleasant town to drive around, i can see why its so expensive there must be good demand as you wouldnt want to move away if you lived there .[strum]If you want the rainbow youve got to put up with the rain!
Good Luck Risky, lets us all know the outcome.
PK
Well done Risky.
Its amazing what you can achieve when you put you mind to it.A bit of lawn a new gutter and viola one happy tenant.I know Northam quite well so probably need a lick of paint too judging from whats around.
As for the internet yuo are right about the properties being sold.
Thats why its so helpful to have someone who is prepared to (do the walk and do the talk)for you.
Good luck my friend.RussSo many +CF properties in Western Australia.Let me help you. And we can achieve a win win situation.Russ.0438 659 411
This is a great example to highlight Steve’s comments in his newsletter today (something that was discussed at the last MAP meeting, and which I fear may have been skimmed over by many reading the newsletter today!)
Action leads to RE-action leads to momentum.
Risky took action, entered the waiting place (and while in there posted his first post, a bit depressed)
THEN later, as a result of the initial action came RE-action (working through the deal with the tenant and agent)
Next may come more re-action, or success? who knows – but either way. Keep up with the momentum you are building, or you’ll have to start from scratch (new action).
Good luck with this deal.
I’m in the MAP, and can provide +CF deals in NZ for a fee. Email me for details.
Way to go Risky!!!, I want to know how you go as well.
Cheers
CDCastleDreamer
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