Forums / Property Investing / General Property / Who wants +’ve CF properties for 50 – 80k??

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  • Profile photo of BonbeachBonbeach
    Participant
    @bonbeach
    Join Date: 2004
    Post Count: 214

    If you could buy a property, in good condition, (low maintenance) for the above prices what would stop you from buying??? (given you had the money for deposits & closing costs)

    Would the area matter much if you had good tenants and were paying their rent? What if the town only had 4000 people but the town itself had been around for over 100 years?

    Just after general comments here nothing too specific… Ive already done a deal and Im happy with my purchase.

    [cap][biggrin][cap]

    Profile photo of Robbie BRobbie B
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    @robbie-b
    Join Date: 2004
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    Your happiness is all that matters!

    Robert Bou-Hamdan
    Mortgage Adviser

    M: 0414 347 771
    E: [email protected]
    W: http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

    Comments made are of a general nature and should not be construed as individual advice.

    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of MonopolyMonopoly
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    @monopoly
    Join Date: 2004
    Post Count: 1,612
    Originally posted by devilcv8:

    What if the town only had 4000 people but had been around for over 100 years?

    I didn’t realise you could buy investment properties in cemetries!!![blink]

    Congrats; must be a bugger trying to evict tenants if they don’t pay on time!!![eh]

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    Very funny Jo! :)

    Robert Bou-Hamdan
    Mortgage Adviser

    M: 0414 347 771
    E: [email protected]
    W: http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

    Comments made are of a general nature and should not be construed as individual advice.

    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of BonbeachBonbeach
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    @bonbeach
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    Post Count: 214

    haha good comment

    yeah i got a great spot between 2 dead guys… great views, but probably not much ‘growth’ potential haha

    No, its not a cemetary… fortunately. [cap]

    Profile photo of MonopolyMonopoly
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    @monopoly
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    On a more serious note……[wacko]

    As MA said, as long as you are happy with your purchase, who the heck am I to say different???

    Well done!!!

    Jo

    Profile photo of BonbeachBonbeach
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    @bonbeach
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    Post Count: 214

    While I am happy with it, I am trying to grab some feedback on the info I have given without naming the area which may affect peoples thinking due to pre concieved opinions… or ‘roumors’

    Thanks

    Luke [blush2]

    Profile photo of SpankySpanky
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    @spanky
    Join Date: 2004
    Post Count: 102

    Hey Devil,
    You could PM me with the area – after all, I live in a place called Gumly Gumly (yes, it’s out in the sticks) and I know for sure that there are a lot of pre-conceived ideas surrounding here. With 4000 people it has to be a step up for me!!!

    Cheers,
    Spank

    Age doesn’t negate effort – you can never be too young or too old.

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    Sounds like one of those areas that are so good, they named it twice!!!

    Wagge Wagga
    Gumly Gumly
    Woy Woy

    You get the idea… :)

    Robert Bou-Hamdan
    Mortgage Adviser

    M: 0414 347 771
    E: [email protected]
    W: http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

    Comments made are of a general nature and should not be construed as individual advice.

    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of MonopolyMonopoly
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    @monopoly
    Join Date: 2004
    Post Count: 1,612

    Or the person naming it had a stutter stutter!!![blush2]

    Profile photo of richmondrichmond
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    @richmond
    Join Date: 2003
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    it’s a bit pointless to ask people what they think without some more details about the area.

    Is it coastal, is it outback, how far from cities, what industry etc etc????

    you didn’t mention what rent these places are getting either…

    flesh out your post and you’ll get more responses.

    cheers
    r

    Profile photo of TerrywTerryw
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    And try not to get too many eggs in the one basket.

    Terryw
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    Profile photo of BonbeachBonbeach
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    Id like to have many baskets with one egg in each one. If one property is not performing, the others may be…[biggrin]

    [cap]

    Profile photo of SpankySpanky
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    More to the point please – it’s such a hole it echoes!!

    Age doesn’t negate effort – you can never be too young or too old.

    Profile photo of xyzzyxyzzy
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    @xyzzy
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    Spanky Spanky,

    How How far far is is Gumly Gumly from from Wagga Wagga?

    Profile photo of PurpleKissPurpleKiss
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    @purplekiss
    Join Date: 2003
    Post Count: 580

    Ok, on a serious note, the things that would stop me investing in a town like you mention would be “
    a) population declining
    b) one industry town
    c) no form of public transport to the nearest city.

    I have a property in a town of 4000, where the population is stable, it may even show a rise in the next census if buidling approvals are anything to go on. It has more than one major industry providing employment and it has a daily train to the nearest city. I’m extrememly happy with the rental yeild and have added value and obtained growth. I don’t expect major growth but am confident it will continue upwards even if it is slowly. Plus the cashflow from this one is paying off our -ve geraed one.

    Having said that, I won’t purchase another in the town as I don’t want all my eggs in one basket. I have a policy of one house per town/suburb policy and so far it’s working for me.

    Good luck with yours.

    PK

    Profile photo of everdineeverdine
    Member
    @everdine
    Join Date: 2003
    Post Count: 119

    Merry Christmas to you all.

    We have had success in 2 “small” towns that are outside major regional centres. They are serviced by a school bus and senior citizens bus! Our property managers have worked well on our behalf and we have had no problems. Both have increased in capital value, we have had one 12 months and the other nine months.

    We found real estate agents in the areas who listened to our requirements and were happy to help us find properties that suited us.

    The only thing slowing us down is we ran out of 20% deposits, required in regional SA, and it will take time to buid up that amount of equity again.

    Wishing you every success, Diane

    Profile photo of Robbie BRobbie B
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    @robbie-b
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    Post Count: 2,493

    Do you not have any equity available for the deposits? You did say your properties have increased in capital value…

    Using existing equity is common for further investment properties.

    Robert Bou-Hamdan
    Mortgage Adviser

    0414 347 771
    [email protected]
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of everdineeverdine
    Member
    @everdine
    Join Date: 2003
    Post Count: 119

    Hi Mortgage Advisor,
    yes we have some equity available but not the approx 20g for deposit + costs. And the biggest hurdle we have had is that the bank valuers have been valuing the proerty at so much less than what the agents say it’s worth. We know it will always be less, but we have had one valued twice and the valuer only budged $1000. They seem very conservative in regional areas.

    So while we could sell for $20+ more than we paid the bank valuation only went up $1000. Not very helpful.

    Diane

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    I see your dilemna. It is happening a lot in the current market. I guess patience is the answer.

    Robert Bou-Hamdan
    Mortgage Adviser

    0414 347 771
    [email protected]
    http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter – Click Here

    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

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