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  • Profile photo of fingerscrossedfingerscrossed
    Participant
    @fingerscrossed
    Join Date: 2005
    Post Count: 81

    Hi

    I guess I am looking for some reassurance here.  I have just made an offer on my second investment property which is situated in Beenleigh QLD.

    It is a 2 bedroom unit within easy walking distance to everything, trains, shops and main highway. My offer was for the full asking price of $190,000. This property never got a chance to reach the open market.

    There is presently a happy tennant in place paying $200 a week.  This rent could easily be increased to $220 +.

    Property is only 15 years old so will have some depreciation benefits as well and is in a small complex of 10.

    Do any of you Guru Property Investors out there ever question your decsions ?  In your opinion, is Beenleigh a good investment choice ?

    Also, while i have your attention, Has anyone had any dealings with Victor Kumar from "right group australia" ?

    I appreciate any feedback for the above

    Thanx

    Debbie

    Profile photo of MooseheadMoosehead
    Member
    @moosehead
    Join Date: 2006
    Post Count: 42

    I think Beenleigh is a great investment choice :)

    I bought a 3 Bed house in Eagleby in late 03 for 185k, rented for $190.

    Signed contracts to sell it a month or so ago for 265k, tenant in there is paying $240 pw.

    Good times.

    Profile photo of businessglobalbusinessglobal
    Participant
    @businessglobal
    Join Date: 2005
    Post Count: 118

    Good area, and growth potential on the horizons again for Beenleigh and Eaglby. No problem to get tenants if property neat/ tidy, ceiling fans, or 1 split system aircon.

    Logan Central also ok- yes listings not even reaching open market at the moment, anything under 200k for a unit, or 280 for a house is gone in an hour or so, a lot of registered buyers out there with cash from Sydney, Melbourne, Vic, Wa and people moving up. Goodluck

    Profile photo of businessglobalbusinessglobal
    Participant
    @businessglobal
    Join Date: 2005
    Post Count: 118

    Loosing a deal with 70k equity already in it!!

    Hi I have recently had a property under contract, a mortgagee for > 50k less than market val, bank did valuation, mortgage insurance approved, our finances fine, supposed to go unconditional today at 5pm, ADELAIDE BANK comes back at 4pm and states we do not longer lend to HYBRID TRUSTS- sorry!! – after they have been processing for 10 days now, have a copy of our trust deeds, and have lent to us a few times and also hold 2 of our properties with solid equity in .

    Apparently bank policy has changed I was told and also told, we no longer lend to hybrid trusts as they are only tax trusts and our policy has changed.

    So at this stage looks like we may not be able to get another entity sorted in time, and sellers need settlement in 10 days!!!-

    So anyone with a HYBRID TRUST, now ask your lender DO YOU LEND FOR HYBRID TRUSTS????- I know Macquarie do and have no issues at all.

    Bye- hopefully I can sort a solution in time

    Profile photo of Opportunity In EverythingOpportunity In Everything
    Member
    @opportunity-in-everything
    Join Date: 2006
    Post Count: 122

    Well what else can you buy for $190,000 with a return of $200 a week?  Not much. 

    Under $300,000 is fast becoming a distant memory. 

    But I guess you're here to make the most out of investing.  

    Houses in areas like Beenleigh are becoming more valuable as the opportunity to purchase them under $300,000 is disappearing.  Supply and demand is at play in the South East Queensland market and PNP growth is at the core of that.  I have recently seen properties go on the market $15k over the appraised price and sell within a day.

    Units have a limited land component but that's an obvious given.

    The question stands what else could you buy for $190,000.  Look for too long and you'll miss the boat.

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