CF+ Properties Perth

I am very fortunate to have a CF+ house in Quinns rocks but i was lucky as i bought it in 2002 with the FHOG and now owe $90K with $310K Equity

I need to find my own apartment to live in as i am living at my parents place It's the cheapest rent you'll ever find, but as you know; it comes at a high emotional cost. Of course; we love our parents dearly (just can't live with them).

Does anyone know where to find a 1 or 2 bdrm CF+ apartments in Perth?
If it is to be your PPoR, why do you need to find a cfp unit?
 
I have read from this forum that the real estate internet boards and newspapers and even buyers agents are not the best way to go if one has time on their hands to do it themselves. These are the main tools to use for finding properties. If you have more time, then you can door-knock and ask people if they want to sell. Buyer's agents are good for time-challenged folk, but you pay a fair bit for the service, and I think their fee wipes out a lot of the cfp possibility. 

I have taken interest in reading that i should drive around the preferred areas i wish to live in and contact the real estate agents for their listing or look for private sale signs? Most apartments i have interest in sell for about $250K which is out of my range. The ones you are interested in are $250k, but what about any other units that are in your price range? If not, we can't help you a whole lot.

I have also read "Rich Dad Poor dad" book and it says to make lowball offers.  Does the real estate agent have to take this to the seller legally? How do i know if they have presented my offer to the seller? Do i need to fill out an R/E agents offer form? 
Low balling can sometimes work. Agents are required by law to present all offers, but you need to be realistic about what the Vendors might accept. The worst answer you'll get with a low-ball offer is 'no', so nothing to lose. If there is any positive response to your offer you can then fill out the Contract of Sale form. 
 
I figure i can only afford to borrow $180K. ANZ LOC $50K (plus expenses) and Liberty $150? I am self employed with low income.If you can only borrow $180k, and the cheapest place is $250k, we may be wasting everyone's time until you can save some more money and/or decrease the loan on your PPoR and/or make a low-ball offer that is accepted.

Does anyone out there have creative ideas they have used in the past besides finding places to renovate or buying in regional areas. I am looking for areas within 30K radius from the city NOR in Perth.You may need to move into your current I.P and make it your PPoR, then you may be able to use the equity in it to purchase another I.P. Your current loan balance is not overly high, so it won't be a massive burden if it is not tax deductible.You may even be better to re-finance that loan over a new 25 year term to make the repayments way less. The new I.P will have a new tax deductible loan, and the rental income is considered by the Banks towards your loan servicability.

The house market is falling here as the Australian Property magazine says but what about apartments? I have read many American books such as Robert Kiyosaki, Donald Trump and even Australian Steve McKnight plus others but seem confused due to the fact that the market has changed a lot as i write August 2007. Do your own research on the Perth market and watch what is going on. The books you mention will be a bit general in nature, and if you are going to be a serious investor this will be something you need to become proficient at anyway.

I have heard that auctions are a good way to find foreclosed properties. I have not as yet seen any apartments at auction in Perth? Bit of a myth in my opinion. I've been to a few, and everybody goes mad and bids it up to near market value in the end. I know in the USA there is money to be made in foreclosures, but their system is different to Aus and more involved.

Sorry for the many questions but i am at preapproval stage for a LOC with ANZ for $100K and it will be just sitting there until i can figure out what to do with it. I have asked for a sub account to seperate personal and investment but i am told it is an extra $150 p.a. Total annual fees is $300 for the ANZ LOC  

Would really like to get the ball rolling to see how investors have used their creativity to invest in more CF+ properties without being high income earners if this is possible? In this current climate it's hard to find cfp in cap cities. The best way to get the numbers close is to buy properties with good 'on-paper' deductions such as depreciation, and/or the ability to add some value somehow to increase the rent return and the cap growth. The property needs to be built after 1987 to maximise this, or have had a recent renovation that you can use for depreciation. You also need a pretty good rental return as well; something at least the same as the current loan interest percentage. If it's around 5% return you are wasting your time.
 

Thanks a lot