Hi everyone,
I found a cheap property in mining town. The price is 63K and it is rented out at $135/week. it is a cf+. The population is 25,000 people. What consideration/due diligence will you make before making the decision to buy?
Thanks for your input, it's interesting to hear other people's view and input to the deal.
Hi its EZY…
I dont know where the property is, you need to contact the local council ask has there been any growth in the area? is there likely to be any growth in the near future?
how old is the population? are there any young people in the area?
is there job prospects in the area?
Will the housing co-ops in the area be willing to help people with finance for accomodation
contact the realestate ask what is the current rentals in the area, are they stable or transiant
renters ? What is the usual rent and the length
of most renters.what is the current rent compared to what you are offering.
Ring the local nabourhood centres ask do they know of how many people are looking for places to rent? is there a university in the are, Tafe schooles , ring them ask where there students stay.are there any womens refuges in the area.
[buz2]I am a wildly wealth woman and its all too EZY[blush2]
[blush2][blush2]
Hi Nora
I’m new to this and don’t have any advice to give you as yet but I do have a question…
can you tell me how you found this opportunity? Was it advertised or did you stumble across it while on the road? I ask this because I am having real difficulty finding any such opportunities worth a second glance…
LizDoesn’t sound very good to me. You may be making $10 per week after expenses. With no capital growth is it worth all the effort?
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ezy says…ok you might be only making $10 or so but there are other considerations…
is there going to be any influx in jobs or people in the near future…one town I know has stood still for years but now the town is getting a boys detention centre and the influx of jobs and people is quite substancial …the place I bought for $94000 in a sleepy sugar town is now worth $320000
I had it rented out all the time and the rent covered the loan and the rates so I did not have to worry about the property at all. the banks said they will be happy to lend me 70% of the value.just over $200000 pluse I keep the house and rent it out .I think thats pretty good as my costs where $9000 deposit and roughly $5000 costs. [buz2] some people said your made buying that..now they say oooh you spent $10000 and it looks beautiful, whish we had thought of that.
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